How to Compete with Industry Leading Brands

| April 17, 2020

How to Compete with Industry Leading Brands

One of the greatest challenges that all small businesses face, especially in competitive industries, is competing against industry-leading brands. It can be hard to compete with much bigger brands when they have the power, reputation, and resources to dominate the industry. Still, there are a few practical strategies to implement, which could help to level the playing field and even help you to lure away some of their customers. So, if you are just getting started or you simply want to start competing at a higher level, then read on for a few ways to compete with the more prominent brands in your industry.

Competitor Research

Smart business owners will always keep a close eye on their competitors and have a firm understanding of their business model. Identify who the industry leaders are along with other brands that you are competing against and then take the time to determine what their strengths and weaknesses are and if there are gaps in the market that your business could fill.

Demonstrate Your Expertise 

To attract people to your business and build a positive reputation, you need to show that you are an expert in your industry as the consumer will always go with a brand that is an authoritative source. An efficient way to do this is to create and share high-quality content, which will be useful for your target customer. If you have a health and beauty eCommerce store, for example, then you could create beauty tutorials, interview industry figures, how-to guides, and any other content that your target customer will appreciate and be able to use.

Create A Brand Strategy 

A good brand strategy can help you to stand out, which is critical to success in a competitive industry. Creating a powerful brand strategy will involve determining your USP, being consistent, and using your name, logo, and URL to strengthen brand identity. You must also know who your target customer is and keep them in mind when designing your brand and making any kind of strategic decision.

Create A Connection with Your Target Customer 

One area where larger brands can struggle is creating a connection with their target customer as it is hard to do this when you are a large organization with many customers. This is why consumers will sometimes prefer to use a smaller company where they will feel valued, benefit from better customer service, and feel a connection. For this to work, you need to take the time to get to know customers, thank them for their orders, provide high-quality customer service and find ways to maintain contact (email and social media).

 Any business looking to compete with the more prominent brands in their industry should combine the above strategies for powerful results. It will always be challenging to contend with much bigger brands, but it is possible to level the playing field and even excel in some areas. In essence, it then becomes even easier to attract customers when you start to build your brand reputation and increase your customer base.