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Beat the competitive “Giants” at their own game

As a result of this column you will:.

  • Understand how to win out with larger competitors.
  • Gain insights about what you can offer that bigger companies can’t.
  • Dominate markets by being the best, not the biggest.

Why do giants such as Wal-Mart, Staples, Amazon, Google and Home Depot pose such a threat to your business, and what can you do to fight back?

Buyers love novelty and “big-box” organizations with convenient local locations as well as those goliaths available on-line are relatively new. Sprucing up your business must go beyond making things look better. The goal is to do a better job meeting the customer’s needs. All businesses have a common bond. They exist to serve their customers. To serve customers well, you have to know as much as possible about them. What do they want to buy? Is the purchase to “fill a need or a want,” for “good feelings,” or for “solutions to problems?” Knowing your customers means knowing what makes them feel good and providing them with it, as well as understanding their problems and addressing them. One of the best ways to determine the answers to these questions is through customer profiling.

  • A customer profile will help you determine whom you want to attract to your business, how to reach them, and how to keep them.
  • Using a computer spreadsheet, you can categorize them by age, gender, occupation, income level, marital status, family size, and leisure activities or any specific subsets that are particular to your industry
  • Begin using a Contact Management program so you can gather information on your customers and then use it in the future to keep your profiling up to date.

Remember, people prefer to buy at their convenience, not yours. A recent study of retail shopping buying habits showed that…

  • 30% of consumers buy between 8 a.m. and 5 p.m. on weekdays.
  • 30% purchase on weekdays after 5 p.m.
  • The remaining 40 percent buy on Saturdays and Sundays.

People have very little patience when they are searching on line for either products or services. Your competitors offering are just a click away and most of the “big box” organization sites whether it’s McKenzie for consulting or Amazon for shopping are frustrating to navigate.

People also demand a liberal return policy. Ask yourself, what’s it like returning something at your business or getting a refund for a service they are not satisfied with?

There’s nothing stopping smaller businesses from regaining the edge in personal service. Your small size is one weapon that the large chains can’t match. Breed & Co. employees install faucets for free, and Fisher Office Products slips Tootsie Rolls into customer deliveries.

Small businesses can offer relationship-building services that the big organizations can never match. One appliance store offers to come to its customer’s homes to show them how to program a VCR and most small service firms know their customers on a first name basis.

Large organizations often put customer service callers thru “voice options hell.” Once dialing thru the maze and selecting the right option, the customer often then has to wait even longer before speaking to a live person.

How often have you had that experience and then found out that the customer service representative on the other end was too poorly trained to help you, spoke so poorly that you couldn’t understand or that you must call back during “normal business hours.”

Strive to improve the atmosphere you create inside and outside of your business. What does you website look like? Are the trees pruned, grass cut, and is the building freshly painted? Inside, do your employees convey a professional image; is everything neat and well lit? If your place looks “tired,” or your employees “tattered,” people won’t do business with you.

Don’t try to beat the giants on “price,” rather command a premium and earn it by giving your customer a far better “value” and a pleasant experience. Remember to always say thank you. After a big sale, put it in writing. In this increasingly impersonal world, a handwritten thank you card makes a great impression.

DS
This article is provided by Joe Murtagh, “The DreamSpeaker™” www.TheDreamSpeaker.com. For keynotes, facilitation, workshops, consulting and questions or or a free report on The 3 Most Common Mistakes Organizations Make, email us at Joe@TheDreamSpeaker.com or call 800-239-0058.

If you enjoyed this column you’ll love our Books (click here) and Training Programs (click here). Each is filled with hundreds of leading edge profit enhancing ideas from the best business thinkers in the world. This is one of over 300 columns published and part of the reason why The Wall Street Journal and The New York Times have called The DreamSpeaker™ about Business Planning Issues.

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DS