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Even though big-box chains and online competition threaten the viability of mom and pop businesses, those small business owners are finding unique and innovative ways to meet challenges. While many small business owners fail to achieve success, those that carefully consider their competition at all levels do, indeed, survive and thrive.
If a mom and pop business is going to prosper when others around them are failing, there are realities to face. To reach the top, entrepreneurs in highly competitive environments are finding creative strategies to attract and retain customers.
Identifying and Understanding Competitors is Always Important
Typically, small business owners view big-box stores and internet giants as their major competition. In some ways, that perception is true, but it’s also important to remember that other local businesses also compete for customers. That means mom and pop businesses have to take a broader look at who their biggest competitors are when discussing business strategies.
Big-box stores have advantages smaller organizations cannot achieve. Economies of scale, for example, make it relatively easy for large organizations to negotiate pricing structures small businesses can’t demand.
At the same time, name recognition means large chains have another built-in advantage small retailers can’t match. Newcomers to an area are already familiar with the names of large organizations, so small companies are forced to use other strategies to get their names out.
Online Businesses Pose Additional Problems for Mom and Pop Stores
Customers may want to shop locally but find small stores in the area cannot carry a large variety of options on hand. There simply isn’t sufficient space available in most mom and pop stores to accommodate multiple brands or sizes of products. Online merchants, on the other hand, typically operate out of large warehouses with plenty of space or use drop-shipping strategies that make it possible to offer many options.
Local stores offer a sense of convenience and make it possible for customers to enjoy immediate gratification if the needs of those customers can be met. However, there will certainly be times when consumers will be underwhelmed with local options and choose to order from an online source to get the product they really want.
Even when local merchants offer to order an item for a customer, it’s frequently faster and less expensive for the customer to go home and order the same product from one of the online suppliers themselves. That suggests local, mom and pop stores need to employ service strategies the online behemoths can’t match.
Taking Steps to Move a Mom and Pop Store to the Forefront
Since it’s a given that competing with online and large retailers is going to present difficulties, mom and pop stores must take steps from day one to make themselves the best choice for area customers. There are several ways small mom and pop businesses can set themselves apart from the giants and make customers want to deal with them.
1. Be Involved in the Shop Local Trend
Just about every community has some variant of a shop local movement mom and pop stores must be part of. When communities support local merchants in an organized way, the likelihood of those stores succeeding is higher.
Shop local organizations often establish special shopping opportunities for local residents or come up with one-of-a-kind events that provide entertainment along with a quality shopping experience. While the types of experiences offered will depend on the town and its inhabitants, virtually any merchant group will have several options for encouraging residents to shop locally.
2. Deliver a Higher Level of Service
Big-box stores and online merchants find it difficult to deliver the level of service people want. Yes, it may be possible to get a product shipped overnight or delivered in a couple of days, but shoppers don’t get to enjoy the personal touch local merchants can deliver.
In some cases, mom and pop stores may offer free assembly of products or delivery and setup of appliances or entertainment systems. There is always something local merchants can include that large stores or online merchants can’t deliver.
3. Stay On Top of New Trends
Mom and pop stores are generally free to make changes quickly, as there are no boards of directors or stockholders to placate. That means new products or services can be incorporated into a business model quickly.
Even small, local stores can take advantage of some of the same tricks big-box stores and online companies use. Websites with online ordering are relatively easy to establish and monitor. Advertising online is also easy for mom and pop stores to use, making it a rather simple process to bring specials to the attention of local shoppers.
4. Personalize the Shopping Experience for Local Customers
Mom and pop stores also have the advantage of being able to modify their business to meet the needs and tastes of local customers. Again, that personal touch is important, and local shoppers appreciate business owners that remember customers’ names and take an interest in their real or perceived needs.
Take that a step further by being involved in the community. Sponsor clubs, church groups, or local sports teams. If that’s not advantageous, provide workshops focusing on making better use of products and developing associated skills.
Get Started Today
It’s also easy for mom and pop stores to become complacent and not take the steps required for long-term success. Arguably the most important thing any mom and pop store owners can do is to start planning for a better future today.
Not every strategy will work for all mom and pop stores, so it pays to take a little time to evaluate the strengths and weaknesses of a mom and pop business and take advantage of opportunities that best utilize those strengths.
It’s also important to review how specific strategies work or don’t work. If one idea doesn’t live up to expectations, explore how to modify the strategy or discard it in favor of another option. When something works, look for ways to make the idea work even better. The important thing is to get started now and discover the many ways to make a mom and pop business succeed.
