6 steps to beat the competition
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Transcript of 6 steps to beat the competition
Proprietary and Confidential. Not to be shared without express permission of David Friedman
6 Steps to Beat the Competition
David FriedmanC-Level Partners
Feb 17, 2017
Proprietary and Confidential. Not to be shared without express permission of David Friedman
The Road to Profitable Growth
If you see a fork in the road, take it.
Yogi Berra
If you don’t know where you are going, any road will get you there. Lewis Carroll
I can't change the direction of the wind, but I can adjust my sails to always reach my destination.
Jimmy Dean
The Correct Answer:
Strategy and supporting tactics enable executives to take the right road
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Proprietary and Confidential. Not to be shared without express permission of David Friedman
It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you
will be imperiled in every single battle. Sun Tzu- The Art of War
Proprietary and Confidential. Not to be shared without express permission of David Friedman
What Do These Names Have in Common?
• Digital Equipment Corporation• Wang• Motorola• Nokia• Myspace
• Macy’s • Kohl's
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Two Stories
• RCA– Vacuum Tubes
• Blockbuster– RedBox or Netflix?
Proprietary and Confidential. Not to be shared without express permission of David Friedman
3 C’s for Positioning
Customer/Market
CompetenciesCompetition
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Positioning in the Market
Customer/Market
CompetitionCompetencies
Where to focus
An Example: We provide videopix services to millennials using a technology that keeps pictures on the net for only a short period of time. Unlike Instagram and other video services which make a permanent record, our pixframe service images disappear within 30 seconds after being seen. So go ahead with your belly shots!
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Customer Research Can Tell You…• How your customer service is perceived by your customers• What particular areas can you improve• What new products or features your customers want• How customers perceive your advantages or USP• Who are the most loyal customers• Who are the prototypical customers• Why customers buy from you, and your competitors• How your brand is perceived• How well your front line is maintaining your brand• What type of communications is most effective in reaching your customers• Which media is most effective• What market segments are the most critical• What is important from a customer view and how well does your company
perform in those dimensions
Proprietary and Confidential. Not to be shared without express permission of David Friedman
1. Recognize That There Is Competition
• Direct– Chrome vs IE
• Indirect– GoGo vs sleep vs eating
• New Entrants– Google vs GM vs Apple– Motorola/Nokia vs Apple– Netflix vs Blockbuster
Proprietary and Confidential. Not to be shared without express permission of David Friedman
A Clear Picture of the Market
• Who buys your product or service?• What do they look like?• Where do you find them?• How do you get to them?• What is the message you use to get them to
know you and buy from you?– What is the message that will help them
recommend your products to others?
Proprietary and Confidential. Not to be shared without express permission of David Friedman
2. Know the Competition
• Mystery shopping– Fred Racioppi Cement Shoe Company of Central NJ
• LinkedIn profiles, interviews, bios of executives
• 10K, SEC Filings• Industry Analysts• Suppliers
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Competitive Analysis Tools• SWOT• Red Team/ Black Team• Side by Side Matrix / Quad Maps• Google Alerts• Spider Diagrams
Proprietary and Confidential. Not to be shared without express permission of David Friedman
3. Know Thyself
• Undercover Boss• Walk in the shoes of the front line– Hyatt, ATT
• Skip Level Meetings with Front Line• Side by Side Matrix with Quad Maps• SWOT• Customer, Distributor, New Product Panels– Living Lab
• Spider diagrams
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Survey Tools• Survey Monkey (www.surveymonkey.com) – Simple short surveys online– Good selection of templates– Via email/direct mail– Inexpensive
• QuestionPro (www.questionpro.com) – Online survey– Can “buy” additional people/segments to survey– Excellent selection of templates– Can do complex surveys e.g. Side by Side– Good analytics
Proprietary and Confidential. Not to be shared without express permission of David Friedman
QUAD MAPPING
+
Importance
+PERFORMANCE
avg, avg
CorrectLeverage
Ignore/Reduce Watch
Proprietary and Confidential. Not to be shared without express permission of David Friedman
4. Know What Makes You Different
• Salt, Rice, Chicken• Strategic Control Points• PPT– People, Process, Technology
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Product and Service Model
From Christian Gronroos, Service Marketing Management
Proprietary and Confidential. Not to be shared without express permission of David Friedman
5. Develop Your Plans
• Written plan – Strategy: Brand, Product, Operational– Tactics: • PPT• RACI
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Putting It All Together
Insight/options
Competitive attributes/USP
Market research, user panels
Customer sat, quad maps
SEO
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Market Target, Message and Tactics
Who Buys What they look like How they buy Who is the competition What messages Strategy Tactics
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Business Model Canvas
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Proprietary and Confidential. Not to be shared without express permission of David Friedman
6. Monitor, Measure, Modify
• Business Battle Rhythm• Metrics– Average revenue per sale– Cost per sale– Total Sales, ROMI/ROI, Win/Loss Ratio
• Post Mortems• Balanced Scorecard• Deep Dives
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Summary
• Recognize that competition exists• Know the competition• Know thyself• Understand how to differentiate• Develop and execute the plan• Measure, monitor, modify
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Contact information
David FriedmanC-Level [email protected] 949 4394503www.celevelpartners.netwww.streetsavvymarketing.wordpress.com
Proprietary and Confidential. Not to be shared without express permission of David Friedman
Mystery Shopping• Purpose
– Understand how your company and competitors interface with customers– See how your brand is represented
• Use– Normally B2C, retail, service companies, restaurants
• How– Conducted by sales, marketing or outside agency– Could have executives conduct the mystery shopping, e.g. like Undercover Boss– Role playing and a script to conduct the exercise
• Benefits– Improves understanding of front line– Provides comparison of customer experience from company and competitor view– Encourages communications and frank dialog– Provides opportunities for feedback to front line and customer service people as issues occur
• Landmines– Could introduce customer bias if company reps conduct mystery shopping or if the mystery shopper is
discovered– Using a third party, could prevent bias but you don’t get the perspective and experience if as when you are
the mystery shopper– Need to have a clear script that is replicable so results are meaningful