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 Marketing Effectiveness |
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Competing Against the Big Guns Winning out over much larger, well-funded competition isn't easy – but it can be done, if you play by your own rules. Find out why marketing your own way is the only route to success. The story of David and Goliath isn't pure fantasy. Small business can compete against large companies with enormous marketing budgets – though it's not easy. Ask any mom-and-pop shop targeted by a major corporation: taking on businesses that can spend hundreds of thousands of dollars on marketing is more than daunting. Large companies can advertise freely in newspapers, on billboards, even on TV. What is a local enterprise to do? If you try to copy the big guns' tactics, you will almost certainly fail. For a start, you probably will not be able to generate enough business to cover the costs; secondly, the large businesses do not just place one large advert. They rely on repetition and consistency. So don't waste your entire advertising dollar on one large advert or radio or TV marketing campaign. Nor is there any point trying to tackle the larger businesses head on. They will always win because they typically have the reserves to outlast any direct battle. Instead, you should use the advantage of being a small business to carve out a share of the market for yourself. Realize firstly that you may be a small business, but you're also more nimble and quicker off the mark than a big business. Start thinking of the advantages of being small, and the disadvantages of being big. Then start exploiting those advantages. For instance, you can use "personalized" tactics that a larger business might find difficult to duplicate. You probably know your customers intimately, and you can count on the special bond you share with them to overcome the threat inherent in big corporations' financial power. However, this isn't to say that being the sentimental favorite will automatically pull you through. You must apply your special knowledge of customers through specific marketing channels such as direct marketing, customer referrals, great service, trust-building guarantees, and old-fashioned reaching out. Back To Mature Market News → Go To The GenerationTarget.com Mature Market Bookstore → |
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