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Small tech company vs big competition advice

by BobbyBell
4 replies
Hi,

I found this forum and signed up in the hope of gaining some basic advice and direction.

My small company has developed a technology product in the healthcare market that is arguably better than the competition (four huge multi-million $ companies) and we also have many advantages in terms of governance and by a considerable margin on price. So we have the technology and foundations, but incredibly poor marketing and sales team. Indeed we have no sales team as such.

From a marketing point of view, how would you try to go up against these companies who have a lesser product, but entire marketing teams that alone have more staff than my entire company?

Of course, I don't expect people to tell me what to do. But any guidance or tips on how to market against the competition when your not even 1% their size would be massively appreciated.

Kind regards
Bill
#advice #big #company #competition #small #tech
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  • Profile picture of the author GordonJ
    Originally Posted by BobbyBell View Post

    Hi,

    I found this forum and signed up in the hope of gaining some basic advice and direction.

    My small company has developed a technology product in the healthcare market that is arguably better than the competition (four huge multi-million $ companies) and we also have many advantages in terms of governance and by a considerable margin on price. So we have the technology and foundations, but incredibly poor marketing and sales team. Indeed we have no sales team as such.

    From a marketing point of view, how would you try to go up against these companies who have a lesser product, but entire marketing teams that alone have more staff than my entire company?

    Of course, I don't expect people to tell me what to do. But any guidance or tips on how to market against the competition when your not even 1% their size would be massively appreciated.

    Kind regards
    Bill
    You have a technology ...

    WHO benefits from it, a consumer, the guy in the hospital bed?
    The doctor, who adds it to his practice?
    The hospitals, which are taking over the world?
    Health Care systems, which manage (shuffle digital paper work)?

    You are a David, going up multiple Goliaths, right?

    You must load your slingshot with a stone that will hit your target right between the eye...but who is it? I'd guess it would be the entity (including teams) which says,...

    we use this now (competitor), but THIS TECH (Bobby Bell) is better, cheaper, if we switch or use it, it saves us MONEY.

    Now you are talking health care LINGO, saving and/or making a buck.

    Without knowing anything about your deal. I suggest you make a list of people who would be

    HEROES to their company if they were the ones who discovered YOU and saved the corp big money...who would

    THAT PERSON be?

    GordonJ
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  • Profile picture of the author savidge4
    Originally Posted by BobbyBell View Post

    Hi,

    I found this forum and signed up in the hope of gaining some basic advice and direction.

    My small company has developed a technology product in the healthcare market that is arguably better than the competition (four huge multi-million $ companies) and we also have many advantages in terms of governance and by a considerable margin on price. So we have the technology and foundations, but incredibly poor marketing and sales team. Indeed we have no sales team as such.

    From a marketing point of view, how would you try to go up against these companies who have a lesser product, but entire marketing teams that alone have more staff than my entire company?

    Of course, I don't expect people to tell me what to do. But any guidance or tips on how to market against the competition when your not even 1% their size would be massively appreciated.

    Kind regards
    Bill
    I have OH so been there done that.. and currently doing it actually... So I CAN tell you what to do..

    You need to onboard someone that has buy out experience.. you basically want one of the top 3 to buy you out. I seriously can not underscore that enough.. how you act in growing a business to sell vs just growing a business are 2 different things. and having someone that has been there and knows the ins and outs will be a great benefit.

    Your next step is getting your solution in front of Med/Pharma rep that has an organization of reps across the country.. you can find these types on linkedIn

    You are the cheapest in the market space right now because I am guessing YOU are selling your product/service.. if you onboard reps.. I can tell you right now to get them to bite they will want 25% of the pie or more.. so be prepared to raise your price.

    You need to develop a back end onboard and training system for the reps.. you will need a way to track their sales and their payouts. You will need monster rep support to answer questions of what it is you are selling.

    I am only guessing but none of this is in place at the moment.. and to make the jump it HAS TO BE THERE.

    again bring in a hired gun experienced in developing a business for buy out, I would suggest a doctor if you can find one.. that has been through this process before. Hire a programmer. Start looking at something like UltiPro ( as an example ) for your HR onboarding/training/payroll needs.

    and welcome to the bigboy game!

    best of luck man!
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    • Profile picture of the author GordonJ
      Originally Posted by savidge4 View Post

      I have OH so been there done that.. and currently doing it actually... So I CAN tell you what to do..

      You need to onboard someone that has buy out experience.. you basically want one of the top 3 to buy you out. I seriously can not underscore that enough.. how you act in growing a business to sell vs just growing a business are 2 different things. and having someone that has been there and knows the ins and outs will be a great benefit.

      Your next step is getting your solution in front of Med/Pharma rep that has an organization of reps across the country.. you can find these types on linkedIn

      You are the cheapest in the market space right now because I am guessing YOU are selling your product/service.. if you onboard reps.. I can tell you right now to get them to bite they will want 25% of the pie or more.. so be prepared to raise your price.

      You need to develop a back end onboard and training system for the reps.. you will need a way to track their sales and their payouts. You will need monster rep support to answer questions of what it is you are selling.

      I am only guessing but none of this is in place at the moment.. and to make the jump it HAS TO BE THERE.

      again bring in a hired gun experienced in developing a business for buy out, I would suggest a doctor if you can find one.. that has been through this process before. Hire a programmer. Start looking at something like UltiPro ( as an example ) for your HR onboarding/training/payroll needs.

      and welcome to the bigboy game!

      best of luck man!
      Quick questions. Where would you go to FIND the people with buy out experience, and what do you think they would want to come onboard?

      And, growing a business to SELL, seems counter intuitive to many Entrepreneurs who love their "babies" and want to grow it big, BUT... it seems so much better to grow a business to sell. Where does one go to learn how to learn the differences between;

      growing a business vs growing a business to sell? Any courses, gurus you can suggest to us? Thanks.

      GordonJ
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      • Profile picture of the author savidge4
        Originally Posted by GordonJ View Post

        Quick questions. Where would you go to FIND the people with buy out experience, and what do you think they would want to come onboard?
        They are short of dime a dozen when you know what to look for... I would suggest LinkedIn and not looking at what they currently are doing.. but what they have done in the past. People are proud to advertise the fact that their last project was bought out. They become a candidate... Now its a matter of determining if they were along for the ride, or if they were the ones navigating the ship as it were.

        In terms of what they will want to onboard... its all about the percentage. I would say no less than 20% and some may come at you for 50%. Like I said before being the least expensive in a market place is an indication that the expense of growth has not been a consideration.

        Originally Posted by GordonJ View Post

        And, growing a business to SELL, seems counter intuitive to many Entrepreneurs who love their "babies" and want to grow it big, BUT... it seems so much better to grow a business to sell. Where does one go to learn how to learn the differences between;

        growing a business vs growing a business to sell? Any courses, gurus you can suggest to us? Thanks.
        I could lay out right now the 3 variables that separate the 2 but I wont. What I can suggest is getting familiar with the buying and selling of business process. If you are buying a business what variables are you looking for? what indicates that the business you are looking at is viable, not only today but in the future?

        The flip side of this is HOW can you manage the un named 3 variables, so that on paper the numbers look astounding? THIS is in part a lesson I have learned in my many years and selling many business'. My very first start-up had interested buyers right about the point we finished the development stage. From there things got wonky for about a year.. and once we throttled many of the variables in place and some bigger better buy out prospects came into play It was kinda game on.

        So basically understanding WHAT specifically on paper and in practice makes a business viable and WORTH buying is key

        Even if the intention is NOT to sell the business The implementation of many of the principles still really makes sense. It creates a SOLID foundation for today and the future.
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