What Happens When Amazon or Facebook Comes After Your Business?
Zach Heller — January 17, 2019 — January 17, 2019
It can be scary at times looking over your shoulder at a larger company that seems to have the intention of swallowing you whole. There are sharks in the tank that are gobbling up the rest of the fish, growing ever larger, taking over new terrain, all in the hopes of being the biggest and most powerful.
These sharks have names. They are called Google, and Amazon, and Facebook, and to a lesser extent Apple and Microsoft. They are tech giants, born to do one thing, grow.
They cross different industries and seem each to have economy-dominating aspirations at times.
And so you, with your little business, which is quite successful now, is constantly at risk of being pushed aside by one of these giants. Should they decide to enter your market and compete for your customers, what should you do?
1. Don’t Panic
I know they’re big and scary and as soon as they announce a new product or service it makes waves. But you are not in trouble just yet. The worst thing you can do – for your business and your health – is overreact and do something that doesn’t make sense. The best thing for you and your team to do is be patient. It’s business as usual until you have a clearly defined strategy for how to proceed.
2. Do Your Research
Get to the bottom of the threat. Make sure it is a threat. In the initial hype or announcement, a lot can get lost in translation. Do your best to look under the hood and find out exactly what you will be up against. It is only by knowing the details about their plans that you can develop your response.
3. Determine How You Win
There is a reason why you have been successful to this point. You are doing something right. Do you know what that is?
Your unique value proposition is the reason why customers do business with you in the first place. One of the sharks might go after your business, but they might not understand the real reason your customers chose you. So identify what you do well, and focus all your energies there.
4. Focus on Making Customers Happy
Your existing customers are your best defense against any impending threat. So long as they are happy, you won’t lose them. And with a customer base, you have an attentive audience and an army of potential sellers.
Continue to put your efforts into delivering on your promises and turn your customers into advocates on your behalf.
5. Consider Reaching Out
Often, when one of these tech giants first enters a new market, they may be looking for an easy win. And that might mean they are looking for existing companies to buy out.
Maybe you have no interest in selling. But then again, maybe you do. And if that’s the case, it never hurts to get in touch via a lawyer or experience sales agent.
Business & Finance Articles on Business 2 Community
(38)
