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In the modern business landscape, small, agile product teams often find themselves facing off against well-established industry giants. But how can these Davids stand a chance against the Goliaths of their industry? Find out the valuable insights on just that in this blog recap!
The event featured two powerhouse speakers – Veronica Pinchin, a seasoned Product Advisor and Fractional CPO, and Jason Dea, the Senior Vice President of Product at Uberflip. Both shared key strategies and real-world experiences, demonstrating how smaller teams can not only compete with but also outsmart much larger organizations.
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Key Lessons from Veronica Pinchin: David’s Strategy
1. Be Faster
One of the biggest advantages that smaller teams have over larger ones is speed. Veronica highlighted the "Four C's of Startup Slowness" – collaboration, customers, quality, and confidence – as common pitfalls that slow down product teams. She shared the story of Wealthsimple Trade, where a small, independent team launched a product in a matter of months with minimal dependencies and a ruthless focus on scope. This contrasted with Wealthsimple’s USD accounts launch, which suffered from too many inputs and overcomplicated technical solutions, ultimately requiring a six-month reset.
2. Don’t Reinvent the Wheel
Instead of trying to create something entirely new, Veronica encouraged product teams to take what works from existing models and improve upon them. This allows teams to iterate quickly and focus their innovation on areas where they can truly make a difference.
3. Do Things That Don’t Scale
Small teams can win by creating personal, magical experiences for their early customers. These experiences don’t need to scale initially but should be used to build strong relationships and customer loyalty. Veronica cited the early days of WellSimple, where the CEO personally texted each new customer – a strategy that fostered customer trust and built early momentum.
4. Look for Market Blind Spots
Larger companies often overlook smaller, niche markets that don’t seem immediately profitable. This is where small teams can find hidden opportunities and carve out a unique market position. Veronica emphasized that taking advantage of these blind spots can lead to market leadership in the long run.
5. Dismantle Existing Cost Structures/business models
Small teams have the ability to reimagine outdated business models and cost structures in ways that large organizations simply can’t. By embracing disruptive technologies and creating new cost models, smaller teams can build competitive advantages that are difficult for incumbents to replicate.
Key Takeaways from Jason Dea: How to out-product established players
Jason Dea shared his own story of how Honeybee Benefits disrupted the traditional insurance industry by rethinking what benefits could offer and how they were delivered. Honeybee found success by focusing on specific, underserved markets and leveraging flexibility to offer personalized, user-friendly experiences. Jason emphasized the importance of:
In the case of Honeybee, the company's flexible benefits system and mobile-first approach made it easier for small businesses to offer tailored insurance plans, eventually leading to its acquisition by Green Shield Canada.
Conclusion: Embracing the David Mindset
The David vs Goliath event demonstrated that product teams don’t need to be the biggest players in the industry to win – they just need to be the fastest, most innovative, and most customer-focused. By embracing the David mindset, product teams can dismantle industry norms, outmaneuver slower competitors, and ultimately carve out a significant share of the market.
For those looking to dive deeper into these strategies, the TPMA has an exciting lineup of upcoming events and workshops to help product teams sharpen their skills and gain an edge in their industries.
Special thank you to our Sponsors:
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Want to learn more from industry leaders like Veronica and Jason? Join us at TPMA’s upcoming events!
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In the modern business landscape, small, agile product teams often find themselves facing off against well-established industry giants. But how can these Davids stand a chance against the Goliaths of their industry? Find out the valuable insights on just that in this blog recap!
The event featured two powerhouse speakers – Veronica Pinchin, a seasoned Product Advisor and Fractional CPO, and Jason Dea, the Senior Vice President of Product at Uberflip. Both shared key strategies and real-world experiences, demonstrating how smaller teams can not only compete with but also outsmart much larger organizations.
Key Lessons from Veronica Pinchin: David’s Strategy
1. Be Faster
One of the biggest advantages that smaller teams have over larger ones is speed. Veronica highlighted the "Four C's of Startup Slowness" – collaboration, customers, quality, and confidence – as common pitfalls that slow down product teams. She shared the story of Wealthsimple Trade, where a small, independent team launched a product in a matter of months with minimal dependencies and a ruthless focus on scope. This contrasted with Wealthsimple’s USD accounts launch, which suffered from too many inputs and overcomplicated technical solutions, ultimately requiring a six-month reset.
2. Don’t Reinvent the Wheel
Instead of trying to create something entirely new, Veronica encouraged product teams to take what works from existing models and improve upon them. This allows teams to iterate quickly and focus their innovation on areas where they can truly make a difference.
3. Do Things That Don’t Scale
Small teams can win by creating personal, magical experiences for their early customers. These experiences don’t need to scale initially but should be used to build strong relationships and customer loyalty. Veronica cited the early days of WellSimple, where the CEO personally texted each new customer – a strategy that fostered customer trust and built early momentum.
4. Look for Market Blind Spots
Larger companies often overlook smaller, niche markets that don’t seem immediately profitable. This is where small teams can find hidden opportunities and carve out a unique market position. Veronica emphasized that taking advantage of these blind spots can lead to market leadership in the long run.
5. Dismantle Existing Cost Structures/business models
Small teams have the ability to reimagine outdated business models and cost structures in ways that large organizations simply can’t. By embracing disruptive technologies and creating new cost models, smaller teams can build competitive advantages that are difficult for incumbents to replicate.
Key Takeaways from Jason Dea: How to out-product established players
Jason Dea shared his own story of how Honeybee Benefits disrupted the traditional insurance industry by rethinking what benefits could offer and how they were delivered. Honeybee found success by focusing on specific, underserved markets and leveraging flexibility to offer personalized, user-friendly experiences. Jason emphasized the importance of:
In the case of Honeybee, the company's flexible benefits system and mobile-first approach made it easier for small businesses to offer tailored insurance plans, eventually leading to its acquisition by Green Shield Canada.
Conclusion: Embracing the David Mindset
The David vs Goliath event demonstrated that product teams don’t need to be the biggest players in the industry to win – they just need to be the fastest, most innovative, and most customer-focused. By embracing the David mindset, product teams can dismantle industry norms, outmaneuver slower competitors, and ultimately carve out a significant share of the market.
For those looking to dive deeper into these strategies, the TPMA has an exciting lineup of upcoming events and workshops to help product teams sharpen their skills and gain an edge in their industries.
Special thank you to our Sponsors:
—————————————————————————————————————————————
Want to learn more from industry leaders like Veronica and Jason? Join us at TPMA’s upcoming events!
Toronto Product Management Association (TPMA) is a community focused on development, growth and networking of Product professionals in the Greater Toronto Area.
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