Face it: You have competition.
Going head-to-head against a large incumbent is rarely the best strategy. Figure out a flanking strategy, much like Figma has done with respect to Adobe, and you are well on the road to winning.
I was presenting at a quarterly global sales meeting with my team a few years ago, and one of my Japanese team members said out loud, “I would hate to compete against you!” as I articulated with absolute clarity who our target competition is and how to win against them every time. We relegated our primary global competitor in this case to a low-margin segment of the market and we drove insane margins for our products. Outcome: In this case, they ran out of runway and were forced to sell the company.
I have always had a competitive spirit. By living company culture and values, you can compete well against the arrogance and friction their customer experience competitors cause their clients and force a win back or competitive win with your compelling customer experience.
Paraphrasing Sun Tzu in the Art of War, the competition must be taken into account when strategizing, be it company direction or deciding if a business opportunity is winnable. You need to know when to fight and when not to fight your competition by considering all factors when strategizing. How?
- Monitor your competitors and identify new competitors closely – Follow their activities, monitor their pricing and products, and observe their marketing strategies.
- Identify and exploit weaknesses – Look for weaknesses or opportunities in the market that your competitors have not addressed and exploit them.
- Differentiate your products and services – Develop unique products and services that set your business apart from the competition.
- Focus on customer success – Exceed customer expectations with excellent service and support.
- Leverage technology – Use technology to automate business processes and increase efficiency.
- Adopt a positive attitude – Focus on delivering value to your customers instead of worrying about the competition.
- Develop strategic partnerships – Collaborate with other businesses to gain access to new resources and markets.
- When you have delivered a customer experience that is proving to create positive desperation, invest in marketing – Implement targeted marketing strategies to generate leads and increase sales.
Would you like more insights as to how to compete? I am here, and at your service. Happy to chat for 15 minutes .
I’m here and at your service,
P.S. Want to see what I am working on? Check out OneMeta AI and Verbum at: https://www.onemeta.ai/