This book provides much to think about and great perspective. Here is a sampling from the beginning of the book: “Goliath’s Revenge” is when established companies are getting wise to David’s strategy, tactics, and tools. They have seen some of their traditional competitors succumb to the digital attackers that are resetting the rules for their industries. Instead of waiting for their businesses to be disrupted by Silicon Valley, they are saying, “Why can’t we use those same strategies, tactics, and tools for ourselves?” Some are setting their sights even higher. They are simultaneously protecting their core businesses from digital disruption while also running the disruptors’ playbook to expand into high-growth adjacent markets. Established companies of all sizes, and the people who work for them, are taking bold steps to shift from being disrupted to becoming disruptors. They are shifting from a mindset of “Defend the way we do things for as long as possible” or “I just hope I can retire before this really hurts my business” to one of “We need to move aggressively now to leverage our unique capabilities in a way that disrupts the disruptors.”
6 rules govern how established companies and their teams are adjusting their vision, strategy, and execution to achieve Goliath’s Revenge. The eventual split of mind share and market share between established companies and digital disruptors will be governed by how well individual companies respond to these new rules. These new rules will also determine your career prospects as the industry you work in undergoes its digital transformation:
Rule 1: Deliver step-change customer outcomes.
Rule 2: Pursue Big I and Little I innovation.
Rule 3: Use your data as currency.
Rule 4: Accelerate through innovation networks.
Rule 5: Value talent over technology.
Rule 6: Reframe your purpose.
The hard truth is that digital disruptors are waking up every day trying to reset the pecking order of your industry and gain mind share with your most important customers, employees, and shareholders. Only you can answer the question of how much time you and your company have to align with the 6 rules before your industry’s digital disruptors are too powerful to overcome. You are in a foot race whether you realize it or not.
The first step in deciding how much time you have to turn the tables on these digital disruptors is accurately understanding your starting point. Are you and your company ready to achieve long-term success and profitable growth in spite of the digital gyrations impacting your industry? One thing is clear - just working harder to defend the status quo is not a path to success.
3 Key Questions
Goliath’s Revenge is structured around 3 major questions you need to answer:
1. How will my industry, company, and career be impacted by digital disruption?
2. What steps can I take to position myself and my company for long-term success?
3. How should I prioritize my efforts to get the maximum return with the minimum risk?
The Incumbent’s Advantage
Think hard about what you are uniquely good at. Specifically, what are your crown jewels? These are not just any random advantages that are available to you. Crown jewels are assets or capabilities that form the starting point for your company achieving Goliath’s Revenge. They are the source of your incumbent’s advantage and the foundation for how you and your company are going to shift from defense to offense as the first step in disrupting your industry’s digital disruptors. To qualify as a crown jewel, each of these assets or capabilities must pass 3 tests. They must be:
• Essential to customer value;
• Uniquely controlled by you;
• Hard to replicate by others.
Defining your specific crown jewels is going to require an honest self-assessment. You need to go beyond “What are we good at?” and get to “Why those things matter” to your customers as digital competition reshapes your industry. The established companies that are effectively turning the tables on digital disruptors tend to have crown jewels across multiple areas of their businesses. There are 7 areas to explore: self-funding innovation, brand reach, existing customer relationships, installed base, data sets, blocking patents, and standards influence.