Small business owners may be daunted by the task of competing with rivals who have spent enough time building a following and expanding their brand. So fearful that many entrepreneurs mistakenly keep their companies in check, prioritizing safety over success and believing that direct confrontation should be avoided at all costs.
On this episode of The Small Business Show, host Shyann Malone is joined by Bill Harper, CEO and Chief Creative Officer of BrandBossHQ. Mr. Harper, who has helped many entrepreneurs overcome the tribulations of brand expansion, explains how by simply adopting the right strategy and priorities, small organizations can not only compete with their larger rivals; , shares insights on how you can outperform them.
Important points
1. Hug Sleep's approach to competing with Snuggie emphasizes the importance of innovative brand positioning. Rather than focusing on product features, Hug Sleep differentiated itself by addressing specific customer needs and providing comfort for anxious sleepers. This strategy of connecting with consumers on an emotional level and addressing basic human needs is more effective than competing solely on product features.
2. Small business owners have the advantage of being relatively nimble and can adapt and innovate quickly, allowing them to compete effectively with larger and more established competitors. This agility allows smaller brands to carve out their own niches and gain market traction before larger companies do.
3. Harper believes that focusing on risk aversion puts small business owners at a disadvantage. Competing with big brands can be daunting, but doing so can garner a lot of attention and disrupt the market. A willingness to take calculated risks, especially in messaging and positioning, is critical for small brands looking to make an impact.
Four. Understanding unmet needs and pain points that are not being adequately addressed by your competitors can reveal opportunities for differentiation and innovation. This insight can guide small brands to develop strategies that resonate with their target audience.
Five. Success against larger competitors does not mean dominating the market completely, but gaining enough market share to influence market dynamics to become a significant competitor. It may mean that. An example of the impact Dollar Shave Club has had on a major company like Gillette is that by maintaining a consistent and innovative approach to messaging and product development, even small brands can achieve great success and become serious players in the industry. It shows that you can become
“That's exactly where most companies fail. They're afraid that if they go up against these big companies, they'll be crushed in some way. But the fact is, these big organizations are It's like an armada… “It takes too long to turn the ship around. You can't just steer it like a small company.” — Bill Harper
