How do you compete with larger competitors who can afford to run more advertising, offer lower prices, and are better established in the marketplace?
Well, first off don’t compete directly with them on their turf but rather become the “alternative” – that is, promote and advertise an aspect of your product and/or service that the leader simply can’t offer. This allows you to compete with the leader in a part of the market where they may not be very strong. Research the competitive landscape in your market and determine how you can position your business as the best alternative to the established market leader.
Secondly, sell what they don’t have – YOU! Build your personal reputation as experts in your field and become the “public face” for your company. As a small business owner, you can effectively represent yourself as an expert in your area of expertise and drive awareness for your small business through publicity and media relations activities. Know that your personal approach to buidling your business is your competitive advantage that the larger competitors lack. Use it wisely and you can stand to compete with the big guys!