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Unique Advantages Small Businesses Can Use to Compete in the Modern Market

Posted by Danielle Lafontaine on May 9, 2018 11:16:43 AM
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small-business-shops-ss-1920Quick question: What are the two staples of success in the modern B2C market? Chances are the first words out of your mouth had to do with amazing customer service and lower prices. These were the benchmarks of business for generations, and while customer service is still incredibly important, a lower price is getting nearly impossible to deliver. There’s always someone who can provide the same good for a lower price — and chances are they’re on the internet.

This latter truth is especially real for small- to medium-sized businesses who have always struggled to play the pricing game against their larger competitors. However, there are ways for small businesses to compete in the modern market that extend beyond the always important outstanding customer service, and it starts by applying the tips below.

* Identify the business’s customers specifically. Even the largest companies can’t be all things to all customers, and trying to do so on any level is a wasted effort. For small businesses, this means understanding your customer is even more important. Spending the time and resources to develop a detailed customer profile that includes demographic information such as age, gender, income and marital status is essential to supporting future business initiatives. Focus on your customer and they will focus on you. * Reach out to customers in a way that meets your budget and skill set. Not every company can afford a prime-time television commercial nor do they need it. Small businesses can reach customers effectively in today’s market through far less expensive means. Social media and content marketing, for example, are perfect ways to target internet users who will search for the solutions they need long before they visit a physical location.

* Foster special relationships. The value of a loyal customer is incalculable and it behooves small businesses to utilize that loyalty to their advantage — provided they make it worth the customer’s time. Sales or discounts to special customers keep them interested in the business, but companies can also do little things to make customers feel special. This can include sending birthday or holiday messages and conducting online or social media polls to see what more these valued customers would like to see from the company. Conducting any or all of these initiatives will make your customers feel special and can help turn them into advocates for the brand, further increasing their value. * Create unique advantages by offering solutions like plug-and-play payment integrations. Technology is the great equalizer that small and medium businesses can use to compete with their larger competitors. Solutions from Payment Data Systems like easy and secure checkout on your website, or better, from within the software platform you use to run your business, can have a dramatic impact on the bottom line as well as the customer experience. Our library of APIs can be leveraged to build out your own unique payment solution customized to your process, your market, and your customers.

You can discover all the ways PDS can help drive your business forward at http://paymentdata.com/. Don't delay. The sooner you start adopting any or all of these strategies, the sooner you'll see a real, noticeable difference in your business.

Topics: small business blog, small business finance, small business payment processing

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