CATCH ME IF YOU CAN (or: how to stay ahead of competition)

by Kurt on November 2, 2011

 

Creating DIFFERENTIATION, and hence creating a gap between yourself and competition in order to gain traction and more importantly to stay ahead is a must in strategic thinking.

Seemingly easy…but difficult in practice.

 

 

 

 

 

THE CONTENT ON BEING DIFFERENT :

(i.e. how can you make sure you are different)

 

 – Solve a specific consumer issue (a small, specific, detailed, un-addressed, latent need or problem)

– Understand clearly what’s new to the consumer (and not to you – the company!)

– Go deep in segmentation (don’t innovate for the -unexisting- average consumer; be deliberate)

– Build an unbeatable value equation (product benefits, image attributes, emotional elements)

– Have a memorable WOW element in your proposition

– Add many layers of advantage (new product specs, cool packaging, services, ip, relevant image parameters…)

Continuously innovate (be fast, be first, be ferocious, shout loud when it’s out)

– Make the switching cost high (make it tough for consumers to go to competitions, using all tricks possible)

Own the supply chain

– Get as close as possible to your consumer (enter that “conversation”)

– Give the consumer an opportunity to have a say in your business (crowdsource, co-create….)

– Give something away, for free!

 

THE PROCESS OF BEING DIFFERENT :

(i.e. how do yo make sure your differentiation isn’t “managed out”)

 

– Be 100% aligned on how far you need and want to go…with passion and commitment on the table!

– Create a clear picture of yourself against competition…and hence the need to go far!

Dramatize the effect of lagging behind…share loss, $ loss, missed opportunities, negative 10 year horizon

… AND AS A “REMINDER”, here is guru Michael Porter about the five competitive forces that shape strategy, essential to understand the creation of competitive advantages:

WHAT’S YOUR STORY WHEN IT COMES TO COMPETITIVE DIFFERENTIATION AND LEADERSHIP?

 

Interested in receiving updates whenever new posts are up? (I will not randomly email you; ever):

subscribe to my newsletter, here:

Enter your email address:

Delivered by FeedBurner

 

 

let’s start a conversation about marketing…

{ 3 comments… read them below or add one }

Dom Celentano November 3, 2011 at 6:44 pm

A few thoughts –

If you are innovating, consider reviewing the consumer adoption cycle and use this as a framework to determine who the innovators and early adopters are. VALS and PRIZM both have some free segmentation information that I find useful in creating a strategy.

Most important, consider the emotional and intangibles that drive the consumer purchase. Your competition can go point for point on features and benefits but that can’t compare emotions.

Great article.

Reply

Kurt November 3, 2011 at 11:18 pm

Thank you for the feedback. Much appreciated. KURT

Reply

Jase November 7, 2011 at 8:09 am

Well mcadaamia nuts, how about that.

Reply

Leave a Comment

Previous post:

Next post: