There is no doubt that globalization brings with it a significant increase in competition, but it has also brought new opportunities for all those businesses willing to adapt and open to take advantage of the benefits offered by Information and Communication Technologies (ICT). In this article, we will explore some key strategies for local SMEs to compete effectively in the global marketplace.

1. Identify your market niche.

One of the main advantages of being a local SME is its ability to be agile and adaptable. Therefore, identifying and focusing on specific market niches rather than trying to compete directly with large companies in already saturated markets will allow them to exploit their added value, offering specialized products or services that meet the needs of a particular customer segment more effectively than large corporations.

2. Differentiate by prioritizing quality and service.

SMEs can stand out in the global marketplace by offering high quality products or services and providing exceptional customer service, offering personalized attention that large companies cannot match. Often, large corporations focus on efficiency and scale production to optimize costs, which often results in a decrease in perceived customer quality. 

3. Take advantage of the benefits of ICTs.

Information and Communication Technologies (ICT) have balanced the scales for SMEs, giving them access to tools and platforms that were previously only available to large corporations. By incorporating ICTs into their day-to-day operations, SMEs can improve their operational efficiency, expand into new markets and enhance the customer experience. For example, through e-commerce to sell their products, using digital marketing tools to reach global audiences or implementing business management systems to improve efficiency in their operations.

4. Collaborate with other SMEs and local stakeholders.

Collaboration can be a powerful strategy for local SMEs seeking to compete in the global marketplace. Partnering with other SMEs or local players makes it possible for companies to exchange resources and knowledge to take advantage of opportunities that would otherwise be out of reach, forming, for example, strategic alliances to share marketing or distribution costs, or collaborate on research and development projects to launch innovative new solutions.

5. Keeping updated and constantly adapting.

To compete effectively, SMEs must stay abreast of market trends and be willing to adapt quickly to change. Investing in staff training and development, adopting new technologies and adjusting business strategies as needed can make a difference, but the constantly evolving global business environment, driven by technological advances, changes in consumer preferences and fluctuations in the global economy, does not make this easy. 

While competing with large corporations and international companies is a major challenge for local SMEs, focusing on opportunities and acting on them will be key to success. With the right combination of strategy, innovation and customer focus, local SMEs will be able to not only sustain but also drive growth in the era of global competition.