To stand out from the competition, small businesses need to focus on a particular niche and its key advantages. They can also create an image through high-quality service, superior product quality, or performance. It is essential to keep in mind that a satisfied customer can generate up to nine referrals, so it is essential to do everything possible to keep the promise made to customers, create a personalized customer experience, and provide exceptional customer service. Product differentiation is another strategy that can be used when a company has a competitive edge, such as superior quality or service.
For instance, a small manufacturer of air purifiers may differentiate itself from the competition by its superior engineering design. This strategy can also help build brand loyalty and create a certain character that affects what it means for a customer to do business with them. By following these strategies, small businesses can outshine their competitors, win the hearts of their consumers, secure a greater market share and grow their business.
