It’s no secret that it’s hard to compete today as an entrepreneur or a small business owner. Mostly it’s because we have such small budgets. It takes a lot of be an entrepreneur.
Without a decent amount of money it’s tough to make moves. Thus we have to work extra hard. Especially when it comes to marketing.
The Long Bloody Journey of an Entrepreneur
Firstly you need to make a decision. Do you want to compete with the top dogs or stay small? Bear in mind staying small may not always be a bad option.
Knowing your end goal will help you reverse engineer the steps you need to take. Once you understand your process you can determine what’s needed to compete. Take your time and think about this.
If you’re an entrepreneur that wants to go big, strap in. You’re in for war.
As an Entrepreneur You’re Competing 24/7
We’re in 2017. Some would call it the “age of the entrepreneur”. Almost everyone is an Instagram influencer, part time hustler, or business owner. With this in mind it’s vital to stay competitive at all times.
It’s no longer just the big bad corporations. You’re also competing with everyone else. Competition is certainly healthy, if the economy can sustain it. That’s another topic anyways.
What Does The Competition Look Like
Every industry is different. Entrepreneurs today are diving into niches and exploiting them. Nevertheless every niche falls under some overall category.
For the most part, anyone that you consider a competitor: pay close attention to. You’ll probably realize they are spending quite a lot of money into their business. At the end of the day money is the real variable.
When you have the budget that bigger companies have everything is easy. You’re able to invest into brand awareness. Hire the best team, or buy the best quality material. Spend into advertising and sales.
The trouble is there’s more than one corporation nowadays. The rest of us get drowned in an abyss.
How To Stay Competitive Today
What can we do about this problem? Well, work our butts off, stay positive, and keep going forward. That’s how. We’re going to try and layout a general list for you. Keep in mind that your business is unique and you need to build yourself a custom strategy.
Make plans and then plans should those plans fail, and so forth. Don’t expect everything to go your way. In fact it never does.
Stay Informed & Education
Make it your duty to know everything about your business and industry. Be sure to stay up to date with the news and discussions related to your business. This will show clients that you know your stuff. You need to present people that you’re the best. You may not know everything in the beginning but it’s a start.
Slowly Build Your Traffic
Hopefully you already have a website. If you don’t, stop reading and get a website developed pronto! From us or yourself if you have the time and ability. Just do it.
Even if YOU don’t believe you need a website, you’re wrong. Every single business needs to have a website. It’s the foundation of your online visibility. If someone can’t find you online, you don’t exist.
If you have a website, good! The next step is to make sure it’s search engine optimized. What’s that? Search engine optimization or SEO, is a form of marketing that helps a website gain organic traffic.
In other words you need to generate some kind of traffic online. Understandably you still won’t be able to compete with the top tier companies but it’s a start. An important one.
Hack on Social Media
Goes without saying that social media has taken over our lives and economy. Whether you like him or not President Donald Trump proved just how effective social media can be.
In reality social media can cost you close to nothing. It might even cost you nothing. Depending on your business you can get away with social media marketing by solely investing in your time. Sure time is a valuable asset but so is your business.
Evaluate what you’re providing and you’ll be able to determine which social platform is best for your business. Every single platform might be a waste of your time, or it might not be. Only you can decide.
Important tip: The secret to social media hacking is to engage your audience. Don’t only post generic crap that everyone else does. That’s not very competitive is it?
Don’t Only Focus on Sales
It’s valuable that you make friends. Without a network it’ll be tough to get started. Having relationships, even before you start your business, gives you a leg to stand out. You’re able to engage with people and get their opinions.
The wise entrepreneur would give their business friends free stuff. Instead of money what you’ll get in return is testimonials, referrals, and more importantly trust.
The Advantage an Entrepreneur Does Have
These big corporations or scary competitors may have a control over the advertising space. However because of their arrogance you can still win.
People like to deal with people. Don’t you just hate dealing with those automated phone scripts?
Referrals are the lifeline of your business. They set a foundation for you. The big spending company doesn’t think it’s important to provide value. They become comfortable.
By staying knowledgeable and being genuine people will be more inclined to choose you. This simple concept is a powerful perk for your customer.
Spend Where & If You Can
Marketing is a huge factor in success. Marketing becomes more valuable and more expensive by the day. If you notice an opportunity, jump on it. Take the risk.
Even a little amount could help your business in the long run. Don’t think that $5 won’t make a difference. It most certainly will.
Ultimately having quality customer service will go a long way for you. You can compete by staying hungry and providing value. Do the small stuff so you can win big.