Small business executives often discuss the challenges they face in order to compete in their space. They talk about the need to add new capabilities to their product or service, and invest more in marketing so that they can be favorably compared to the mainstream players. In many cases they are spending a ton of money trying to keep up and this does not make good business sense. Here’s why.
You’re not going to out-feature an industry giant and you are certainly not going to out-market them. Any attempt to do so and you will most likely drive yourself right out of business. But here is some good news; you don’t have to.