How To Be (and not be) Innovative in Business

Your clients like what you offer. And you want to keep it that way.  But then, suddenly, your competitor metaphorically drives by in a shiny new vehicle with apps and features you had never considered. And now you also want that metaphorical new car.  How not to be innovative So you start developing your product…

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Are you making your brand work for you?

What’s in a brand?  More specifically: what is a brand?  The varied definitions you will find always describe how people know and recognize a company. Whether it is a logo, a slogan, or a design, the visual brand is a symbolic representation of your company.  But humans are complex beings, and to every symbol, we…

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When will your next competitor arrive?

The way other companies compete with you isn’t always about you.  We have already considered replacement competitors, generic competitors, and budget competitors.  What about your direct competitors? And in particular: the new ones that will show up just around the corner? How difficult is it to start your company? Barriers to entry What does the…

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Comparing to the Competition

You have heard me say it before: innovation is about customers, not the competition.  If you are looking at your competitors to decide your next move, you are doing it wrong.  But that doesn’t mean that there is never a reason to look at your competition.  Sometimes you just want to look and compare: so…

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Which piece of the pie are you?

Your client’s desire to buy from you hopefully knows no bounds.  But the thing that does have limits is budget.  Your clients can make more money, or move money around, but there is only a finite and specific amount of it available at any one time.  It is a set pie.  Which piece of that…

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Some people choose the generic option

Let’s be honest with one another: we all want to be the “premium” offer.  When we think of why people buy from us, we are hoping they won’t say “this is the cheap, generic option”.  But then, some buyers do want to buy the generic offer.  What is the difference between our offer and the…

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How will your clients replace you?

Not all competitors are direct competitors. You are not only competing against people whose business cards have the same words as yours does. Your clients could also find a whole new option or direction that eliminates their need to hire you at all.  Understand how you can be replaced.  Replacement competition There are various ways…

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How competitive are your competitors?

Two sentences that will grind your business to a halt: “Anyone is a good client” And “I have no competitors” Let me assure you that taking this approach will slow down your business growth rather than drive it. You should consider it good news to hear that neither statement is true.  Welcome competition In my…

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Competitive Advantage: Know Thyself

This saying from ancient Greek, “know thyself”, is often used as a warning against boastfulness. That’s good advice when it comes to describing your competitive advantage.  You don’t want a value proposition that merely says you are better than the competition. Indeed, you don’t want a value proposition that talks about your competition at all. …

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What are your clients thinking about when they buy from you

The answer is: it’s not about you.  So how do your customers buy? Deciding to buy something means knowing that choice is the best option; using the money there instead of somewhere else, hoping it will be a long-term solution, considering what else has to change to accept this new product and more.  The better…

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