With the New Year fast approaching, the big question on everyone’s lips is whether or not the economy is braced for a global recession in 2016. Consumers and business-owners should certainly be expecting an economic downturn in the next 12 to 18 months, with experts having already reduced growth forecasts for the UK and similar western nations for this period. If this is the case, small and medium-sized businesses will certainly need to regulate their spending and think creatively in the quest for growth.
3 Ways in which small Business Owners can compete with Large Corporations
Fortunately, there are low-cost technologies and innovations that enable small business-owners to compete with larger, more established rivals. Here are some examples: –
Embrace Big Data
During the modern age, data has emerged as a crucial weapon that can empower businesses to better serve their customers. This is why the concept of big data is so widely discussed in 2015, as it refers to the collation, organisation and application of huge swathes of consumer information. Big data resources have become increasingly accessible and affordable recently, from low-cost software to the type of high performance, refurbished servers. The result of this is that small business-owners are now able to build vast data sets and utilise this to increase efficiency, turnover and profitability.
Consider the Benefits of Analytical CRM
On a similar note, analytical CRM software is also more accessible than ever before. This particular type of customer relationship manager software is particularly popular, as it offers a strategic insight into carefully acquired data sets and enables brands to build accurate customer profiles. This means that small businesses are more than capable of successfully targeting core audiences, with the same level of investment and efficiency as large corporations. This even enables SME’s to compete directly with larger companies, as they use CRM platforms to drive home their unique proposition in the market.
Compete Aggressively on the Social Media Battlefield
When it comes to competing with better-resourced firms, it is crucial that small business-owners leverage free and low-cost tools where possible. Social media arguably offers the best example of this, as it multiple channels are largely free to access and instantly connect brands with a global audience of potential customers. There are no barriers to entry on social media, meaning that small and large businesses can compete on a level playing field. So long as you create an integrated social presence that is tailored to suit specific content and demographics, you can use such media to steal a march on even established rivals.