Today’s consumers have high expectations. Businesses large and small must anticipate consumer wants and needs and make their services available practically before consumers express them. These include personalized service with an insight toward how to do things better, faster, and for less money. Small businesses must identify their strengths and leverage every advantage in order to achieve success in a competitive and challenging environment, and here are 5 ways to do just that:
- Less Red Tape: Small businesses often have less bureaucracy and increased agility.
- Quicker Adoption: If a new technology is introduced at a small business, little analysis needs to be conducted to determine its impact and only a few employees will need to be educated on the new technology versus an entire organization.
- More Flexibility: Big businesses usually have strict guidelines and policies leading to decreased flexibility for customer preferences and an inability to react quickly to consumer needs. A small company can adjust policies quickly and address customer complaints almost immediately, leading to increased customer satisfaction.
- More Personalized Service: At large companies, company standards ensure consistency and are required for large businesses to survive—but these standards frequently translate to a reduced opportunity for personalized service. Small businesses have the ability to develop personalized service as a strategic offering to be competitive. High-quality personalized attention, strong communication, interpersonal interactions, quick reaction time, and opportunities for customization are all tools that small businesses can use to distinguish themselves from the competition.
- Deeper Customer Connection: Big businesses have large numbers of customer service representatives and less opportunity for any two individuals to have regular contact with each other. A small business, on the other hand, can learn customer names, address specific personal needs, learn important personal customer details, and they can also invest in satisfied customers and provide strong training practices to ensure high customer retention.
We may be smaller than them, but that’s where we can draw our strength, if we know how.