As senior marketing and sales executives, we all know that business isn't fair. Most marketplaces, particularly for consumer goods, are a zero-sum game. Somebody wins - and someone loses.
Leveling the Playing Field
"Much of what we consider valuable in our world arises out of these kinds of lopsided conflicts, because the act of facing overwhelming odds produces greatness and beauty. And, that we consistently get these kinds of conflicts wrong. We misread them. We misinterpret them. Giants are not what we think they are. The same qualities that appear to give them strength are often the sources of great weakness."
Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.
Leverage is one of those business buzzwords that is overused and often misunderstood as well. The word leverage can be used as either a noun or a verb. The definitions are:
The exertion of force by means of a lever or an object used in the manner of a lever.
Use (something) to maximum advantage.
I get it, you may say. But how does this concept apply to me and my small business in my battle against Goliath?
Well, there a few ways. Two highly effective asymmetric concepts in business are information and agility.
1) How do I make information asymmetric? Focus on the right information. The large majority of market research done by large companies is attitudinal research, meaning that they ask participants what they think and how they feel. But, as we all know, what you think and what you do are not always (maybe not even usually) the same. If you conduct research that combines attitudinal insights and behavioral insights, you will come away with information that is asymmetrically superior to that being collected by your competitor.
Big companies have a very hard time executing on information. These companies have momentum, history, and a culture that forces them to continue along an existing trajectory. Even if they learn something new that should change their strategy, they are rarely able to make the pivot in time to exploit the insight.
The example of Kodak obtaining the very first digital photography patent, and then being essentially put out of business by that same technology is a vivid image of this concept. In today's world, we call small companies that exploit new technologies and ideas quickly, disruptors. But all they are doing is exploiting their ability to move quickly and address an opportunity while their competitors continue along the same trajectory that they have been on for decades. There are hundreds of examples of this.
2) Agility is an inherent advantage for smaller organizations. Your smaller business should have the ability to adapt more easily and more quickly than your larger competitors. You can learn something new, come up with a plan to take advantage of that insight, and implement it - all before Goliath can schedule the quarterly strategy meeting to discuss their ideas. This agility is one highly asymmetric concept that can level the playing field for you.
Asymmetric Marketing for Small Business
This is one of several articles on Asymmetric Marketing for small business. Click here to subscribe to my blog so you don't miss the next article. If you want to talk with me about implementing Asymmetric Marketing to help you win your uneven battle, click here to set up a time. No cost or obligation, let's just talk.