FWIW 5 years ago I would agree with the idea that BMC could "do it better" part with their equipment, labs and expertise but I'm not sure this is the case now and - if it is - that is also quickly slipping away. The equipment being made for small breweries now is incredible and the knowledge and education is completely accessible. We have Siebel grads coming out the whazoo and more and more even everyday homebrewers are becoming familiar with the science of brewing on a very intricate level. There are many breweries out there that are just an RO system and a lab away from making beer every bit as good as BMC and, increasingly, these brewers are making the jump. After QC is taken care of, then it all comes down to recipe design and marketing and, here again, with enough creativity and money the small breweries are able to "do it" as good as BMC. There won't be any superbowl ads but there are plenty of other ways to creatively market yourself - and I feel that brewery tasting rooms are a great tool for that, as are local tap takeovers and excited sales people. Perhaps especially the latter, how many sales people are excited to work for BMC or have the direct phone number to the brewer to ask questions?
Also, 5 years ago I would have agreed that Craft and BMC are not competitors but I'm not sure that is the case now, either. We had a tap take over at a local restaurant last night, we have a 3 week push where we have table tents, signs, pint glass giveaways, and servers wearing Yellowhammer swag and becoming educated on YH beer. Here's an opportunity for you to by a Bud light but, hey, I'll give this a shot. More and more Bud Light drinkers are giving craft a shot and even if they still drink a majority of BL, they will sometimes pick up a six pack of a local beer and even if that is only 1 out of 10 times that takes a sale away from BMC. And, as we all know, craft beer is a slippery slope. the more you drink it the harder it is to drink a Bud Light.
Being on the craft side of the industry and working with distributors who's main bread and butter is BMC, it is interesting to see the distro's more and more frequently looking to craft as a cash cow. The distro's are now fully behind supporting the craft beer market because even if they can make money off BMC they can make more money selling a premium product.