Halliburton-Baker Hughes Mega Merger: How Do You Stay Competitive?
On Monday, it was announced that Halliburton will buy Baker Hughes for $34.6 billion in a cash and stock transaction. This marks one of the biggest oilfield services mergers ever. You may be thinking to yourself, “Now what? How can my company compete with this industry giant?”
Some small firms compete in markets against major multi-national firms and face the daunting challenge of having to develop strategies to build and maintain a competitive advantage. They are Davids taking on Goliath.
However, in our experience, it is possible for smaller companies to market themselves like the industry giants and increase revenues all the same. All it takes is a well thought out strategy, industry leading tools, and best practices to create a competitive advantage in your industry, whether that is manufacturing, oilfield rentals or seismic software.
Identifying your company’s strategic competencies that differentiate you from the competition is very important. An advantage of smaller companies is a more personalized service and less overhead for corporate policy. Clients tend to appreciate this characteristic in smaller companies.
We also find many companies in the industrial sector are transitioning faster to the online world and realizing the future is moving away from traditional marketing like advertising at golf tournaments. Acknowledging the need for your company to go online and finding external resources to help with the transition is also important.
We have compiled a few tips and advice to help you compete with giants and win.
As we all know, industry giants take the time to implement any kind of change. As a smaller company, you have the advantage of acting faster.
You can also use this principle with your blog and case studies. Blogging makes your company a thought leader in a particular application or technology. Also, targeted case studies in a geography or special situation are a great way to show your expertise in the industry.
State your differences as positives. Point out the clear differences between your offerings by presenting them on your website and make sure it is obvious why potential customers should choose you.
Finally, the last competitive advantage your company should emphasize is your credibility. A professional website and branding does not cost that much and can be worth its weight in gold in making you look like you are as good as the giants, but better because you specialize. Also, any certifications and awards you have won or were nominated for will really push your credibility and give you an edge over the competition.
Overall, we have a lot of experience in the industrial sector, we know smaller companies can compete head to head with industry giants if they have the right tools and leverage their competitive advantages, especially online where YOU can be found.
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About Renee Matsalla
Renee holds a Bachelor of Commerce in marketing, and loves to dig into marketing research to find the ideal ways to optimize or run campaigns. She works to drive awareness, understanding, and adoption of marketing best practices with positioning, messaging, and marketing materials.