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I don’t know about you, but I love hearing a good underdog story. It doesn’t matter if it’s about historical battles, Olympic athletes or captains of industry.
Take Netflix for example. In 2004 while Blockbuster was making $6 billion in revenue Netflix was struggling to bring in $500 million.
Netflix was innovative and had started offering more convenience to their customers, first with movies through the mail and then with streaming services made available on numerous devices.
Netflix now has over 31 million subscribers while Blockbuster has declared bankruptcy, closing all of its stores in 2013.
Don’t be afraid to change the model! – Netflix co-founder and CEO Reed Hastings
Success stories like this give us all hope that we can start out small and create something truly awesome if we persist. When we see an underdog triumph, it tends to strike a chord and remind us that underdogs can still come out on top.
But let’s be honest…
It’s not easy. In your space, there may be businesses selling the same products or services you are. In fact, depending on your business, there could be hundreds or thousands trying to do the exact thing you do.
They may have more experience than you. More fans, followers or customers. They may have more talented people on their team or better connections. They may even have more money to spend on marketing and technology than you do.
Generally, in one way or another, you are the underdog (or at least you feel like the underdog) at times. So how can you possibly compete with businesses like this?
Netflix began by utilizing technology to offer more convenience to their customers.
Is there technology you can introduce in your business like point of sale systems or mobile payment solutions that would make your customers buying experience better or more convenient?
Another good example is Apple going up against Microsoft. Apple was famously founded in Steve Jobs’ garage in 1976.
While Apple’s success rose and fell over the years, by 2002 the company was facing a huge challenge. Microsoft’s market cap was $356.8 billion; Apple’s was only $7.7 billion.
But Apple remained committed to innovation and sleek design. And under Steve Jobs’ leadership, they released a series of game changers, including the iPod, iPhone and iPad. In 2010 Apple exceeded Microsoft in sales for the first time in 10 years.
Innovation distinguishes between a leader and a follower. - Co-founder of Apple, Inc. Steve Jobs
Do things better and differently than what other businesses in your area are doing. Apple remained committed to innovation and sleek design and it was a game changer.
You too can counter big box stores with huge budgets by strategically taking advantage of technology opportunities that exist for small businesses.
Is there technology you could bring into your business like a tablet point of sale system or gift cards that would be a game changer for you?
In your business, if you aren’t looking for ways to be different or better and take advantage of the latest technology, there’s a good chance your competition is.
If you’re not sure where to start or what options are available to you give me a call at 1-888-999-1343. Let’s see if we can turn the tables in your market and help you be the underdog that comes out on top.
Seize the day!