Competitors: what's to know?

June 11th 2015

WHAT’S WRONG WITH FOCUSING ON YOUR COMPETITORS?

  • focusing narrows the field of vision & increases risk

  • a perpetual state of second-guessing leads to inefficiency

  • your business is always the bridesmaid

  • it’s like trying to fence with two swords and one arm

  • ‘me too’ is never sexy - really

  • it leads to consumer confusion – who can tell the difference

  • your competitors are rarely the ones you think

  • all competitors eventually make mistakes

WHAT’S RIGHT WITH KNOWING YOUR COMPETITORS

  • true and therefore serious competitors will know all about you – that gives them at least an advantage – at best a strategic competitive advantage

  • knowledge is power – power is opportunity, opportunity is exciting and exciting feeds creativity

  • Sound strategies facilitate the disruption of the normal course of industry events to forge new industry conditions - to the disadvantage of competitors (Ian C MacMillan paraphrase)

  •  ‘If you’re not faster than your competitor, you’re in a tenuous position, and if you’re only half as fast, you’re terminal’ (George Salk)

It’s important to know who the competitors are and to know about each of them but if your business looks to your competitors for leadership you are not a competitor but a follower.