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Technology, above all things, creates monopolies. As Naval Ravikant, founder of AngelList and well-known business and life guru says, the internet turns industries into “winner-takes-it-all” games with a long tail of secondary companies trailing past each industry’s number one. However, while it might be an entrepreneur’s dream come true, it is incredibly hard to become your industry’s Google. And it might be just a little bit harder to survive when there’s a Google in your industry.
Nevertheless, everyone loves a David vs Goliath story. In times where all-mighty tech corporations like Facebook and Amazon are making negative headlines for abusing their market positions, customers are constantly reminded that they might want to support a David instead of buying from a Goliath. This millennium-old narrative provides an opportunity to convince consumers by exceptional storytelling and branding. Here are three tips on how your business can thrive in a monopolistic industry.
1. Be flexible where they can’t
In business, judo and life, the small guy has an edge that the mega-corporation doesn’t: It is possible to use an adversary’s weight against him.
Big businesses, by default, struggle to make moves. Notably, they struggle to make big moves that require them to change many things in a short amount of time. In physical industries where not everything is fully digitized yet, flexible offers, new production methods and creative marketing can be especially effective for differentiating your small business from the big fish.
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