They say the best things come in small packages – but is that true when it comes to your business? You may know that your size enables you to make agile decisions, generate more tailored solutions for clients and give the personal service that adds a shine to any interaction, but do your customers? After all, when you know you have so much to offer it can be hugely frustrating to get overlooked if someone opts for the ‘safety’ of a faceless corporate. Some potential customers can be extremely risk-averse, and just opt for a logo they recognise rather than a service which would be a better fit for them. So as a small business with big dreams, how can you convince someone to give you a chance and try what you have to offer?
Show Them What They Have To Lose
You may be communicating well about what clients stand to gain from working with you – but are you shouting loudly enough about what they stand to lose if they don’t? Sometimes we’re so conditioned into always focusing on the positive sell – as entrepreneurs it’s generally a requirement to have your elevator pitch down to a fine art to convince partners and investors – that we overlook the powerful motivation that fear of missing out can give. Research has shown that decision makers were three times as likely to take action after a threat of loss than they were when tempted by a potential gain. So make it part of your messaging to convince people that they stand to lose out by keeping everything the same and not trying a new alternative. Instead of just talking up the well known benefits of working with a small business, talk about the risks of staying with a big one instead. What are they missing out?
Make The Right Hires
A small business is only as good as it’s people, and making the right hires is even more critical and transformative when you have a micro workforce. You started a business because you were passionate and talented at what you do, and you need people who share the company vision to join you. Making recruitment mistakes is a huge drain on resources and can really hit you where it hurts – in your bottom line. So make sure you have watertight recruitment processes in place, using tools like Checkr or working with skilled recruitment professionals to ensure that the people you add to the payroll are really going to drive your business forward.
Focus On Brand, Not Price
Marketing your business as the cheapest out there is a terrible strategy. It’s this type of extremely short-term thinking which can really damage a fledgling business before it’s even got going. It starts a race to the bottom with competitors who are likely to have deeper pockets and it devalues your company in the eyes of your target audience. Choose instead to focus on brand. Developing a clear identity and company mission statement allows you to attract people who are more likely to be loyal, as they buy into what you’re about. Differentiate between price and value. If you add value, you still have something tangible and attractive to offer. Pricing too low can undermine the perception of value you can provide to a client. So offer a strong proposition, build those relationships and exceed their expectations – and success will be close at hand