Wear you want_competing successfully

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Slide from Start it Up, Power it Up #4 by thumbsup.in.th

Speaker:
Mr.Martin Toft Sorensen
Mr.Julien Chalté

More Detail of the event:
http://thumbsup.in.th/2013/04/start-it-up-power-it-up-4-eng/

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Wear you want_competing successfully

  1. 1. COMPETING SUCCESSFULLYMay 2013Property of Digital Media Partners Pte. Ltd.
  2. 2. ABOUT US
  3. 3. | WYW CompetingProperty of WearYouWantOUR STORYIdea generation – May 20113Trend of bringingfashion online inEuropeFocus on smallermerchants notrepresented in e-commerceGather a largenumber ofindividual shopsunder a platformNo stock, nologistics
  4. 4. Trend of bringingfashion online inEuropeFocus on smallermerchants notrepresented in e-commerceGather a largenumber ofindividual shopsunder a platformNo stock, nologistics| WYW CompetingProperty of WearYouWantOUR STORYCreation to launch – October 20114RegistercompanyHire first staff.Sales Managerand WebDeveloperTarget 3 monthsto get 100contractsLaunchwith 97merchants
  5. 5. RegistercompanyHire first staff.Sales Managerand WebDeveloperTarget 3 monthsto get 100contractsLaunchwith 97merchantsTrend of bringingfashion online inEuropeFocus on smallermerchants notrepresented in e-commerceGather a largenumber ofindividual shopsunder a platformNo stock, nologistics| WYW CompetingProperty of WearYouWantOUR STORYLaunch – December 20115Celebrityendorsement thatopened a fewdoors‘Hollywood’launchBig PR boost andmore shopssignedNews that bigplayer wasplanning tolaunch
  6. 6. COMPETING SUCCESSFULLY
  7. 7. | WYW CompetingProperty of WearYouWant1. FIND THEIR WEAK POINTS7Competitors are often not goodat everything.They may take their eye ‘off theball’ in areas like customerservice or fail to explore newchannels or markets.This provides an opportunity fora startup to win.Image © Flickr 2013
  8. 8. | WYW CompetingProperty of WearYouWant2. OUT-INNOVATE8Remember that largecompetitors are constrained bytheir very size - size and speedare inversely related.Small startups can innovatequicker than a largeorganisation - use this to youradvantage.Image © Flickr 2013
  9. 9. | WYW CompetingProperty of WearYouWant3. OWN A NICHE9Big companies only play in bigmarkets.Large competitors can bebeaten by going ‘deep’ into aniche, rather than ‘wide’ to servea mass-market.Image © Flickr 2013
  10. 10. | WYW CompetingProperty of WearYouWant4. PLAY POKER, NOT CHESS10Startups should be like pokerplayers, taking big risks.Large competitors are like chessplayers, thinking throughstrategies five, six, seven stepsahead.Keep shifting and keep them off-balance.Image © Flickr 2013
  11. 11. | WYW CompetingProperty of WearYouWant5. FAIL FAST11Big companies protect their assets and carefully considerthe options before making a move. They have a lot to lose,while small companies don’t.For startups, it’s often better to ‘fail fast’ and move on to thenext opportunity.Image © Flickr 2013
  12. 12. | WYW CompetingProperty of WearYouWant6. USE THEM TO TEST A MARKET12A large companymay validate amarket, but notbe good enoughto prevent animble startupoperating withinit.It’s not alwaysan advantageto be a firstmover.Watch themistakes yourcompetitormakes.Image © Flickr 2013
  13. 13. | WYW CompetingProperty of WearYouWant7. SOMETIMES ACCEPT A LOW MARGIN13Sometimes a competitor cannegotiate better margins due toits larger volume.A startup, with limitednegotiating power, can find ithard to get the same deal.However, the startup may beable to use this product to driveother sales and competesuccessfully.Image © Flickr 2013
  14. 14. | WYW CompetingProperty of WearYouWant8. FOCUS ON YOUR PRODUCT14Startups need to exploit theiradvantages aggressively.Constantly assess anddiscard new productdirections that may distractfrom your critical focus.To succeed, you have tocapitalize on the strengthsthat accompany your sizeand market position.Image © Flickr 2013
  15. 15. | WYW CompetingProperty of WearYouWant9. DON’T OVER-FOCUS ON COMPETITORS15It’s important toobserve and monitorthe competition.Don’t be deterredsimply because thecompetition is biggerand better resourced.Focus on your product,not simply whatcompetitors are doing.Image © Flickr 2013
  16. 16. THANKSProperty of Digital Media Partners Pte. Ltd.

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