Small Business Competitive Trends

In this ever-changing world of ours, businesses have to face stiff competitions in order to remain in the market. Large businesses have a variety of choices to act upon due to their flexible policy and budget but small businesses face a hard time adapting to the fluctuating trends.

Following are some trends that small businesses should follow in order to compete other ones in the market:

Electronic Awareness:

A quick trend spotting technique is to take a stroll to your local magazine rack. Magazines like Fast Company, Business Week give an opportunity to know what’s in and what’s out. For fast access, surf the web and check Bpubs.com, Trendwatch.com and similar sites to subscribe their monthly news-letters. Furthermore, make better media strategies by giving healthy ads on famous webpages, develop iPhone and android apps in order to increase the traffic.

Youth Market:

Out of 7 billion world population, almost 3.5 billion people comprises of young generation (Below 24). Therefore, one should apply his resources to capture the youth market. Create Facebook and Twitter pages, give discounted offers to students and make youth friendly advertisements.

Green Power:

The Go Green international campaign has gained attention rapidly during the last decade. Due to the awareness, the trend of using Green products has gradually increased. Try to produce unique and environmental friendly products which proves a plus point for your commodity than the competing one. In this way, the consumer feels satisfied after purchasing the item.

Quality:

People usually don’t hesitate to spend more if they find the product of their choice. So, how to pull money out of consumer’s pocket? Make NO compromise on quality! Produce a flawless and quality product having no side-effects. The consumer will automatically get to your side. It may cost a bit at initial stages, but the quality output is worth it.

Less Profit Margin - Bulk Output

One of the major trend in competitive businesses is to produce in huge numbers and minimizing their super normal profit. Such as Walmart does. Their motto is “Everyday Low Price”. The consumer gets availability of products, minimum cost and best quality at Walmart Outlets and they enjoy super normal profits due to the sales in bulk. That is why Walmart has $450 billion of sales every year.

As doing business is a risk taking job but the risk also brings you new customers and increases profit. A lot of research should be done before taking a risk otherwise you can get defaulted and left behind in the competition race.

Therefore, new trends should be adapted as they increase customer traffic, creates goodwill and makes good profit but always take a controlled step because your business in on the line ! Sharing is sexy