In the modern era of business, there have been and continue to be several challenges. One of the key recent challenges was the pandemic of 2020. The COVID-19 virus forced many small businesses to quickly adapt or face financial uncertainty, most pressingly, the need to support remote working to adhere to government restrictions on the movement of citizens and ongoing national lockdowns.
As the world began to emerge from this pandemic, all businesses were exposed to high levels of inflation and rising raw material costs. These additional costs needed to be passed onto the consumer in the form of higher product prices, which had the potential to lower sales. In addition, the emerging cost of living crisis reduced consumer spending power, adding an extra challenge for sales revenues, especially for non-essential items or some luxury goods.
While the current economic climate looks somewhat brighter, all small businesses still need to look for unique ways to develop a competitive edge over their rivals. This can be a key way to ensure long-term profitability and the continued operation of small firms. This article will explore the concept of competitive edge, providing information on how small firms can gain this vital business trait.
Offer reliable and cost-effective delivery options
As the e-commerce market continues to grow, consumers have become fully accustomed to buying a range of goods online and then waiting for delivery. However, one key part of this is that customers increasingly expect a range of delivery options (including slower, budget, and premium express delivery). Many small firms underestimate the importance of varied delivery options and the need for reliable timescales for the customer. When deliveries are late or result in damages to the product in transit, many consumers will “vote with their wallets” and choose other businesses to trade with.
It is vital that all small businesses partner with a reliable shipping firm that can adhere to delivery timescales and offer a competitive price. Search the market for reputable shipping agents such as Shiply USA. Ideally, the firm will have built a solid reputation for delivering swiftly and with minimal levels of damage to products in transit. Such firms should also be able to offer a competitive quote for the delivery of a range of bulk goods, allowing small firms to pass this low cost onto the customer. In short, reliable delivery with competitive prices helps small firms gain a competitive edge over those that do not focus on this vital part of the sale.
Look for emerging market trends
Every small business needs to look to the future, ideally by predicting emerging trends in the marketplace that they can exploit. For example, in the last decade, consumers have become increasingly eco-conscious and are willing to pay a premium for products and services that have been sustainably produced or sourced. Small firms that saw this emerging trend early on will have been able to adapt their product range and business philosophy to take advantage of this emerging market and enjoy improved financial success.
Today, all small businesses need to identify emerging trends in their sector of operations so that they can remain competitive and satisfy developing customer needs and desires. A key way to achieve this is by using online platforms such as Google Trends to identify what consumers are currently searching for. By dedicating time and resources to monitoring emerging trends, product lines can be adapted or new lines that reflect these developments can be created. It can be a key way to keep your small business relevant to its consumer base as tastes and preferences change.
Listen to your customers
Finally, small businesses should ensure that they incorporate a rolling program of listening to their customers. Customer feedback can be essential at all stages of a product’s life, from ensuring that it is developed to appeal to the target market’s needs before launch to driving changes that enhance appeal as the product matures. Companies can seek customer feedback in a range of ways. Consumer focus groups can be an effective method to gain in-depth qualitative information on products.
They can help to drive design improvements for the items or allow new product ideas to be identified. Another valid method is to seek customer feedback in the form of surveys. This can help a small firm to understand the overall quality of service that it provides when a sale is made and if there are any avenues for improvement across the customer touchpoints. In short, by continuously listening to your customers you can refine your product offering, improve the service that is provided to the customer, and identify new opportunities for sales.