When it comes to assessing competition, companies often don’t see the forest but for the trees. The forest isn’t going to change much, but any one of those trees could drop at any moment, making a mess especially if you’re standing nearby.
It’s not the biggest or most similar competitor on the radar screen that companies need to worry about. The companies that need to be angsted over are the ones coming out of the “woodwork,” the individual trees that are falling right behind you.
This is an idea that strategists now need to keep at top of mind given that social media is an available, very available, tactic of choice. SM is very cost-efficient and available to companies large and small. Due to fixed corporate cultures at large companies, it’s the smaller companies that are more likely to adopt it, and quickly. The small guys are nimble and can move more quickly, presenting a formidable challenge should they be able to lock into relationship development with consumers.
And who isn’t looking for a relationship? Let’s see hands.
The take-away? If you work for a large company, don’t get complacent. That smaller competitor which you’ve been “pish-poshing,” via their social media efforts, may be coming up behind you, getting ready to fall right on top of you.
While I am here, just had to comment on “Small Competitors…” also. Boy is this true and don’t forget, the “little guy” often doesn’t have as much to lose if there is a backfire, so they get going with social media fast and learn as they go. Harder to do for the big guys. Watch out big business – social media could be a great leveler that gives the up and coming a great chance for success!