Succeeding in business is hard enough in a vacuum, but competing against other businesses brings its own set of challenges — especially if your competitors are large companies that have access to more resources and tools than you. If you want to stand apart from your rivals, you have to get creative. Formulate a strategy that highlights your competition’s shortcomings and positions you to use your strengths.
- Get personal. Large organizations, while they may have better name recognition or more resources, also tend to lack in communication and have less personalized services. As a more nimble business, you have more flexibility and can connect more personally with your prospects and clients. Showcase these strengths to really highlight the difference between you and your competitors when it comes to customer service.
- Learn from them. One benefit of a larger company existing in your market is that they’ve spent the resources and have already figured out what works and what doesn’t. You can observe the moves they’ve made and the path they’ve forged, learn from their successes and mistakes, and implement all of that into your own strategy without reinventing the wheel. See your competitors as giants on whose shoulders you have the chance to stand.
- Fill the gaps your competitor leaves. With a little research, you may be able to find out exactly what your rivals are struggling to correct. Instead of trying to beat them at something they’re doing well, try beating them at something they’re doing poorly. Clients or business partners who are frustrated with your competition’s failings are prime candidates to become clients of yours.
- Specialize. Large businesses can cover a lot of ground and offer a wide variety of services, while a smaller business may not be able to match them on all those fronts. Instead, it can be beneficial to choose something you’re truly exceptional at or something that only you can offer, and specialize. You may not reach the same breadth of audience that your competitors do, but you can dominate the specific market you choose to focus on.
Large companies may have some advantages over you, but they also often have the unwieldiness and poor communication that comes along with a large organization. By focusing on what makes your business uniquely valuable, you can find your competitive advantage.