Studies have shown that around 20 percent of small companies or startups fail in their first year of operation. The rate increases to 50 percent within five years and 70 percent in the 10th year. While there are several reasons for this failure, small businesses must focus on connecting with their market to reduce the chances of failing.
Even though the recession due to the pandemic appears to be over, competition is still high among businesses that are only starting to recover from the economic slowdown. Therefore, businesses should look for ways to stand out in the market and connect with their customers. Here are some things to consider to allow businesses to stand out in the market.
Offer Prompt Delivery Services
Delivery services played a major role during the pandemic. Since people had to stay home to avoid getting infected, they relied on delivery apps for their needs. And with around 50 percent of the total population getting vaccinated, the situation has improved. Despite the lifting of restrictions, delivery apps expanded their reach to meet the demands of the market.
To stand out in the market, businesses can offer delivery services to their customers. They can choose between offering an in-house delivery service or work with an independent service to deliver their products to their customers. The delivery should be prompt and reliable, which are two things that customers look for in a retailer. With this, small businesses can stay ahead of their competitors.
Build the Brand
Businesses should also build their brand so customers will recognize them. Building the brand requires creativity and out-of-the-box thinking. They should create a personality and identity that allows customers to see that they are different from their competitors. They should focus on their unique selling proposition (USP) rather than comparing themselves with others.
Knowing the USP allows businesses to focus on their products and how they can help their customers. It also increases engagement once the market responds positively to its brand. They should also create marketing collaterals that focus on the USP.
Businesses should also ensure their brand and logo are on all their products and packaging. They should also make sure the uniforms of their employees have the brand or logo prominently shown. They can use custom heat transfers in applying their brand or logo on the shirts and jackets of the employees to ensure they do not come off.
Use a Content Marketing Strategy
One way for a business to drive online traffic to its website is through content marketing. Content marketing focuses on stimulating interest in the products and services of a business. It can also build trust and create a connection with the market.
Businesses can use the blog of their website to attract organic traffic. The blog also allows the business to become a leader in the market if the content is well-written. It should focus on creating original content without the fluff. Aside from written content, businesses can also create video content that appeals to their market. The content should also communicate a message that is appealing to its market.
Enhance the Website
Businesses should also set up a user-friendly website. The website should also load fast and is reliable. Customers prefer visiting a website that loads fast and provides the things they are looking for. They also look for a website that is easy to navigate.
If the website has any loading or navigation issues, businesses should enhance it to avoid frustration on the part of the visitors. It also reduces the bounce rate and encourages visitors to explore other pages on the website. When a visitor explores the website, the business will have a bigger chance of converting visitors into customers.
Exhibit Social Responsibility
These days, many people patronize small businesses since they want to support the local economy. Aside from supporting the local economy, people also prefer small businesses since they are already wary of companies with an unenviable track record regarding working conditions and environmental awareness. Some companies even have factories in countries with a dubious human rights record.
Being socially responsible and eco-conscious is another way for a business to stand out in the market. And businesses should promote these values among their employees. They should also make sure the market knows about it. It can increase the value of the brand and help the business gain the trust of its market. Additionally, it can entice its customers to buy its products in the market.
Standing out in the market is important for small businesses to connect with their market and grow over the years.