WHY STARTUPS FAIL
In today’s fast-paced world of business, innovation has become the lifeblood of marketing.
It is a critical tool to making a bold statement in a world of colossal corporate entities and overstretched budgets. This has created a school of thought over the years that support the highly-debatable premise that Small and Medium Enterprises are growing to become more innovative, while big enterprises on the other hand have only become more visible.
A few years ago, a forward-thinking advertising agency came up with an extra-ordinary ad that changed the game for an up-till-then unknown car rental agency client. The brilliantly-worded copy for the ad was as simple as it was apt, delivering a subtle message that made being second place a thing of pride.
The ad simply read: “Because we are number two, we try harder.”
It is no secret that Small and Medium Enterprises are prone to do ‘a little more’ than their more established counterparts. With a client base that you can easily count on one finger and not much else but an innovative offering, applying a rigid front to business standards is a sure way to dry up the little customer base willing to give your business a try.
The positioning of SMEs, especially those who create propietary softwares, make them more resilient and pliable. Their constant fight to survive yet another unpredictable business year in a sea of seasoned corporate sharks who have the required numbers and user base and have acquired many strategic kills under their belts, is a testament to their courage and sheer audacity.
Even the highly celebrated David and Goliath story had a prominent back story of David’s constant battles with wild animals in the wilderness, a requisite incident that strengthened his resolve when it was time to face the real thing. He had over the years had constant practice which helped develop his mind and body and facilitated his survival in the harsh wilderness.
But SMEs are not always that lucky. With no back-story to hold on to, they are left with only one tool for survival.
The innate ability to engage the market differently, disregarding established business norms and swimming fiercely against the harsh currents. A compelling conviction that there is a better way to do a thing; so they find it.
The premise of this article does not in any way disregard the expertise large companies have garnered by their countless years of experience in business but instead majors on it. Because without a doubt, in a world of evolving preferences and hyper aware consumers, the need to connect with your target customers has become more imperative to the success of every enterprise.
So whether you are an SME or a large corporation, you are as a standard expected to innovate your current processes to create a better experience for your target audience.
As an SME you need to practice the art of going over and beyond to make your mark in the marketplace, because as one quote aptly described it.
“Small always trumps large and fast always beats slow.”