For the past month, we’ve focused on identifying your ideal customer and how to make working with your company easier. Next, let’s focus on your competition.
I expect you know who the competitors are in your marketplace. You probably also know the trends that might impact your organization: changes in technology, distribution, product innovation, markets, consumer behavior, and social trends.
So my question is—what are you doing with that information?
I have worked with leadership teams who invest considerable effort in learning their competitors’ strategic plans, pricing strategies, and market penetration tactics. I always ask how they use that information, but the answers rarely demonstrate how to gain a competitive advantage.
Let’s consider another approach. In “Outthink the Competition,” Kaihan Krippendorff recommends introducing what he calls a “Fourth Option.” He defines a Fourth Option™ as a strategy that is not the usual and customary approach. His recommendation is to develop business growth strategies that interrupt your industry, so you can dominate your industry.
Here are some ways to stay ahead of the curve:
- Once you have a clear picture of the trends in your industry, use that information to visualize your future. There are no rules to visioning, but if there were they might look like this:
- Be as specific as possible
- Leave all preconceived notions, value judgments, and your ego outside
- There are no boundaries – don’t overlook the ones that sound “crazy”
- Consider multiple scenarios as you move forward.
- With a clear future in mind, reverse engineer to establish your goals.
- Finally, prioritize and select the best options that will set your company ahead of the curve.
Once you have selected a new strategy to scale your company, make sure your leadership is working to become the best. We’ll talk about that next time.
Do you want to create a competitive advantage for your company? I’m happy to help you on this journey. Please fill out the consult form below and we can start the process with a free consultation. I can help you stay a step ahead of the curve and outthink your competition.
