You are the newcomer on the block. Of course, they are a lot of worries about being the new kid on the block, especially with these big guys who have been around for years and even own the industries. Your biggest headache is how to carve a name for yourself and not get suppressed by these big giants. Other questions such as “How do you fight multi-billion-dollar companies with a startup’s limited resources?” These feelings are normal, but what isn’t normal is that these big guys don’t care. They may swallow you whole if you aren’t careful. Read more about BusinessHowever, with the right strategy, you can survive, thrive, and even win with the big guys around. And if you are hardworking and lucky enough – although I don’t believe in luck – you might slay them. In this article, I am going to show you how you can slay the giants – legacy incumbents – in your industry.
Their Weaknesses Are Your Strengths.
Every business – whether giant or ant – has got their fair share of weaknesses. Thanks to nature: No one is perfect. The first step towards winning amid giants is to spot their weaknesses and use your strengths as leverage. For instance, giant corporations are slow to innovate. They are encumbered with lots of bottlenecks and red tapes. A critical example is how FinTech startups that are barely six years are toppling legacy banks. Another weakness giants suffer is that they have lost touch with their customers’ experience. Moreover, you have to be careful because, while you are wrestling with the giants, you have other newbies who are fighting the same giants to fight with. Hence, you have to present a unique value proposition (UVP) to the market. Sign up for the Connect Nigeria daily newsletterFinally, don’t just spot the weaknesses of these giants, provide solutions to them, after which you can make a product out of it and sell to the market.
Define Your Customers
One of the biggest undoings a new startup can commit is to try to be a better version of the giants. This is like fighting on the giants’ turfs. You might get squashed. Saying that you want to be the better version of a big corporation like Google is like stepping on the tail of a lion. You might get consumed. Google created the market by toppling other pioneers. The best you can do in slaying a giant is by providing a unique value proposition for a different market altogether. Therefore, define the profile of your customer, enter into new demography altogether and offer them something fresh. For example, rather than developing a new search engine that searches for everything like Google, you can create a search engine that searches for everything medical service within a zone and how users can access them.
Save Your Customers
The best way to win is to reach out to frustrated customers of giant companies by offering them a better outcome.Register to attend the Connect Nigeria Business MixerRather than running head-to-head with incumbents and die mid-way, speak directly to your customer’s needs. Assure them of a better outcome. Rescue them from their misery. For example, traditional taxis were difficult to get by passengers. Sometimes people could wait hours just to get a taxi that will convey them to their destinations. Worst still, these taxis aren’t good-looking and comfortable. But with the emergence of innovative startups like Uber, users, with just the use of their phone apps can get a comfortable-looking taxi in 5 minutes.
Final Words
Innovation, speed, accessibility, and convenience should be at the heart of your operation if you want to slay giants. Slaying giants is a patient journey that requires sprinting innovation and as well doing something that those giants aren’t doing, which is addressing neglected pains.Featured Image Source: Money ControlGot a suggestion? Contact us: editor@connectnigeria.com
