Prior to confronting Goliath, David picked up 5 pebbles and put them in his pocket. He probably opted for 5 because he thought he’d need that many chances to win. But as it happened, he was successful with the first strike, though had he missed, he knew his fight wasn’t over because he had more to offer.
When smaller, emerging tech companies go into battle against much larger and better-known competitors, it’s a daunting task. Whilst competition is good, it’s only healthy if you’re competitive. So how can emerging tech suppliers compete and win opportunities? Here are five things they should consider an advantage.
- They have greater agility: smaller companies are often more agile and adaptable, which means they can respond more quickly to changing customer needs and market demands. They can also be more flexible in terms of getting things done, managing change, and delivering different options.
- They provide a more personalised service with a greater focus on building relationships and understanding the unique needs of each client. This means that communication is better, response times are faster, and a higher level of customer satisfaction is achieved.
- They are often specialised and have a niche expertise, working in specific sectors delivering industry targeted solutions. This means they have a deeper level of expertise and knowledge than larger, more sector agnostic competitors. This is particularly important in the retail sector where tech only really makes a difference if all the involved parties understand what the business drivers are.
- Their pricing is more competitive because they have lower overheads than larger suppliers. This is very appealing in sectors where the need is great, but budget is a serious constraint. Again, an important consideration for retailers.
- Finally, they are often more innovative and creative. Smaller suppliers are often more willing to take risks and try things which lead to more innovative solutions.
So, whilst larger companies offer certain things that smaller ones can’t, such as greater resources and economies of scale, smaller companies provide more personalised, responsive and innovative services and solutions that will fit some client needs much better.
To retailers everywhere, I say give the smaller tech suppliers a chance and they should surprise you with what they can deliver, and delight you with the partnership value they are looking to create with your business.