The holidays are coming up, and to paraphrase a line from “‘Twas the Night Before Christmas”, you have visions of dollar signs dancing in your head. While you are hopeful that your business will make a sizable profit, you might be dealing with some doubt about your ability to compete with the “big boys”.
It’s true that larger corporations have certain advantages during the holiday season. It’s also true that you as a small to mid-size business owner have some advantages as well. Here are a few of the ways that you can outmaneuver a much larger business:
Focus on your target consumer.
Determine your best-selling product or service. Who are the majority of the customers? What are some of their needs or concerns? Are there any needs in this group that are being overlooked by large companies? The data might provide insight on a new product or service that isn’t being offered that you can fulfill.
Quickly utilize knowledge of emerging trends.
Are there any fads or trends that you see during this holiday season? If not, consider studying social media in addition to typical market research to “get a feel” for trends in your area of business. Armed with this data, how can your business capitalize on this trend?
Specialize, but be flexible.
You can’t be all things to all people, but you can do a few things really well. Because you have “insider” knowledge about your target customer, you can offer more personalized service, especially with repeat customers.
Major corporations often engage in market research to determine trends and determine their profitability across the board. This is usually costly in time and money. Smaller businesses, on the other hand, tend to have a smaller focus. Having a niche increases your ability to recognize and act on new trends much quicker than big businesses. Use this to your advantage!
The main key to successfully setting yourself apart, during the holidays or any other time, is to utilize strengths. Offer stellar customer service. Truly listen to your customer’s feedback in addition to studying trends yourself. Use that information to determine where your resources should be focused, and act quickly on the knowledge that you have gained.
If you find that your business needs some assistance in being a contender during the holiday season, don’t hesitate to apply for a merchant cash advance from Business Credit & Capital. The process is simple, and pre-approval is often done the same business day.