Every organization has competition, and those competitors will always have attributes and capabilities that make them shine. While it’s tough to admit your competition might be stronger than you – even beating you in the marketplace – those organizations are actually doing yours a big favor.
They’re giving you the chance to see where you stand and then learn exactly how to beat them.
That’s because understanding each of your competitor’s advantage is the first step in figuring out how to overcome it. In fact, smart organizations continually examine and learn from their competition in order to determine where the opportunities and pitfalls are, as well as what story to tell and how to tell it in a more compelling way.
ACTION FOR THE MONTH
Construct a competitive matrix that will help you monitor and navigate the competitive landscape. Include both stronger and weaker competitors in your analysis and make sure your matrix has space for data on offerings, pricing, partners and go-to-market strategies.
This will help you understand two things:
How you rank against all competitors
How to reorient the playing field to highlight your own advantage
Additionally, if you have a friendly relationship with a competitor who is doing something better than you, don’t be afraid to ask for advice. There is room in the marketplace for able competitors and plenty of leaders enjoy mentoring others in their industry – even if they’re competing in the same geographic market. In fact, you might be surprised by how open most organizational leaders are.
Finally, use all the information you collect to improve everything from offerings and pricing to partnerships and your go-to-market strategy.