Online retailers like Amazon Business are constantly driving down the costs of products, reducing margin and forcing competitors to follow suit or face shutting down.
We expect Amazon Business alone to take 10% of the marketplace over the next year. How are small businesses expected to compete when margins are being squeezed to next to nothing?
Here are three ways we think you can take on corporate giants:
Ensure you’re the expert in your field.
Make sure you’re confident and knowledgeable in what you’re selling. Customers don’t always know which product best suits their needs and this is where you come in. They may have more questions about a range, or they might not even know they need a product when it would massively benefit them. A good example of this is the dashcam. Huge numbers of people drive in their company cars on a daily basis but haven’t thought of purchasing a dashcam. With insurance fraud on the rise, it’s becoming a must-have accessory for your dashboard.
Online retailers can’t offer an informed, personal service like you can. They don’t know what best suits particular customers and often, they simply don’t care. There’s not a great deal of service from ‘click here’. It’s about shifting as much stock, as quickly as possible.
You, on the other hand, can visit your customers, address their needs and offer solutions they may never have even heard of. Customers value and will pay extra for a professional, expert service.
Remind your customers that you’re LOCAL.
Customers are becoming more aware of the importance of shopping locally, particularly with Brexit around the corner. Customers want to boost the local economy as it is more ethical and supports the community.
Reward your loyal customers.
A personal connection to your customers will keep them coming back time and time again. By thinking of them when an offer lands on your desk, or checking in with them from time to time, you will keep your customers loyal for years to come.
Think about rewarding your customers’ loyalty with a simple free gift. It doesn’t have to be much, but it shows you care and gives them reason to come to you again.
While price is always important, customers will pay extra for a personal, informed service from someone they know and trust. Corporate giants cannot offer this, but your local and friendly service will.