Top dogs are most afraid of underdogs.
The story of the underdog has a certain human quality to it. In the face of insurmountable odds, victory is snatched from the top dog. And it seems the whole world that was behind the top dog, is now rooting for the underdog. We see more and more of this across multiple industries today. What seemed like improbable ideas just a few years ago is now the new standard. Names like Airbnb and Uber roll off everyone’s tongues.
And every day new Davids are cropping up in every industry. A quick look at some of the ideas backed by crowd-funding platforms should give the shivers to any established business. And that’s just what you can see.
So how should a business that’s been around, say longer than iPhones, view this surge of underdogs? True, most don’t see themselves as top dogs, and most top dogs began as underdogs and believe they have the scrappy grit and heart to behave like an underdog again. But it’s not as simple as how a company views itself. Quite often it’s the whole industry that’s under threat.
To find answers, you have to look hard at the pain-points of your customer. Just because they paid the price for the last ten years doesn’t mean they’ll stick around for the next ten months, if they have a better choice. And someone is already figuring out a better, safer, cheaper, faster way.
So, what’s your move?