5 Ways Small Business Can Survive Against Big Giants
No matter what business you start, you will always have competitors. It hardly ever happens that you are doing something so different that no one before has thought of it or has done it. So, in life, you must always be ready to face competition. When you start as a small brand, there’s always this fear of failure, of being sidelined by the imminent big brands. It is not easy to compete with giants and to find your footing. But it is not impossible.
Mohit Sadaani founded Moms Co., knowing fully well people preferred Johnson & Johnson for their children and new mothers. Yet, he went on and landed himself a successful brand. Of course, the journey was difficult, but it was worth it. Here are a few ways, recommended by Mohit, in which small businesses can survive against big brands.
1. Believing in your work
You have to believe in your work and in your business more than anyone else. That would give you the confidence to convince others that your business is worth their time. So, venture into something that you truly understand and have expertise in. Learning is a continuous process, and you will learn the most when you are in the process. But you need to have a working knowledge of your sector. Read up on your competitors and understand their working process. Then, decide on what you want and slowly work your way in. And always be confident in what you are doing. Just believe in your abilities; that will be half the battle won.
2. Connecting to your customers
For small businesses, customers are their pillar. So, you must be very careful while dealing with them, especially the first few. You have to be professional enough but keep that courteous approach that we usually do not find in big brands. Ask them for their reviews and try to absorb all the good suggestions. Start a loyalty program so that those of your customers who keep coming back to you should get more discounts or rewards. Send them wishes or small tokens on their special days. Always keep them in the loop. Ask them what kind of items they prefer before launching something new.
3. Conduct giveaways and promos
Once a brand is established, there are many people they are answerable to. Their shareholders, the board, among others. So, of course, they cannot announce sales and promos randomly. Mostly, all the deals and discounts are near the festivities. But when you are a small brand, you can announce giveaways and promos anytime you want. Bring some unique offer that would entice many people to check out your brand. For example — MyGlamm was offering lipsticks at just INR 1. They got a huge response. You can also rope in influencers and content creators who would promote your brand among their followers.
Apart from these, you need to hire the best team who would give their best. Hiring a good team can make or break you. You also need to have a strong digital presence. Be present on all platforms and experiment with all formats to determine where you get the best response. Slowly, you will see the traction changing. Most people nowadays would rather thrift clothes and support small sustainable businesses than big ones. So, what are you waiting for?
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