5 Easy Strategies for Competing with a Tech Giant
When the tech industry was nascent, some clever startups started their journeys and in a short span of time, accumulated millions. We are talking about the ‘four horsemen of the tech’: Google, Apple, Facebook, and Amazon.
Being wary of their place one should never underestimate their own ideas. There is still hope of finding yourself some space in the market even when the tech giants are seemingly quite grounded. The following 5 strategies should help:
1) They have advantages of their own
The likes of Amazon and Apple can:
- Defeat any competition when it comes to marketing
- Use their large resources in achieving anything
- Buy any technology
- Use their customer loyalty to their advantage
- Use tactics to beat others on pricing
While a startup may not enjoy these benefits, it still can:
- Be more customer oriented because of their small extent
- Not be affected by bureaucracy as much as giants
- Develop unflinching relationships with their customers
- Stay on the edge of the market with no problem
- Adjust to the drastic changes brought up in the market
You can grow in many ways considering these advantages over the bigger companies.
2. Create your own signature
In Blue Ocean Strategy, author Renee Mauborgne gives a clear-cut advice of not diving into the “blood-red section of water” where firms are “ripping each other apart”. Instead, what a new startup should do is sidestep from that war, “look for opportunities” and “create your own clear space in the market.”
The simple meaning of this is that if you are a new startup and suddenly you find a giant stepping in your niche and finding comfort, then look for a sub-niche.
This should help you understand the ‘pivoting’ point in the benefits.
3) Outpace them with your unparalleled customer services
What is it in for you?
A- The shopkeeper’s advantage.
The opportunity to increase your customer services to an unparalleled level even by the giant. As Henry Elkus says in the Wall Street Journal:
“A well-tuned small business can easily outperform its larger counterparts in customer service.”
B- Building customer trust.
Josiah Humphrey states this well:
“…Moreover, effective customer service is crucial to acquiring and retaining customers over the long haul.”
- Respond quickly;
- Act politely;
- Reward customers for their loyalty;
- Heed feedbacks;
- Provide free info.
4) Grow your backend facilities
Inessential owner Brent Simmons states the indispensable need for every starter to have cloud-based services that if maintained well can outperform the tech giants.
Backend services can be any service including messaging, cloud storage service, etc. Giving equal attention to such services as is given to the main service can be ample in bringing customers literally in flocks.
5) Co-Work with the giants
If your startup has something to offer to a tech giant and in return receive something, it can be a massive turnout for your company.
Sharon Hadary has emphasized this in his post on WSJ where he stresses on “…identifying what your company can bring to the relationship that increases the success of both entities.”
Competing with a giant can be drastic as well as lucrative; lucrative if you do very good PR for your company as well. Press Farm is the only destination that can provide you with quality connections with journalists to pitch for in order to cover your press release in a compelling storytelling manner.