Do you feel the fear trickling down your spine when you hear “Amazon”?
Does your business have a similar industry giant coming to town and you’re wondering how it’s going to affect your business?
These big boys really can shift tectonic plates in the marketing world, but you shouldn’t panic – you should get ready.
In recent years, national or multinational chains and industry giants have broken into formerly placid markets where independent stores have been able to do well.
We’ve seen this coming for some time though – think major national supermarkets gobbling up independent greengrocers and butchers and delis; think independent boutiques under pressure from national High Street chains; think independent bookshops versus the likes of Dymocks (and Dymocks versus the Apple Bookstore or Kindle!).
It’s not like we haven’t had the warning for many years now. It’s just that the national chains are even now being superseded by international giants.
So, what can a small business do when it is being threatened by a giant competitor coming to town?
Don’t panic – do get prepared!
- Rediscover your USP – what made you successful in the first place?
- Research the giant competitor – what do people like about it; what don’t they like about it?
- Find your niche – that target market that your USP appeals to and that your giant competitor cannot service properly
- Market to the niche
- Provide messages about your specialty – and by definition, what the giants do badly
To find out more marketing ideas, go to teikoh.com and register to get these valuable and free business-building ideas directly delivered to you.