How\u2019d he help the store remain successful in the face of such stiff competition?<\/p>\n\n\n\n
- \n
- Proprietary pricing<\/li>\n\n\n\n
- Proprietary selection<\/li>\n\n\n\n
- Proprietary experience<\/li>\n\n\n\n
- Proprietary merchandise<\/li>\n<\/ul>\n\n\n\n
I\u2019ve never worked at a retail outfit, but I can relate to his experience, having spent years consulting small and midsize businesses<\/a> on product design, new product launches<\/a>, and business strategy<\/a>. One of the toughest sells was getting business owners to realize that playing the competition\u2019s game was a fool\u2019s errand, a point summed up nicely by the author of the blog post:<\/p>\n\n\n\n
\n
\u201cYou don’t need to have the market share of an Amazon to be a successful eCommerce retailer. But you need to learn to think like a grizzly, and own that part of the forest where the bear doesn’t even know what you’re up to.\u201d<\/p>\n<\/blockquote>\n\n\n\n
Make the competition play where they have a distinct disadvantage.<\/h2>\n\n\n\n
![\"Adult](\"https:\/\/ronellsmith.com\/wp-content\/uploads\/2023\/08\/Adult-grizzly-bear-standing-in-a-stream-640x457.jpg\")
<\/figure>\n\n\n\nToo often, business owners debut new products with the \u201cmy product is better<\/a>\u201d mindset, foolishly thinking customers will reward them with business for a product or service that does not satisfy their needs to a greater degree than what\u2019s offered by the competition<\/a>. The other personality I encountered all too often was the owner who, because he had deep pockets and a strong team, figured he\u2019d created the blockbuster product that would shake the market upon arrival.<\/p>\n\n\n\n
\n
\u201cThe market has never seen anything like this,\u201d I\u2019d hear often.<\/p>\n<\/blockquote>\n\n\n\n
In time, I learned that working for owners in either of these camps would be a frustrating affair. At first, I could not understand why they didn\u2019t get the folly of their thinking. Then it hit me: These owners only see what\u2019s going on in the market and in their respective offices, workshops and labs.<\/p>\n\n\n\n
They don\u2019t see what\u2019s happening in the thousands of other labs, workshops and garages around the country and, indeed, the world.<\/p>\n\n\n\n
Why it’s unwise to face the competition head to head<\/h2>\n\n\n\n
I vividly remember being on the phone with one serial entrepreneur from Virginia, listening intently as he talked of the new product he\u2019d developed.<\/p>\n\n\n\n
\n
\u201cLet me snap a picture with my iPhone and send it to you,\u201d he said.<\/p>\n<\/blockquote>\n\n\n\n
Immediately, I saw a problem: I knew of at least three other companies creating near-exact replicas. (One of those companies was a consulting<\/a> client.)<\/p>\n\n\n\n
\n
\u201cIt\u2019s a solid offering,\u201d I said. \u201cIt is different from what\u2019s already available. However, what happens if your product shows up to market and there are a half-dozen new products just like it?\u201d<\/p>\n<\/blockquote>\n\n\n\n
He hemmed and hawed, before finally settling on \u201cI\u2019d really be surprised, because I don\u2019t think anyone else has thought of this before.\u201d<\/p>\n\n\n\n
In business, however, what you don\u2019t know can, will, and does hurt you. Because I had to sign non-disclosure agreements with many of the businesses I worked with, I was typically unable to share what competitors were doing, even if I knew it would impact what my clients were slated to bring to market. In time, I developed and shared a philosophy that served me and my clients well.<\/p>\n\n\n\n
Information in business is asymmetric<\/h2>\n\n\n\n
It began with three simple sentences that were reinforced and nuanced over time:<\/p>\n\n\n\n
- \n
- Your product must be meaningfully different<\/a> than the competition\u2019s offering.<\/strong> Instead of hanging your hat on having the best product or service in the marketplace, highlight how it’s meaningfully different, and the benefits of it being so.<\/li>\n\n\n\n
- Choose to attack an area of the market that\u2019s least feasible for the competition<\/a> to move into. <\/strong>For example, if you serve a crowded market, a focus on creating on customer service or delivering a best-in-class customer experience<\/a> can help set you apart from the pack. <\/li>\n\n\n\n
- Strive to own your area as opposed to focusing solely on being a first mover or fast follower.<\/strong> Not a week goes by that I don’t talk to a business owner and hear how crowded his or her market is. Carve out your spot by becoming known at the the “best for X,” doing one thing better than every other business.<\/li>\n<\/ul>\n\n\n\n
Trust me, no CEO or marketing vice president wanted to hear such advice. They had cash and plenty of ideas. Being patient wasn\u2019t in their cards. I showed them that doing what everyone else was doing\u2014or trying to do better than what was already being done\u2014played right into the hands of the competition.<\/p>\n\n\n\n
In future posts, I\u2019ll break down each of the three points above, providing examples of why they are effective and how you can make them work for your business. Keep the author’s advice handy: Facing the bear head-on is a recipe to get eaten.<\/p>\n","protected":false},"excerpt":{"rendered":"
Give your business every chance of success by refusing to face the competition head on. Instead, make the competition play your game. A recent conversation with a local business owner reminded me of an article I read several years ago. The post, which highlighted how Amazon and eBay rule the roost when it comes to…<\/p>\n","protected":false},"author":4,"featured_media":65408,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"cybocfi_hide_featured_image":"yes","footnotes":""},"categories":[112],"tags":[],"yoast_head":"\n
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- Your product must be meaningfully different<\/a> than the competition\u2019s offering.<\/strong> Instead of hanging your hat on having the best product or service in the marketplace, highlight how it’s meaningfully different, and the benefits of it being so.<\/li>\n\n\n\n