What big brands do which Small Companies ignore?
Analyzing yourself as an owner of small business is easy. Yet on seeing the bigger competitors and their campaigns, you get intimidated. There are reasons that some small companies ignore and hit a wall, while some who follow, grow big. Have you ever seriously given this a thought? There is lot going on that the big companies compete with. This includes the marketing reach, budget and their approach.
The big brands do a lot of things, it relates to external factors such as the demand, market size and competition. Of course, there are internal factors such as leadership and operations. The industries that dominate have some factors that make them special, while others shrink, stagnate or fail. Here are few factors that make big brands the giants in business.
- Contentment - This is an important corporate culture aspect. A small company reflects on the needs and desires of the owner, where some are happy on earning their living, though there may be few small owners with a desire of taking over the world. The big brand companies always seem to be force driven and if small companies need to make a mark, they must work hard to grow. Staying contented is good, but with business growth, it should see a growth inclination.
- Lack of controls and standards - This is a huge territory that is inclusive of service, quality and problem resolution. A company may be enjoying customer satisfaction to 97% in the long run, while there is impact on the company size to 93% growth. Having accomplished high standards alone is not enough; it needs to meet the standards implementing the control systems incessantly. This is very essential as having good intentions without proper control may result into bad results.
- Right people - Building a company is possible only with right people. It requires the stomach to digest changes and also an excellent hiring protocol. Getting the right people is not easy because people who were believed to be right and stood right to belief may not be the same right people as the company keeps growing. These are issues that need to be managed with time, although there should be some luck to have right people always. Thus, to have right people calls for a lot of dedication.
- Branding - Small companies don't really pay much attention and don't really invest in branding. Branding simply becomes just a logo and color combination in such situations. But that's not what Branding is about, is it? Bigger companies understand `this and that's why they have a huge budget and dedicated team for brand management. Branding is about connecting to your audience and clients and letting them know what your company is all about, so they connect with it. Having a dedicated branding team might not be possible for all companies, that's where brand consultants come in. Having a person dedicated to your brand image will help a long way in building your brand image
- Lack of investment - Investment plays a major role, regardless of the fact, whether it is required for new technology, inventory, more equipment or employees, a bigger facility, and so on. The big companies keep growing and suck cash soon. Acquiring this cash requires borrowing money from investors or using cash on hand. This run over never stops and if one is unable to meet the demands, the growth slows down.
- Technology - Again this is a blessing and a curse for small companies. The emerging technologies do wonderful things and are expensive. The big companies can manage bringing it into their premises, but the small ones may find it as nightmares. Amassing the technical, financial and staff resources essential to resolve a technology issue spurring up for a small company may be highly difficult. Do not forget, the market waits for no one.
- Stubbornness - There is stubbornness that brings the big brands to the forefront. It helps the entrepreneurs to take the business up; they take the learning curve, ride the recession and along the way cope with all the hurdles. This dogmatic adherence, at some point offers the much expected next level. The strategies and policies seem working with 20 to 50 employees and so the expectations also escalate taking wings.
Marketing is another reality that the small companies experience a tough time. This is because it mostly depends on the small company owners abilities. Likewise is the leadership quality in big companies that includes attitude, courage vision and fortitude that creates an inspiring staff.
There should be passion to make up for all the deficiencies. Small companies fail not only because they were not passionate, but because they lacked grit to being passionate.