Small businesses are invaluable—they foster local economies and build community. Nonetheless, they have fierce competition with large competitors. For this reason, small business owners need to have their finger on the pulse of their community and continue to evolve with current market opportunities.
Learn how seven business owners and entrepreneurs take advantage of current market opportunities in their local economy.
How can a small business take advantage of current market opportunities?
To help your small business take advantage of current market opportunities, we asked small business owners and business leaders this question for their best advice. From expanding into related products to driving brand awareness with SEO, there are several things your small business can do to help you take advantage of current market opportunities.
Here are seven ways a small business can take advantage of current market opportunities:
- Expand Into Related Products
- Invest in an Online Presence
- Drive Brand Awareness With SEO
- Listen to Your Clients’ Needs
- Develop a Hybrid Model
- Network With Known Brands
- Leverage Your Local Presence
Expand Into Related Products
The benefit of being a small business is that you can respond to changes in customer behavior and new market trends much quicker than your larger competitors. Depending on what industry you are in, an opportunity may be moving into new but related products and services. Expanding can be costly, but there are many financing options available to help you do so in a cost-effective way.
Carey Wilbur, Charter Capital
Invest in an Online Presence
The best market opportunities are online. Investing in your online presence today can yield a significant dividend for your brand and your business tomorrow. Compared to traditional marketing, digital marketing has the potential to far exceed the benefits of traditional marketing and also provide significant cost savings. Today, online platforms are so sophisticated that depending on how you use it as a resource, your company has the potential to grow exponentially. With a small business loan we can help your business thrive online.
Sanat Patel, LendThrive
Drive Brand Awareness With SEO
Digital Marketing is currently in high demand. During the pandemic and as the economy begins to reopen, more and more businesses are seeking to expand their digital footprint. The best way to do this is through digital marketing and SEO strategies in particular. You can provide the best products and services, but it can fail if people don’t know that it exists. The best way to promote your products and services and drive brand awareness is through SEO Strategies including Digital PR.
Rronniba Pemberton, Markitors
Listen to Your Clients’ Needs
When you truly connect and understand what your ideal client needs, you can offer existing products or create new products that will profoundly benefit them. The work for selling all happens in the listening. When you listen to what they need and reflect it back to them, your company becomes the oasis that will quench their thirst for the solution they are seeking. When you communicate back what you heard, your company will stand out amongst a sea of sameness in the marketplace. Clients will end up selling themselves because you have reflected back what they communicated and are delivering exactly what they need.
Mark Jamnik, Enjoy Life Daily
Develop a Hybrid Model
Transferring your standard brick and mortar to a hybrid DTC or utilizing a remote work strategy can both prove beneficial in the long run for small businesses. The experience from COVID-19 showed many that remote work expands the talent pool and can generate just as much output as a conventional office setting. Now is the best time to transition your small business into a hybrid model aligned with the current trends, so you’re set up for success in the future.
Brandon Werber, Airvet
Network With Known Brands
Today’s business environment has created numerous unique opportunities that weren’t as visible, or as easily attainable, prior to the pandemic. With many large-scale companies now reverting back to networking and mutual collaborations to retain their relevance, partnering with a more recognizable brand is no longer something to mark on your “in 5 years” to-do list. This is a time for creativity, innovation and even experimentation for many brands who weren’t open to do so previously. That said, it opens the door for smaller companies or startups who are willing to step up their game and present proposals, implement new campaigns and network like never before.
Greg Gillman, MuteSix
Leverage Your Local Presence
Small businesses often have something that larger companies lack: strong footholds in local communities. Especially as the shop local movement has grown during the COVID-19 pandemic, more people are looking for ways to support local businesses in their daily purchases. How can you get the word out? Invest in targeted digital advertising that uses the #buylocal or #shopsmall message. Get involved in a community volunteer or charity event, even if it’s virtual. Use local radio and commercial spots, which often discount for local companies. Get creative and share your hometown story!
Shelby Hiter, TechnologyAdvice