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Shruti

Student • 1y

How Small Businesses Can Thrive in a Competitive Market 🌟 In a competitive landscape, small businesses can still thrive by leveraging key strategies.: 1. Know Your Niche According to a survey, 42% of startups fail due to misreading market demand. Focusing on a specific niche allows businesses to meet targeted customer needs more effectively. 2. Deliver Exceptional Customer Service Data shows that 86% of buyers are willing to pay more for great customer service. Prioritizing customer satisfaction can lead to repeat business and referrals. 3. Leverage Social Media Around 73% of small businesses report success with social media marketing. Platforms like Insta and FB help you connect with your audience and promote your brand at a lower cost. 4. Offer Unique Value Studies indicate that businesses with a clear UVP have a 30% higher conversion rate. Offering something distinct, like personalized services or exclusive products, sets you apart from competitors.

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Anonymous 1

Hey I am on Medial • 1y

Again with the same generic surface level stuff.

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Anonymous

Hey I am on Medial • 22d

Can a niche (focused on a specific sector) digital platform combining social media and OTT features thrive against generic competitors like Instagram and Netflix?

Yes

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Anonymous

Hey I am on Medial • 21d

Can a niche (focused on a specific sector) digital platform combining social media and OTT features thrive against generic competitors like Instagram and Netflix?

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Business Tips #9 The Power of Niching Down – Why Less is More 📌 Want to grow faster? Pick a smaller, focused niche! ❌ Mistake: Trying to sell to "everyone" ✅ Winning Strategy: Become the go-to expert in one small niche. 💡 Example: Instead of being