Getting your name out there can arguably be one of the toughest parts of growing your business. Big-name brands (e.g., your competitors) can leave the sour taste that they’re squeezing you out of the little pool/market that is already available. But all hope is not lost. You can still make your mark! We say embrace the “underdog” spirit without forgetting the power of exceptional customer experience. Tag along as we share tips for today’s world that play to your strengths.
Keep Innovating: Try Novel Ways of Doing Things
Let’s be candid: “Standing still” is no different from moving backward in today’s fast-paced world. You must have your finger on the pulse when it comes to business. To thrive as an underdog, you must constantly innovate and experiment to breathe new life into your business. Take a chance bravely and give something your niche audience is not used to. By exploring innovation (e.g. variations, features, or packaging of your products), you get to excite your existing customers: they’ll like your products even more and attract new ones.
Remember that it doesn’t always have to be the groundbreaking feats that break the bank. Think of the gaming industry and how you get a little bit of fresh content all the time. For instance, you will see small visual and sound improvements from previous releases if you play Rainbow Riches. Small changes like these may seem negligible but could have a big impact in the long term. We reckon it’s all about finding that little thing others are not paying attention to. And innovation is a large discipline – another facet to tap into is process innovation. With this, you get to help improve the customer experience and lower production costs. Marketing is another sector where innovation will take you far. Try out new campaigns and aim for audiences you may not have considered before, and you will generate more leads.
Seek Out New Customers: The Power of Affiliate Marketing
At the sound of it, affiliate marketing may seem like the kind of side project you do once you hit your marketing goals. Far from it! More and more companies with the “underdog” tag are using social media to find new customers and grow their market share. Affiliates can really get your name out there if you are a little-known brand looking to gain some visibility.
Get your products advertised on YouTube, Instagram, or TikTok channels that cater to your target audience. The thing about affiliate marketing that makes it such a viable marketing channel for growing companies is that you are able to find niche audiences. Additionally, the affiliates you pick to work with are more believable when marketing to their audience and can bring in more conversions than a random ad would.
Find Your USP: Unique Selling Position
A unique selling position (USP) will make your business stand out amidst many offering alternatives to your products or services. Your USP is a benefit customers get only from you. Taylor Stitch is one of the companies that has applied this to its clothing line to great success through its unique approach to crowdfunding. Your USP will get more customers to look your way just because there is something different about the product or service they get from you.
To find your unique selling point, you need to consider your company’s strengths and play to these (capitalize on them). Affordability and a customer-centric approach are two USPs that play to your strengths as a small business that you can use to garner customers’ interest in your products.
Forge on With Courage
All you need is a working strategy that you stick to. Leverage social media, embrace new technology, and think more about how to give the customer the best product you can. These are the key components that will ensure you remain competitive in a market where only strong brands survive.
