In Palma we are seeing how local businesses disappear from all life in front of the big multinationals. Where yesterday was the usual cafeteria today there is a Starbucks, but there are also small self-employed who compete successfully with these big companies. We see cases where small local clothing stores like DROP , in the center of Palma, face giants like ZARA, having their premises a few meters away. How do they do that? What do these companies do to survive and even succeed? Being closer to the consumer, specializing and collaborating with other small local businesses are some of their secrets.
What weapons do you have as a self-employed or company to compete with multinationals? What strengths should you work with? What weaknesses of large companies to attack?
- Explore the local market thoroughly. You must know both the products and your customers. This is the main advantage in front of the multinationals, to know your customers personally, which allows you to have direct access to the information they transmit and adapt your products and services to your tastes and needs.
- Speed in decision making. Be agile in front of the bureaucracy and rigidity of the multinationals. Being small, you can make decisions with greater agility. Take advantage of it to get business opportunities and solve problems.
- Manage your business in a professional way. Optimize the management of your business with the help of professionals. Accounting is useful for decision making and a great help in management if it is well done. A manager can help you make better decisions. If you are in Palma and you need professional advice, our manager in Palma will be happy to assist you.
- Local Marketing. Take advantage of the possibilities that the internet offers when it comes to doing local marketing. You can adapt your marketing strategy and advertising the particularities of your market. Nowadays, the internet allows us to compete publicity with the big brands without having big budgets. Thanks to segmentation we can only invest in targeted advertising to our potential customers. If you need to get customers and retain them, the digital marketing agency Sonrumores.com can help you grow your business.
- Specify yourself. Find out what you do best and focus on it. It must be a service difficult to copy by the competition and valued by the customer, both for quality and price.
- Collaborate with local companies. The reasons why collaborating with other companies is the search for both to benefit.
These collaborations have the following objectives:
- Achieve common projects that any of the companies alone could not carry out, either by its magnitude or complexity.
- Expand the offer of products or services and therefore sales.
- Reduce risks.
- Improve existing services or products.