Friday, May 11, 2007

 

Follow The Leader

Have you worked at a company where a significant share of the business strategy is determined by what competitors are doing?

Have you worked on a product plan that includes features based not necessarily on what your customers have asked for, but based on what your competitors already have?

Have you bought ad space in a magazine because that's where your competitors are advertising as well?

Assuming that our competitors know what they're doing is a dangerous game. Assuming your company has the right ingredients and circumstances to match or exceed their success is an equally slippery slope.

Competitive intelligence is critical, and identifying elements of a competitor's business and marketing strategy for further review and testing is a great idea.

But do your own homework. Know your customers, your industry, and your business better than anyone else. Don't just follow the leader.

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