Small but Mighty: You don’t need huge resources to win
Published on April 6th, 2023
When it comes to winning market share, it’s no surprise that bigger vendors have more assets at their disposal. However, that doesn’t mean they necessarily have the best resources to win. Maybe they lack the time or desire to focus on niche functionality that a customer needs, while another vendor has the resources to specialize in that specific function.
By providing differentiated service, smaller vendors can take more on for their clients and better ensure they are meeting their needs. This holds true when it comes to offering benefits like health savings accounts (HSAs) – when partnering with a singularly focused end-to-end solutions provider, the administrative burden is greatly reduced, freeing you up to deliver white-glove service to your customers.
Below are a few time-honored tactics to set yourself up for the win:
Know the “enemy”
Of course, the term “enemy” is used pretty loosely here, as many wouldn’t consider other benefits administrators as enemies, but instead as competition. “Knowing” can be done using competitive analysis software, and staying updated on what your biggest competitors are doing. Did they release new functionality? Did they acquire a new platform?
Knowing your competitor’s focus as well as its areas of weakness enables you to fill the gaps. That also goes for who your competitors are focusing on, and if there are any segments of the market they might be missing (or simply lacking the resources to pursue).
Establish the rules of the game
Instead of playing the game that your competitor has clearly mastered, make your own rules! This can be done by leveraging your strengths and exploiting their weaknesses. Take Uber as an example. Uber changed the rules of the game by providing an app that allows people to request a ride from other users in a friction-free manner.
Don’t pester potential clients with the same copy-and-paste sales pitch. Add value to their day by sending relevant thought leadership content based on their problems and build trust. No potential customer is the same, so treat each one as a unique opportunity. Learn their lingo, gather those “sales pitches” that have worked on you, and then emulate.
Project a bigger appearance
In the age of technology and social media, it’s easier than ever to make your company seem larger than it really is. This can be done by investing in marketing and website management. You might ask, “Why would I want to make my company appear larger, when some of our key strengths are related to being nimble and flexible? It’s been shown that people trust companies more readily when they believe they’ll have more resources devoted to a project.
By following each of these strategies, you can help put yourself and your company in a position to win new customers with minimal resources.