Competing with large companies such as Walmart and Amazon seems daunting, especially for small businesses. Trying to find a way to reach customers and keep prices affordable at the same time are two of the biggest challenges small businesses face when competing with the big guys. Fortunately, there are many ways a small business can stay just as competitive, if not more, as the big brand stores, and it is all because of the internet.
Before widespread use of the internet, small businesses were limited to the audience they could reach. It was really only possible to advertise to the fe people who lived in your town or nearby. Now, however, a business can sell products online and send them all over the world. It gives companies an opportunity to reach their same audience throughout the world instead of hoping to find a large enough audience in their one area.
Use of Artificial Intelligence
A small business can compete much better through the use of artificial intelligence (AI). The availability and capabilities of AI over the years has increased dramatically, especially recently. It can be used throughout your company to help in decision making, but it is especially effective in the marketing and customer service departments. While having real people to help make final decisions is important, AI can actually automate a lot. You can use a chatbot to communicate with customers who text or chat customer service. It can also be used to automate marketing decisions. An artificial intelligence company can help you get AI setup for your small business, so you can start competing in a meaningful way
In today’s world, personalization is everything. Generic advertising isn’t as effective as it used to be, and people are more likely to actually buy what you are selling if it is something they want or need. Companies are using AI to send ads to customers that apply to their situations and even location based advertising, which is one of the hottest new trends. A customer is more likely to visit if they are already close by than making a special trip.
Another way AI can help beat the competition is through sending out personalized text messages. It is extremely important to focus on maintaining your current customer base; it is the group of people who have opted in to receiving texts from your company. They already know they love your product. They just need a reminder that you are there here and there. A personalized, automated texting service will let you text them reminders and even allow them to text you when they have questions they need answered. A chatbot can then communicate with them to get their questions answered.
Email marketing is another great way to stay in communication with your current customer base. It took a bit of a hit a few years ago when texting became more popular, but there has been a resurgence as customers are now checking their emails almost as frequently as texts. Plus, email is the perfect place for sending discounts and coupons. It is one of the first places customers will look to find store discounts, and they will check it on their own time when they are ready. But they can keep it there as long as they need it
Social Media Marketing
If you haven’t already gotten on social media, now is the time. It is the easiest and best way to reach customers for a small business. There are many people who prefer to shop small, and small businesses can reach out to each other and work together more easily through social media. For example, some companies will run promotions with 4 or 5 other companies to provide a large prize package to one customer if that person is willing to like all company pages. It is a great way to get new customers who didn’t even know your product or service exists and to get more exposure to other people who are in your same type of industry. Social media is one of your most effective tools for gaining new customers for a small business.