HOW TO GO AFTER YOUR COMPETITORS' CUSTOMERS! | MARKETING MYTHBUSTERS #smallbusiness #business

Supposing you're competing with an established, well-known incumbent in your industry. How do you go about it? Most business owners would start at the top, going after the competition's big-ticket, high-margin customers. But this is more likely to kill your business than anything else. You'll have an almighty fight on your hands and will most likely get crushed. Even if you have an innovation advantage over the competitors, they'll just copy you and catch up, since they have more resources and deeper pockets. So instead of starting at the top, start at the bottom. Go after the segments and products that are low margin for incumbents. They're less likely to put up a fight down there since they're focused on the high margin stuff. You, on the other hand, get to grow your share of market and industry visibility. To steal some of a bigger competitor's market, pick one thing that you do and do better than they can, preferably something that the big guys don't care much about.