Big businesses and small businesses are different, right? One is a market leader that turns over billions per year, and the other is a startup looking to survive. It’s tempting to think, then, that the methods the big boys and girls use aren’t relatable to an SME. Let’s face it – they are too reputable and have too much money. It does appear that way, yet it isn’t the case in the slightest.
As it happens, there are many big business tactics which are just as useful for small companies. Below are the ones small business owners need to know. After all, it might help level the playing field.
The next time you go to a supermarket, watch for this trick. It might be subtle, such as a promotion at the front of the store. Or, it might be direct, such as a customer attempting to sell you additional items. Egotistical customers think they never fall for this trick yet make impulse buys on a regular basis. The truth is that it works even when customers know it’s happening because consumers can’t resist temptation. The great news is that an SME with a paymentsprocessing.co accredited POS system can exploit this trick. All you have to do is accept credit cards and train staff to raise awareness of deals.
One of the first rules of business is never to get into business with a rival. Apparently, it’s a bad move and could ruin the firm. So, why do global enterprises do it on a regular basis? Take Apple as an example. Famously selfish, the boffins at the most reputable tech firm on the planet partnered with Microsoft in 2015. On their new iPads, it is possible to get Microsoft 365. For smaller businesses, this tactic is more important. Because the cost of running a company is high, partnering with a competitor could keep your finances in the black. Plus, it encourages creative ideas and original designs.
In simple terms, this is a fancy way of saying that big companies analyze their base markets. Inc.com points out it was one way Samsung managed to break through the glass ceiling and challenge Apple. Rather than get into a dogfight, the South Korean company figured out which groups were fair game and targeted them relentlessly. SMEs think they can't-do the same because they lack the funding, yet it isn’t an expensive process. The trick is to break the market down into quasi-specific chunks. Then, in general terms, you know which people are potential customers and who are too loyal to the competition.
And, they store it in data files which get shared with employees. An IT suite and Google Docs is all an SME needs to do the same.
You might be small, but it doesn’t mean you can’t follow in the footsteps of big business.
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