bradskelton.com theshippingbloke.com

Saturday, January 2, 2016

Competing in a crowded market?

Competing in a crowded market isn't all bad. A crowded market shows that demand for your product or service exists and it is a viable market to be in.



So how do you not only compete but lead?

Differentiation is the key. What is greatest form of differentiation? Simple... BE THE BEST! Be so good the market can't ignore you.

Relentlessly generate fresh ideas and urgently pursue excellence in every aspect of your business. I tell my team "We get the clients we deserve". Like attracts like so if we want the best clients we have to be the best to compete.

How do you know when you are in the lead?

Having the biggest revenue, profit or market share doesn't always denote industry leadership. As companies get bigger they usually get worse.

One way you know you are leading is when competitors start copying you. I have had competitors blatantly duplicate our service offering, use unique titles we developed for roles of our team and rip off wording from our website and brochures. Our buy lines...slightly adapted... appear in their promotional material.

While on one level it frustrates my exec team and I, on another we smile as that is when we know we are leading. When competitors start reacting to us and less to their clients needs in an attempt to stay relevant and say to the market "Us too!" we know we are winning. 

They say imitation is the sincerest form of flattery but imagine the competitive benefits to clients if they developed some original ideas and instead of playing catch up, actually took their business and industry to the next level.

In one instance, company "F", has even used my name personally, my company's name and our buy line in the meta tags and URL's of pages in their website in an effort to attract internet traffic away from us. I guess desperate people do desperate things and I was pleased our lawyers swiftly dealt with that one.

Companies exist to do one thing. Serve their clients. Be the best and your market will not seem that crowded at all.

All for now,
+Brad Skelton 

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