Show 31 – Competition
No one wants to sit quietly and see you build your market share and develop your rapport within a market place, we all want some of it.
We all want a share of time (and money).
So what does the competition do…
Copy Your Offering
On a more familiar comparison, we only need to look at Netflix taking marketshare away from LoveFilm and Blockbuster.
Your Solution = don’t copy, innovate and never rest on your laurels
Pretend You Are Invisible
Operating in a vacuum and pretending you never exist is a dangerous game. There are always alternatives out there.
Aldi have now overtaken Waitrose as the sixth largest supermarket (Tesco, Asda, Sainsbury, Morrison, Co-Op). They are planning 1000 stores by 2022 in London.
Your Solution = champion authenticity and build trust in your marketplace
Go Head To Head
When product offerings are similar, the most obvious choice is to state that you are the preferred choice.
Your Solution = inspire loyalty, lead, don’t sit quietly
Deliver A Better Product Than You
This is the most effective response by providing a service that has higher perceived value than you can provide.
The end result is more customers, bigger market share and customer loyalty. It could be based on speed, it could be price, so keeping to business as usual could be the most damaging option to go for.
Your Solution = don’t follow, look to lead, keep thinking, keep creating
Come and listen to 15 minutes on ‘competition‘
Image at the top courtesy of Ronnie McDonald