Competition Over Customer?
🚀 Break the Norm Go beyond the Customer first approach!
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In this newsletter, you’ll find:
💡 Controversial Strategy Hack: Focus on Competitors, Not Customers
📊 Facebook Enhances Ad Efficiency with New Tools
📈 Summer E-commerce Sales Analysis
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COMPETITORS
💡 Controversial Strategy Hack: Focus on Competitors, Not Customers
Insights from Alex M H Smith
This might sound counterintuitive, but shifting your focus from customers to competitors could be the key to unlocking groundbreaking strategies. Here’s why and how to implement this unconventional approach.
We’ve all been taught that the secret to great strategy lies in understanding our customers. The standard advice is to:
Learn what they want.
Identify their problems.
Listen to their needs.
And then provide solutions. While this sounds effective, there’s a major flaw: everyone is doing it. This homogenizes strategies, making differentiation difficult.
The Alternative: Competitor Focus
Instead of solely focusing on customers, redirect your attention to your competitors. Here’s how:
Identify Gaps and Opportunities Analyze what your competitors are offering. Look for gaps in their offerings or areas where they might be lacking. Dream up ways to offer something completely new and unique.
Innovate Beyond Customer Imagination Customers can’t always articulate what they want, especially if they’ve never seen it before. Innovate to create new desires and needs that customers didn’t even know they had.
Why This Works
Uncover Hidden Value: By examining competitors, you can identify opportunities for new value propositions that customers haven’t thought to ask for.
Create Unique Solutions: Pivoting off competitors allows you to develop unique solutions that stand out in the market.
Bonus: