Small business retailers often express frustration at big business competitors: they have more money for marketing, get better supplier deals and often have lower overheads per dollar of revenue. It is easy to get drawn into envy and get lost in a whirlpool of self pity for the small business situation.
In our experience in owning and running small retail businesses, there is little to be gained from worrying about these things, which we cannot change. There is more to gain from focussing on points of difference we can leverage.
This is important, that we look at the upside opportunities we have rather than the negative of envy about big business competitors. It’s tough to do, but well worth it.
For example, we can bundle items in our small retail businesses to make price comparison difficult or impossible, we can offer a loyalty pitch big businesses will not offer, we can be flexible in how and where we pitch producers while bug retail businesses are structured and, usually, inflexible.
Bundling is particularly useful as you can create a bundle unique to your business, which feels like it is a value proposition unlike anything they have seen to that point. While this is a product by product task, it is in these small steps that you can find success, by changing shopper perspective and winning business more direct competition may have denied.
Bundles can work in gift, stationery, cards, toys, plants, fishing and more. It is easy to use tech to manage and track this.
Big businesses do this. Its is a key reason for their price guarantees – because price comparison is harder and even not possible, ensuring they don’t pay out on the price guarantees.
Our key message today is that you can compete with big businesses in myriad ways, especially through using our small business focussed POS software that is rich in features for doing just this. We give you the tools and provide training and supporting their use, to help you compete as you may not have competed before.
Big business competitors are not going away, they are not fading in size, they are not spending less. This means we have to be smart and engaged to compete.