How Small Businesses are Competing with Big Brands

• How Small Businesses are Competing with • BIG BRANDS Owning a small business in an industry dominated by mega corporations can often feel like David vs. Goliath. But don't rule out the little guy just yet - plenty of small business owners find strength in their size and turn the tables on their larger counterparts. Take a look at how successful smal businesses stay ahead of their colossal competition You might never become a big business Only 0.1% of companies will ever earn $250 million in annual revenue Only 0.036% will hit $1 billion in annual sales But that doesn't mean small businesses can't compete with big brand powerhouses MAINTAINING AN ONLINE PRESENCE Social media and your website are inexpensive ways to communicate with your audience 91%.. American adults online use social media Small businesses using social media 86% 50%: •41% 33% 85%. Linked in Amount of small businesses that developed new client relations with social media consumers enjoy receiving online/social responses to inquiries and comments Small business receive much support for Small Business Saturday on Facebook and Twitter, with the hashtag WSmallBizSat Butter Lane, a cupcake bakery, utilizes Facebook, Twitter, Yelp, Tumblr, Groupon, LivingSocial and Foursquare to reach her customers, getting reviews and feedback that help her improve her business. INBOUND MARKETING Small businesses are shifting their focus to inbound marketing, as inbound leads cost 61% less than outbound leads 61% Big brands still waste 33% of their marketing budget on outbound marketing Telemarketing spending decreased 5% last year Small businesses only spend 14% Use PPC CAMPAIGNS for your ideal keywords: Utilizing SEO is a cost-effective method to get these campaigns allow the flexibility to decide how much, or little, you're willing to spend customers searching for your product BladeOps increased its traffic 70%, monthly sales 185%, and organic traffic 1300% through successful SEO optimization KEEPING IT PERSONAL For small businesses, customer relations is king 59% of consumers try new brands solely to seek out better customer service experiences 70% Deate the O0% of Americans will spend 13% more on businesses that of consumers believe that businesses fail to increases their provide better customer focus on customer service service than others Because of their size, small businesses can much more easily capitalize on these turnover rates SEEK FUNDING Small businesses may feel they're at a disadvantage by lacking the funding of large businesses However, government programs offer a chance to level the playing field: 3,385:. Number of grants awarded to small businesses in 2011 $1.6B. rotal amount of funding anarded m ... Grants ranged in size prom $500 to over $1 million PLAY TO YOUR STRENGTHS Because of their size, small businesses can more quickly adapt to market changes 63% Amount of small businesses that have partnered with other small businesses 76% of these businesses experienced positive alliance 450,000: Number of businesses that bartered services or goods in 2010 A Erin Baker's Wholesome Baked Goods went from nothing to amazing when their breakfast cookies were calculated at just 2 Weight Watchers points But then, potential disaster: Weight Watchers changed its points system, and the cookies no longer appealed as well to dieters The company was small enough to successfully alter its target market, and it's thriving today! • Stay agile: Learn something new every day!. SOURCES mocisl-shoppers-prefer-puble-feedbackrom-businesse/ tyh or2 BLUE /30859/10-Ways-Smat-Busness-Harketers-Can-Crush-Big Competitors.a Powered by Cox Business