One area where smaller companies are at a disadvantage when it comes to competing with large corporations is in marketing. While Coca Cola can afford a huge budget to reach millions across the world during the Super Bowl, SMEs often struggle to get a coherent social media strategy together let alone produce glossy, impactful video advertisements.

However, that doesn’t mean smaller companies can’t make it big and challenge the top competition. All it takes is some marketing savvy and a new take on old ideas. The SMEs that are making it in today’s competitive retail environment are the ones who put innovation at the heart of their strategy.

One simple idea, delivered well, can make a huge splash.

1. Deliveroo

Turning fast food into a bike race, Deliveroo started as a small venture in the heart of London. Their headquarters is still in Soho but they now have outlets all around the world. The company uses self-­employed cyclists and other couriers to take food from high class restaurants to home addresses. Customers simply go online, place their order at their favourite restaurant and Deliveroo does the rest.

2. FarFetch

With its tagline of ‘400 shops 1 Address’, FarFetch continues the trend for online businesses that facilitate connected but independent groups coming together for mutual benefit. The company joins high class boutiques around the world and a one stop shop for customers. The key to the success of FarFetch is who they do business with, carefully selecting suppliers who are innovative and provide something different that is not available on your average high street.

3. Bravissimo

When Sarah Tremellan couldn’t find the right style of bra in her size, she decided to start her own company. Like many startups back in the mid­1990s, everything began in her living room where she operated a mail order business. Today she employs over 600 staff and has a major online ecommerce store that ships around the world. Bravissimo filled a gap in the market that other major retailers were avoiding and set a trend for stores for bigger women who want fashion clothes and lingerie at great prices.

4. Naked Wines

The wine trade is cut throat and finding a way into the market for a start­up is pretty daunting. Rather than opt for a straight online store where people pick and choose what they want from well ­known brands, Naked Wines funds smaller winemakers to make what they want and then sell it. This gives consumers the opportunity for something different and helps small and medium sized vineyards to find somewhere to sell their produce.

5. The Chapar

If you want to see how a small business can look big and have a resounding online presence, take a look at The Chapar on a social media platform such as Facebook. How companies use low cost marketing avenues is vital for their success. Providing a personal service to busy executives is also a key to their standing out from the crowd.

How Some SMEs Beat the Multinationals

There is plenty of optimism for small and medium size companies that are willing to be adventurous and take on the big companies, beating them at their own game. You don’t necessarily need big budgets to get your brand out into the world and make it successful. People are more used to shopping online nowadays and are diversifying the outlets they choose to go to. Niche brands that provide some value added extra are always going to be an attraction to certain demographics who want something more personal. There are, of course, some traits shared by SMEs who have made a big splash.

Filling a gap in the market

There are often niche areas that large ecommerce sites miss. If you can find a gap that isn’t being filled at the moment and provide something no one else does, you have a readymade audience and potential customers – all you need to do then is reach out to them.

Delivering in a different way

Technology is changing the way we shop and the way we do business. Finding innovative ways to present your products, including new ways to pay or fund can be important to many customers. The Naked Wine initiative not only provides good wines but also supports marginal vintners, appeals to a certain demographic who want to be supportive to new ventures as well as receiving quality service.

Getting the most out of social media

While ecommerce sites may not have the financial clout of big corporations, there are plenty of opportunities to build brand awareness and cultivate a strong, loyal customer base. Social media has changed the landscape of marketing in recent years and for the large part it’s free to use. If you want to spend a little more money, then investing in something like Facebook Ads is a good way to run campaigns that reach your core demographic.

Making it personal

Joining in on social media also helps to make things personal. With large corporations, despite their best efforts, you often feel like you are a small fish in a big pond and they don’t really care about you as a customer. SMEs have the benefit of being able to provide a more personal service that people actually like. Do it well and you could soon see fans of your brand beginning to grow as word-of-mouth spreads.

Being secure

Of course, no SME is going to be trusted if they don’t have a secure way for customers to get their products. Investing in strong and robust ecommerce infrastructure is important whether you are just starting out or making some big waves in the online world.

There is much more variety in our shopping experience nowadays and people are far more willing to try new things than perhaps ten to fifteen years ago. Creating a SME that can compete with the multinationals and gain a good share of the market is no longer a pipedream. Get the right foundations in place, make yourself stand out from the crowd and there’s no reason you can’t be a small fish with a pretty big bite.

 

By Anna Lemos, Content Marketing Executive at companyformations247

PrivSec Conferences will bring together leading speakers and experts from privacy and security to deliver compelling content via solo presentations, panel discussions, debates, roundtables and workshops.
For more information on upcoming events, visit the website.

comments powered by Disqus