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How To Compete Against Big-Box Retailers
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Article 5: Network To Overcome The Big-Box Competition
If the big-box retailers buy their way into the market, you can earn yours. Part of the work means networking with all of the organizations possible.
“The warehouse stores are counting on you to try to go it alone,” says Dr. William Rupp, dean of the college of business at the University of Montevallo, Montevallo, Ala. “Instead, create synergy by banding together with other small businesses in your community.”
Dr. Rupp points to an example: A group of six small bookstores banded together to develop a strategy to compete against a new Barnes and Noble super store. Part of their solution was a daily advertisement placed in the local newspaper, which emphasized the specialty of one of the six bookstores on a rotating basis.
Such an association need not be confined to other retailers in your industry, notes Dr. Rupp. Stores in many industries can band together to brainstorm marketing solutions that will heighten their profiles and grab more customers.
There’s more: Cultivate networking possibilities at local non-profit organizations, community fairs and other events of all kinds, suggests Dr. Rupp. “Maybe you won’t sell a dime, but you are laying the groundwork for future sales by shaking hands and kissing babies.”
Seek out listings of networking events. Such listings are commonly found in local business weeklies. Your local chamber of commerce will also have information about associations that offer networking opportunities.
Finally, network with non-competing retailers in other towns. Exchange ideas with them about battling the big-box stores.
Big retail chains lack community roots. Cultivate yours and take advantage of them. “You can’t just open a store and expect to survive,” warns Dr. Rupp. “You must network more actively than ever.”
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