3 Ways to Beat Competition
ultimately it becomes a focal point of discussion in Monday Meeting! This a wasteful way of spending Monday for management and for sales people, everyday! There is no way a company can win over competition by discussing competitors strategy every day, every Monday and then in board meetings, specially if the company is on the loosing end. So here are three ways management can beat the competition without discussing them!
1. Don't analyse competitors, analyse your products visa-vie customers’!: It is easy to look at others and try to imitate them. However, it is extremely important to look at ourselves and find faults and then rectify them. If one looks at the work environment in similar ways, I am sure one can find lot of scope of improvement! Sales people, instead of looking at what competitor’s product is, should look at how good their product(s) is and how the customers are reviewing/responding/reacting to it. Does the product satisfy the need of the customer or there are gaps? What more can be done to win over customers other than dropping the price? Once the sales people have analyzed all that concerns the customer and not based on competitor is offering, they can report it back to their managers, discuss with product teams and also share the information with their colleagues! There can be a healthy discussion internally and the conclusion can be extremely helpful for product team to evaluate the possible incorporation of what is missing in their next release/version/batch of production that can satisfy the customer better. Once that happens, you are back to winning!
2. Competition strategy is not winning, Your Strategy is loosing: Competition is doing better numbers, however, analyzing their strategy may not be the only thing you may have to do as it may need lot of investment of time, money and energy! However if one starts looking at their own strategy towards its customers, one may find it lacking that much needed punch! One needs to build a customer centric strategy not competition centric strategy! So start analyzing your strategy towards customer! By analyzing its customer buying journey, you will be able to strategies and plan better at every step of their journey. Also, it is must to critically analyze relevancy of company’s product & services in context with the buying journey! After all every company’s aim is to serve the customer better and by analyzing & understanding them better, one can build strategies that can satisfy the customer better. By doing so, you now have a strategy that is built completely around customers and is bound to win! Isn’t that the competition was doing all this while? I say this because customer centric strategy is the only wining strategy. If competition is winning, they are strategizing better around customer than you and if you need to win, build a better strategy around customer not competition!
3. Staying Ahead of the curve means staying ahead of competition: Customer related Data Analytics is going to be the way of life for all competing businesses. Company’s that will analyse every aspect of the customer behavior shall always stay ahead of competition as any change in customer behavior can indicate their future intent. Company’s that will identify that/those intent(s) shall be the winner. Marc Zukerberg said in WEF 2012 that “we live in a such a dynamic world that the target is always moving and only way to hit it is to approach it form opposite side!” so true! If you want to beat the competition, analyse the customer behavior while they are on a buying journey! Follow their intent and you will know their future needs! Its like walking with a wanderer. If walk with them few miles, you will know which way they are headed, to the sea or to the mountains or elsewhere. So to know the future needs of a customer, you have to walk with them, understand them, converse with them and you shall know their future intent! So if you analyse the customer behavior data, you will be able to see the path, the data will tell you what has been the journey so far and where is the journey headed and that where you want to be once the customer reaches his destination. “Catch it from opposite direction” and you are the winner. Where is competition? Running behind to catch!
To summarize, the 3 definite way to stay ahead of competition is:
1. Analyze product/services in relation to customers only
2. Build a Customer Centric Strategy
3. Analyze customer behavior data to predict the future intent