What Small Businesses Can Learn from Big Brands

There's a great divide between small businesses and large corporations. And it's not just about the significant rift in revenue size.

Everything about how you run a small business is different than how you'd operate a corporation. Especially when it comes to marketing your company.

But there's a lot small businesses can still learn from their big cousins.

Let's take a look at some of the key lessons and takeaways you can use to improve your business.

Always Have a Strategy (& Write it Down)

Many small business owners jumpstarted their companies with a great idea and tons of ambition. And for some, that's all they think is needed to run a business.

Unfortunately, this can create problems as your small company begins to grow and expand. To thrive, you need a solid strategy that all of your employees and managers can follow.

Make sure it's written down, so it's easier to train your workers and get them on the same page with your vision and mission. So on that note, be sure your strategy includes:

• A clear mission statement
• Core values everyone must follow
• Guidelines for content (voice, tone, personality)
• Company goals (should be adjusted annually)
• Technologies and methods that'll be used to reach goals

Listen to the Needs of Your Customers

It seems to be the trend with the larger companies, especially with all the transparency the internet provides. The days of a corporation sweeping customer complaints under the rug are long gone.

And now, we have a marketplace that ebbs and flows with customer needs. Small businesses should do the same. Not only will this help you to maintain a happy customer base. But it'll also encourage more word-of-mouth referrals (in person or virtually).

One way to listen to your customers is to get reviews on increase your web presence. Another option is to create polls and surveys for your customers.

Never Underestimate the Power of Social Media

Social media is a double-edged sword for businesses of all sizes. It can potentially hurt your brand's reputation. Or it can help build visibility quickly (and your revenue along with it).

But you'll need to know how to leverage the right platforms to lean its impact in your favor. This includes creating profiles and pages on social networks your customers use.

Then engage with them so you can join and direct conversations. It's not uncommon for consumers to use social media as a customer service platform, so be available or face the wrath of angry customers!

Keep an Eye On Competitors (But Don't Follow the Crowd)

There's a lot you can learn about your customers and industry by watching your competitors closely. Let's say you've only been in business for several years.

You're still learning the ins and outs of marketing, product/service selection, and engaging with customers. There's a ton you can learn from big companies that have been in the game longer than you.

Look at how they're managing their social accounts, what customers are saying about them, and what strategies they're using offline to remain relevant. Then see how you can add these to your own game plan (but in a unique way).

Only use what makes sense to your brand and its customers.

Give Your Employees Much-Needed Attention

A business's biggest asset is its workforce. The same holds true for companies large and small. Without your employees, your entire empire would fall.

So it makes sense to give them the much-needed attention they deserve. Now, you can incorporate this in several ways:

• Hold small awards ceremonies
• Have team leaders provide regular feedback
• Create an employees-of-the-month board
• Make it a priority to compliment workers when they do well

Ensure your managers are in on this so they can do what's necessary to keep your workers feeling appreciated.

Offer Something in Return to Your Customers

Your customers are everything to your small business. They gave you the time of day to see what your brand was about. And now that they've seen you're a great company, they continue to shop with you.

So what can you do to repay them for their business?

Large companies are giving back to their customers and local communities. Not only does it help build their visibility and recognition, but it also rubs customers the right way.

It's an excellent strategy for turning customers into repeat customers and attracting new ones.

However, as a small business, you're working with a limited budget. So consider doing something smaller but impactful, such as sending out birthday and holiday cards.

Or sending personalized coupons and promotions to their emails (or snail mail). 

Use Technology to Boost Your Productivity (& Revenue)

With the right technological tools, you can streamline your marketing and customer service efforts. And in turn, you can build a base of happy customers.

One such tool you may want to implement is GoSite's Contact Hub. Customer relationship management (CRM) software is the bread-and-butter for corporations. And it can be equally effective for small companies.

With this platform, you can keep track of your customer's data and communicate with them online. It's a smart way to keep your clients engaged with your brand, so your business is always top of mind.

Be Small, But Think Big!

As a small business, you have the advantage of gaining the trust of local customers. But this doesn't mean you have to be small-minded.

Come up with big ideas to help position your company as an authority that your community turns to when they need your products and services.

With these simple tips, you can ensure you're ready to do bigger and better things in 2020 and beyond!