It’s that time of the year where retailers small to large are preparing for Black Friday Sales. Here what we are going to discuss is not theory, its real world. It’s very easy to fight with the big guys but hard to win. Indeed big box retailers are more prone to winning on price. They have ability to bargain for better price and builder’s incentive scheme, enclose the losses of main products put up for sale under cost, and apply exclusive prices on their items. After facing the turmoil of black Friday, small retailers are left speculating about taking fight against big retailers in time before Christmas.
The aim of big retailers is to take sales away from small business, nothing makes them happier to keep you out of business in order to gain their profit for this reason they are named as “small business killers”. As a small business owner, it is suggested to take proactive approach not winning over price but be more creative and innovative as big box competition can be fierce, intimating and responsible for shutting the doors of small business stores.
Analyze your competition
Gather information as much as you can about your competitors. Look for their strong points to adapt those and weak points to avoid those. In addition, compare their offered prices on products and look for store layout and selection of items; how they are displayed, cleanliness of premises and well stocked shelves.
Check out your business
The way you have checked your competitor’s business, do the same with your own business. Do brainstorming with your employees, ask them to suggest improvising the business by filling survey forms or questionnaires.
Differentiate your business from Rest
Be unique and different in the market by delivering exclusive line of products and make your brand slightly differ from the stuff offered by competitors so that your business could be easily get noticed and publicized.
The fourth step to success is to become flexible and adaptable according to market trends and audience demand. Being owner of small business, it would be handy to change the way you carry your business rapidly. Keep yourself up-to-date with current events and latest technologies.
Highly effective people use this step to achieve success in their business. Here you find other business’s ideas and perceptions of the same field as yours and implement them into your business.
— blackfridaycountdown (@blackfridaycoun) 26 de septiembre de 2017