In every industry, regardless of the nature of your business, competition is inevitable. In competitive settings, other companies will earn better and have more customers than the rest. While this is the cold hard truth, the good news is, where running a business is concerned, there are no fixed winners and losers.
It seems times have changed and there is enough room for everybody to succeed. Sure, there will still be competition. However, everyone has equal chances of succeeding in a free and fair marketplace. Digital platforms like social networks, blogs and video streaming sites are also making it easy for small businesses to level the playing field and catch up.
For all our big dreams, our bravado sometimes wanes. How can startups get their brand names out there and build a sustainable clientele? How can you hope to go neck and neck with competitors when your resources are scarce? These important marketing lessons could be your saving grace during times of uncertainty:
1. Everyone starts small
News flash: you are not alone. All the big brands you look up to now were once in your shoes. No one really had it easy in the beginning. Walt Disney started out with nothing but a few dollars. IBM, before it became one of the world’s biggest computer manufacturers, first built time recorders and dial clocks.
All businesses have their fair share of growing pains and even the best of strategies can work against you at the wrong time. No business ever becomes an overnight sensation. Their success is an accumulation of years of blood, sweat and tears.
2. Keep it authoritative and authentic
It is ideal to mention or cite authoritative sources from time to time. This gives people a glimpse of your business principles or the individuals that influence you. Those who share your views will find a sense of affinity and a comrade in you. Your potential customers will also have a better understanding of what your business represents or what you represent as a businessman or businesswoman.
3. Big-spending does not always mean big results
Some aspiring entrepreneurs think that spending big can lead to impressive results. But there is more to building a business than just splurging resources. From the strength of your will to the strategies you come up with to the implementation process to sheer luck, companies get their big break from a combination of these factors – of which money is not a prime consideration.
In this digital age, there is a wide variety of platforms startups can use to reinforce their marketing plan. There are also free tools to help you track your progress alongside your competitors’. How you use these free platforms and tools to your advantage will considerably affect the outcome of your business.
In summary fashion, startups and small businesses have a lot to put up with before they get their big break. Lasting long in your chosen niche or industry is a matter of perseverance, endurance, discernment and a lot of careful strategising. Remember the marketing lessons above and embrace them with a grain of salt. Sometimes, a new mindset can make a huge difference.