Do You Understand Your Competition?
Every day we are competing. We’re competing through our business, competing to close the sale, or competing to achieve a promotion or get a new job. Do you understand the competition?
We may or may not know who the competition is with, but do we understand what we’re competing on?
Parameters of Competition
If you are focused on the size of the cake or the presentation of the dessert, how it tastes may be an afterthought.
The most durable laptop computer probably isn’t the most slimmest. The fastest car probably is the biggest or even the most comfortable.
What are the parameters of competition?
Here are a few of the most popular:
- Service: When we compete on service our focus becomes about the delivery. Time, speed, and satisfaction.
- Trust: We work hard to illustrate examples of trust. We work to show loyalty, commitment, and perseverance. Promises kept, not broken.
- Image: While often very subjective our time and energy are spent on what you see.
- Credentials: The focus of the card punch. Are the educational degrees attained? The certifications valid and current? Are they issued from a reputable source?
- Price: Value is the afterthought, everything that matters is based first on price. If it is available everywhere at the same spec, price is the only differentiator.
Competing on What?
Understanding your competition is important, but you must first understand what you are competing on.
In the best scenarios you’re competing on what matters most to you. Your passion drives the focus and results. However, what brings you to the forefront of your offering may not be what the customer is buying.
A focus on quality may mean a higher price. An abundance of effort on image may drive questions about what is under the veil. Questions about credentials may signal a lack of trust.
What are you competing on? What matters most to the buyer?
-DEG
Dennis E. Gilbert is a business consultant, speaker (CSPTM), and culture expert. He is a five-time author and the founder of Appreciative Strategies, LLC. His business focuses on positive human performance improvement solutions through Appreciative Strategies®. Reach him through his website at Dennis-Gilbert.com or by calling +1 646.546.5553.
