“How do you remain ahead of competitors when dealing with digital challenges?” This question was presented in a small business forum, which I frequent. Things happen quickly in digital trends, customer preferences, and life in general, frankly. When a competitor seems to be making noise, the immediate reaction is often to try to one-up them.…

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Last week I promised more information about the various competitive forces a business faces. In past posts we have tackled the categories of direct competition. This makes up just one of Porter’s Five Forces. What is the Five Forces model Michael Porter developed his “Five Forces of Competitive Position Analysis” in 1979, creating some timeless…

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There really is space in the market for more than one of you. Focus on your differences, not your similarities, and learn to carve out your niche areas. More importantly: don’t focus on your competition when considering how to innovate and develop. We’ve mentioned this before, but Stephen Fry really says it best: What is…

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Unique Value Proposition

A fairly common question. And an important one. I answered this on an online forum recently, and it is worth sharing those thoughts here. As with much of what I say: start by being deliberate about who you are, what you do, and how you do it. The Answer Start by asking yourself: What do…

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People have options in life. Whenever you buy a product or service, you choose what to buy, based on the issue you want resolved. Your clients are the same, they have choices. You may know that you are the best and obvious choice for them, but here’s the problem: all of your competitors know that…

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Recently I was preparing for a brief talk on Michael Porter’s Five Forces Analysis, and it got me thinking of another reason I admire Porter: his great quote that “The essence of strategy is choosing what not to do”. Working on a new strategy, tactic or general idea is exciting. Enthusiasm grows, energy abounds, and…

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The low price point, the discount, the “save money here”… charging less can be an appealing strategy to win a quick sale or big deal. The problem is that it is a short term fix with no long term tie-in. Below are 4 “Why Not”s and 1 “Okay Maybe” for competing on price. It Allows…

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A business can choose one specific area, or a combination of areas in which to build its competitive advantage. See the Infographic below for ideas on where to focus your energies for effective Differentiation.   Next week I will explain the process I perform with my clients to help them identify their key differentiators. Subscribe…

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Differentiation in business is what makes one company more attractive than another. The simplest differentiation is price, but it is also the weakest, because nobody wins in a price war. A media company client of mine was losing business to a more established, well known brand. I had the owner do an exercise to describe…

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We all want to stand out. Our businesses need to stand out. It is not enough to be good at something, for a business to be successful it must have its own special approach and skills. What is Differentiation Differentiation is the process by which you make a product or service distinct from the competition.…

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