Billionaire Birthday

A Global Leader Turns 66

Infographic Courtesy of Frame Your TV

 

L2L Infographic: 20 Ways to Communicate Better at Work

20 Ways to Communicate Better at Work Infographic

Infographic Courtesy of Net Credit

 

On Leadership and Optimistic Fearlessness

How Your Small Business Can Beat the Goliaths

Small Guy vs. Big Guy

If you have an idea for a small business or startup, but feel discouraged because you feel you can’t hope to compete with the big guys, you need not give up on your dreams.

Hamburgers were around before McDonald’s got its start, and the same is true with athletic shoes before the advent of Nike or Reebok. The secret sauce to being competitive in a crowded area or one that has a dominant player is a combination of brand development and customer loyalty.

There have been many stories about smaller companies won out against the larger competitors because they came up with the products, a brand, or even a lifestyle that became iconic.

Offer Something New

You may have a passion for selling anything from women’s clothing to mayonnaise, but the first question to consider is what makes your product different from what’s already on the market. The fact that you have an idea implies that there is something lacking among the available choices, and your product may fill in the gap.

What you offer does not need to be entirely new, since as the saying goes, there is nothing new under the sun, but it can be a fresh spin on a tired concept. Some people have notions of an attitude or feeling their products will convey that sets it apart from the company that makes ordinary widgets.

A good branding strategy is to show that there is an aura or vibe conveyed by your product.

Beat Them at Their Own Game

Don’t be afraid to go directly for the customers of that big box retailer or that winning website. You should also not be shy about directing comments about a competitor.

In addition to just trying to beat them at their own game, you can say outright that you are trying to prevail against the big guys if you offer deep discounts or a truly one-of-a-kind product.

At the same time, you have to create an idea of your own target customer who may be slightly different from the target customer of a huge competitor. Since your operation is smaller, you have the advantage of creating a more specific niche market, since the typical customer of Amazon is just about anybody, and this customer can be harder to pinpoint.

Use Negative Publicity to Your Advantage

Oscar Wilde, the Irish poet and wit once said the only thing worse than being talked about is not being talked about. This is not necessarily true of companies, since an E. coli breakout or a major corporate scandal can send stock prices plunging and customers fleeing.

However, there are ways you can use not only negative publicity to your advantage, but unsavory headlines for publicity.

There are likely to be very few cases where this can be done, but some companies have made their name on what seemed at first blush like negative press. One of a company’s worst nightmares, particularly small a small company, is being hit with a lawsuit from a larger competitor.

Going Against Goliath

Hampton Creek, makers of the Just Mayo product that is free of eggs, was sued by Unilever, the owner of the Hellmann’s mayonnaise brand. Unilever filed a lawsuit because it believed the use of the term “mayo” by Hampton Creek was false advertising, since the product contains no eggs.

Unilever ended up dropping the lawsuit and sales of Just Mayo increased astronomically because of the news the lawsuit, and regular supermarkets stocked the products. People flocked to this brand because the lawsuit the lawsuit made it seem like the more established company was frightened of competition from the new, healthy alternative.

Since many people are interested in healthy eating, they enthusiastically got behind the Just Mayo brand.

Creating the Right Balance

Even if your small business is an area that seems crowded or has a dominant force to contend with, by creating a balance of making it new and beating the competition at his own game, you can achieve success and market share.

Go for the typical customer while zeroing in on your fans.

Also, develop a brand that sets your products apart from other offerings on the shelves or the Internet.

Jump at the opportunity to use publicity about your company or the industry to your advantage. Once you’ve earned attention you can monetize it by marketing directly to potential customers on social media or advertising.

**********
Never miss an issue of Linked 2 Leadership, subscribe today.
Learn, Grow & Develop Other Leaders
————–

Images Sources: portfoliopartnership.com