5 Big Business Strategies Small Businesses Can Use
Every big business started off small, and by implementing a combination of marketing and expansion strategies, grew into what it is today. Steve Jobs started Apple in his parent’s garage, selling his Volkswagen microbus to raise the $1350 required to invest in the startup. This was in 1975; in 2016 Apple is the largest technology giant in the world. That success didn’t happen overnight, with persistence and perseverance Jobs turned the company into the corporate titan that it is today.
However, there are ways small businesses can use the same tools big businesses use to get results. In this article, we’re going to examine five big business strategies small companies can use to assist in their growth.
1. The Partnership Approach
Big businesses often join forces with other successful companies. This type of partnership does a number of things. It enhances your credibility as an organization and it expands your customer base. Not only do you have your loyal customers, you now have the loyal customers of the company you have partnered with. Apple used this approach when they synchronized Microsoft 365 with iPads.
2. Marketing Funnels
This is a term utilized by big businesses to describe a range of touchpoints that their business has with a potential customer. As a prospective customer moves along the funnel you create the opportunity to earn their trust, build a relationship and ensure that they become a client as opposed to a potential client. Small businesses can speed up this process by understanding the customer’s journey with their company.
3. Market Segmentation
Big businesses spend millions of dollars on marketing initiatives in an attempt to better understand the needs of their target market. This is an important strategy because you need to have precise knowledge of which section of the marketplace you need to target. To understand your market, small businesses should ask which type of customers they want to attract, and which ones they want to avoid. They also have to know which sector will be the most lucrative so they can concentrate their efforts.
4. Employ Someone to Build Your Sales Techniques
Large corporations have entire departments dedicated to figuring out their marketing needs. This provides them with the time they need to allow other employees to focus on implementing the strategies that have been suggested. If you want to save on cost, you could even attend some marketing classes on your own time. Arizona State University has a great online bachelor of science in marketing that any business owner can attend to sharpen up their skills. Online marketing degrees are just as extensive as their traditional counterparts and much more convenient.
5. Process Implementation
Big businesses document all of their processes so that they can keep track of the direction in which their projects are heading. This level of organization helps you to stay focused and keep a record of the strategies that are working for your company.
Anyone can start a business; the hard part is keeping it. According to statistics, the majority of startup companies fail within the first year. But if you follow some of the tips in this article, and emulate what the big boys are doing, you should be in a great position to build a success.