Ask Anthea: Small Fish and Orcas
I am currently with a small research and consulting firm. We are not a start-up, in fact have been around for more than 30 years in the business of research, analysis and forecasting. However, we are a small company, competing regularly with large companies. My question is about competing as a small fish against such behemoths and “killers.” We are not financially backed by anyone other than ourselves, and in a world of big business, it is tough. That is not the main reason for my question. The main reason is that any research I have seen recently is basically focused on startups as “small companies.” What advice would you offer to small, established companies like ours when competing against giants?
Dear Small Fish,
Age is a state of mind and so is size. I’m reminded of old people who are young in their ways and young people who are old and crusty before their years. Small fish, established as they may be, can still act like a start-up. I took a look at your website, and it definitely needs some pep in its step. Make it more fun and inviting. The site doesn’t speak to millennials, who are the next generation of workers and upper management, and it doesn’t say that you do anything better, faster, or for less. In fact, it’s hard to find human beings — real live people who people can do business with — on your site.
First, you must position yourself snappier — the industry you serve is stodgy and traditional, but that doesn’t mean you must be. The “behemoths” you’ve named can’t move as fast as you and aren’t as nimble either. Trust me on this. So, the best way to swim with the orcas and thrive is to go in a different direction. Make sure you know what you are best at. Differentiate on something important to customers and fill a need. Get the best talent. Be nimbler and better and then message the heck out of it. Be better at service. Be wow! Have a bigger voice. And remember, you are young! And while you are at it, are you doing much content marketing about all of this? This is all about differentiated offerings, pricing, marketing, and branding. Go with your own tide!
Now, one thing to consider, your company is privately held and your owners might just want a lifestyle business. That will last a while, but if they want to milk a cash cow, they won’t be competitive too much longer. If they’ve gone flabby around the middle, doing the same thing for 30 years and thinking they can do the same thing for the next 30, then that is your wake-up call. The market is changing fast and so too is how your customers want to manage and analyze data.
So, get out in front, be better, be different, and if you are swimming with a bunch of colleagues who can’t stay young and “au courant,” then it’s time to look for a new company to work with. And guess what? Some of those Orcas are complaining about a drought in talent. You’re immensely attractive, and their HR offices won’t beg to differ.
So, small fish, to go back to where we started — it’s a state of mind. I’m reminded of a few thoughts in Tim Ferriss’ Tools of Titans: Be a small great company or a great small company and be famous amongst a few thousand. Simply put, size doesn’t matter, if you are excellent at, and truly differentiated from, something the big boys aren’t/can’t/won’t be or do. It’s up to you and startups. Let’s just say, I know a few longstanding, small companies who still behave as start-ups and are as agile and limber as the best and are as anti-establishment as they come.
Have fun and keep me posted.
Anthea Stratigos
Anthea C. Stratigos is Co-founder & CEO of Outsell, Inc., the leading research and advisory firm focused exclusively on data, media, information, and technology. Get professional and personal lessons from a career spent mentoring successful leaders. Tell your story or ask a question — confidentially. Ask Anthea!