It’s natural to be wary of bigger, stronger competition in business, but being small has its advantages. It usually means that you can be more nimble, responsive, and change direction and focus much quicker when the world changes. A new book by Stephen Denny – ‘Killing Giants: 10 Strategies to Topple Goliath In Your Industry’, focus’s on some of these advantages. Two pieces of advice which most of us can adapt or relate to are:
1. Win the last three feet. What this means is that you should position yourself to pocket customers money after the larger competitor has done all the hard work. In practical terms, that might mean approaching potential customers directly, right after your competitor has softened them up with expensive marketing.
2. Create Thin Ice Arguments. By shifting the emphasis to areas where your larger competitors can’t go, you can gain an edge. Those areas may involve the environmental impact of the business, detrimental social effects, or other unethical practices. Large businesses are rarely without skeletons in cupboards.