Posts Tagged ‘competition’

How Do You Keep Up?

“How do you remain ahead of competitors when dealing with digital challenges?” This question was presented in a small business forum, which I frequent. Things happen quickly in digital trends, customer preferences, and life in general, frankly. When a competitor seems to be making noise, the immediate reaction is often to try to one-up them.…

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Five Competitive Forces

Last week I promised more information about the various competitive forces a business faces. In past posts we have tackled the categories of direct competition. This makes up just one of Porter’s Five Forces. What is the Five Forces model Michael Porter developed his “Five Forces of Competitive Position Analysis” in 1979, creating some timeless…

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Why You Should Welcome Competition

There really is space in the market for more than one of you. Focus on your differences, not your similarities, and learn to carve out your niche areas. More importantly: don’t focus on your competition when considering how to innovate and develop. We’ve mentioned this before, but Stephen Fry really says it best: What is…

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Be The Best Option

People have options in life. Whenever you buy a product or service, you choose what to buy, based on the issue you want resolved. Your clients are the same, they have choices. You may know that you are the best and obvious choice for them, but here’s the problem: all of your competitors know that…

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The Problem with Competing On Price

The low price point, the discount, the “save money here”… charging less can be an appealing strategy to win a quick sale or big deal. The problem is that it is a short term fix with no long term tie-in. Below are 4 “Why Not”s and 1 “Okay Maybe” for competing on price. It Allows…

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How to Differentiate

A business can choose one specific area, or a combination of areas in which to build its competitive advantage. See the Infographic below for ideas on where to focus your energies for effective Differentiation.   Next week I will explain the process I perform with my clients to help them identify their key differentiators. Subscribe…

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How I work – Differentiation

Differentiation in business is what makes one company more attractive than another. The simplest differentiation is price, but it is also the weakest, because nobody wins in a price war. A media company client of mine was losing business to a more established, well known brand. I had the owner do an exercise to describe…

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Fighting Against the Status Quo

When selling, too many businesses forget that status quo is an option for their clients. Just because a prospect is “shopping around”, looking at new solutions, that is no certainty that they will, in fact, make a purchase. Why a prospect does not buy Adopting a new product, service, contact person… is itself a cost, well…

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What is a Budget Competitor

When making buying decisions, clients assign budgets to their needs. In a B2B environment, a budget is often assigned before the sales process begins.  What the budget tells At any moment in time, a budget is finite. A buyer determines how much, out of the available spend, can go towards solving the problems of the…

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How I work – Competitive Products

I worked with a software client whose CEO would say “We have no direct competition”. As they prepared to pitch for seed investment, I worried this statement would make them look like amateurs. Applying my belief that an intelligent question is more helpful than an intelligent answer, I used the theory of competition categories, the…

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