I came from an industry where mergers & acquisitions were an every day occurrence. This created a very uneven playing field – small, privately owned companies were vying for business against huge, multi-national firms. This David vs Goliath challenge isn’t specific only to the branding industry…it blankets just about every industry out there. And, unfortunately, time after time the little guy loses. Why? Because they try to go head to head on price, resources, and speed.
In a competitive marketplace differentiation is King. In the linked article which appeared in September’s issue of Financial Post Business Magazine, they illustrate a case study that we can all relate to.
Taylor Studios is a small photography firm in Kingston, Ont. Founder Robert Taylor built his business on portraits, weddings and corporate head shots. In
recent years, however, he has become increasingly reliant on contracts from the nearby university, especially its student yearbook committee. Shooting portraits for that project accounts for some 60% of his company’s annual revenue.
Taylor has an excellent business relationship with the school’s yearbook committee. But his current three-year contract is coming to an end and he’ll have to compete for renewal – this time against Lifetouch Inc., a colossus in the portrait photography industry. Unable to match Lifetouch on price and speed, Taylor needs a compelling pitch to ensure the university’s yearbook business stays local.
Find out what Expert: Elspeth Murray of Queen’s School of Business had to say and find out what Taylor did to win the business back from photography-giant Lifetouch Inc.