My previous post focused on who your competitors might be. Part 2 looks at developing your competitive strategy. Competitive intelligence is a form of strategic risk management. You start by understanding the level of strategic risk competitors pose to your business and then develop your responses. Why? Advance thinking will mean you are prepared and can be proactive to ensure you beat the competition rather than the other way around. Ask yourself and those who know the market:-
1. Relative to my strategy, what are my competitors doing that pose a risk? Responses: Assess the likelihood and potential impact of each risk. For those high in likelihood and impact, develop the answers to What can I do to manage/reduce that risk? Put these actions into a plan.
2. What strengths do they have that mean they could outperform me? Responses. The action is two-fold. Firstly, can you acquire those strengths? If so, how? The second is to identify your unique strengths. This is useful when potential customers cite your competitors strengths. The response can then be …”yes they are good at that, where we are unique is …….” drawing their attention to your strengths.
In Part 3 I will cover beating the competition when you have a new strategy.
I also plan to run a teleclass on this subject, giving the £5 registration fee to my Charity Women V. Cancer. If you wish to be notified of the teleclass details please complete the form below.
Future Forum Meetings
The Leadership Forum, 16th October, Ipswich – How to keep your customers
Highflyingdivas, 23rd October, London – hosted by Penna
If you cannot attend any of these events, then why not join our LinkedIn Group/s to share ideas, learn new insights and network with other business leaders?
Join The leadership Forum
I was a judge on the Presentation Skills test for the Lower Sixth year at my son’s school. Guy asked me what time I intended to arrive. I told him 3.30 p.m and later wondered if he wanted to know so that he could meet or avoid me. Obviously he wanted to meet me but must have forgotten the time since he didn’t show. Later that evening James told me that he wanted a tattoo for his 60th birthday. I fell about laughing hysterically. His “Paddington Bear” stare told me that it wasn’t a joke. He followed up with “I thought I’d get a rose with your name underneath it”. Now obviously this is a brilliant idea, I am just a little concerned that my response will influence where he decides to have it placed!