In a business environment where the only constant is change, organizations must be ready to respond to ever-changing market demands and customer needs. U.S. Chamber of Commerce's “America's Top Small Business Summit” underway: Ready to go. set. Mr. Scales, Cargo Gardens Owner Mr. Marquestmin, River His Lock His Outfitter Co-Owner April Mr. Peterson, in his panel discussion with CO editors, small businesses fill market niches. , we discussed how we found new ways to create value for consumers. Secretary, Janet Mulvey.
Estomin and Peterson's tips for making a successful pivot include looking for unique opportunities that larger companies are missing, connecting with a community of consumers, and the flexibility that scale affords small businesses. This includes embracing agility.
[Read More: Missed the Summit? Catch the replay here.]
Small businesses can stay relevant by specializing
America's Top Small Business 2023 finalists Estomin and Peterson both talked about how their companies found niches left unfilled by larger companies and pivoted to stay competitive. We talked about our business stories.
Estomin explained how serendipitous interactions with customers and employees helped Cargo Gardens find areas where it could provide value that big-box and well-known stores were missing.
“We've always done landscape design, and in design we specialized in art,” Estomin said. “People enjoyed it so much that we decided to focus more on selling artist products, and we invited a lot of artists to come and give workshops.”
[Read More: How Calgo Gardens Brings Nature, Art, and Community to Monmouth County]
Peterson shared important advice her company heard early on. Target cannot be exceeded. So what small businesses need to do is figure out what their competitors can't and won't do. ”
For River Rock Outfitter, this meant a “whiteboard” session to identify competitors and market gaps. This led Peterson and her team to the company's key philosophy of providing hands-on, personalized service.
By identifying key areas where small businesses can offer unique services and services that larger companies cannot or are not interested in providing, small businesses can secure areas where they can gain an advantage in competitive markets. You can differentiate yourself from large companies. , she added.
We had to pivot very quickly and redo our business model based on the idea that we needed to build a customer base. We had to teach the community. We needed to build a community… [and] Show them that our community has an outdoor recreation economy.
April Peterson, co-owner, River Rock Outfitter
Small businesses can connect with their community, meet their needs and build their brand
Connecting with customers and their broader community, whether in person or online, is often key to small business success. For Estomin, this meant establishing a brand identity for Cargo Gardens and working on finding the right channels to present it to its audience.
“People sometimes don't associate garden centers with wellness, art and events held on-site, so when we started advertising, it was always a hit. [or] Miss,” Estomin said. “Social media [has] A new place to reach people has been added. ”
Similarly, Peterson explains how engaging with local, professional, and hobbyist communities has helped her business find new markets where it can provide personalized service and offer new value to consumers. I explained how it helped me.
“We had to pivot very quickly and redo our business model with the idea that we needed to build a customer base,” she explained. “We had to teach the community. We had to build the community… [and] Show them that our community has an outdoor recreation economy. ”
[Read More: River Rock Outfitter Helps Customers Find Adventure]
Small businesses can change, innovate, and experiment more easily than their larger competitors
Many people think that large companies will always have more opportunities because they have the budget and resources, but small businesses can use their size to their advantage. Smaller teams, lower overhead costs, and greater flexibility allow small businesses to outperform their larger competitors.
Additionally, it is easier for small businesses to develop a more direct relationship with their customer base. This closer, more personal connection between a company and the market it serves allows small businesses to take advantage of trends more quickly and easily than larger companies.
“Our superpower as a small business [is that] We can pivot and be flexible … on a shoestring,” Peterson said. “And if we're always really honest with ourselves and checking in with our customers and… our staff, then… we can really identify what our customers want and need.”
[Read More: America’s Top Small Business Awards Gala 2023]
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