I read that Facebook will be launching a video sharing tool to compete with Snapchat – the company that turned down their 3 billion-ish dollar offer. With all the talent on the Facebook team and with their resources and awareness – you’d think they could crush every single business that they decided to compete with. But I doubt they will. I think Snapchat is too focused and too far ahead on creating their brand. In fact, turning down that offer (while crazy seeming) likely made many people admire them.
About 5 years ago someone asked me what we would do if Google decided to offer some kind of scheduling software. I guess they assumed that just because we created an internet company that Google would decide to do it too? I recall thinking to myself – I suppose they might do that – but should we wake up worried about that every day and should we change our strategy and add more technology and take that investment and grow faster and be bigger – just in case one day our competitor is Google? Surely if that actually happened we wouldn’t stand a chance and would lose ALL of our customers overnight because Google now does what we do and everyone in the world would rather do business with them right?
In my opinion, it’s not just about the technology you offer – it’s also about the stand you take and the decisions you make for your business and what you believe in. That’s what many potential customers can relate to when looking at options. When there are choices, I think people ultimately love to do business with companies that they respect and admire for some reason – and the reason is something other than the technology.