When facing competitors, there’s an old saying that goes, “If you can’t beat ‘em, join ‘em.” In other words, if you aren’t able to overcome your rivals, you’re better off cooperating with them or joining their side in the hopes that you’ll gain some sort of advantage. In the business world, a better saying might be, “If you can’t beat ‘em, copy ‘em.” (more…)
Posts Tagged ‘competition’
Competing with the Big Guys: Leveraging a Narrow Niche, the Personal Touch and Agility
Thursday, June 1st, 2017
Whether you’re a startup looking to break into an existing market, or an existing business looking to branch into a new product or service line, it can be intimidating to survey the competitive environment and find yourself potentially face-to-face with behemoth multinational corporations and Fortune 500 companies. While a mega-competitor could, theoretically, direct its massive resources into forcing out an upstart competitor, there are some ways to compete by exploiting the advantages small can have over large. (more…)
Is Your Business at Risk From the Threat of New Entrants?
Thursday, April 20th, 2017
Any business school graduate has probably had a healthy dose of Michael Porter’s Five Forces, and for good reason. The framework is a great way to look at the competitive landscape. Porter’s framework is designed to look at the competitiveness of a particular industry, as opposed to companies within that industry. For example, you might use the framework to determine the attractiveness of starting a soft drink company, as opposed to investing in PepsiCo versus The Coca-Cola Company. We’ve provided a broad overview of the tool in the past, but we’ve recently been taking time to look at each individual force in greater detail. Today, we’re diving deeper in the threat of new entrants. (more…)
The Power of Suppliers: Are You At Risk?
Tuesday, April 18th, 2017
Michael Porter’s Five Forces framework uses industrial organization economics to evaluate the attractiveness of an industry based on the overall level of competition within that industry. The more competitive an industry, the lower profits will be. Conversely, an industry with little competition is likely to be more profitable and, therefore, more attractive. We’ve already written on the Porter’s Five Forces generally. Now we’re looking at each of the forces individually and in greater detail. Today we’re taking a closer look at the supplier power. (more…)
Competitive Rivalry: What’s the Situation for Your Business?
Tuesday, April 11th, 2017
Michael Porter developed his Five Forces framework as an associate professor at the Harvard School of Business in 1979 as a way to help evaluate the attractiveness of different industries based on the primary five forces he saw driving the competitive environment of those industries. We’ve covered the framework generally, and now we’re looking at each individual force. Today we look at competitive rivalry. (more…)
Your Buyers Have Power: Maybe More Than You Think!
Wednesday, April 5th, 2017
In 1979, Michael Porter, an associate professor at Harvard Business School, developed what would become known as Porter’s Five Forces, a framework intended as a tool for determining the attractiveness of certain industries based on the level of competition within those industries. The five forces — threat of new entrants, threat of substitutes, supplier power, buyer power and competitive rivalry — collectively determine the degree of competitiveness within an industry. We’ve written about the framework as a whole. Now we’re looking at each force in depth. Today, we look at buyer power. (more…)
Identifying Product/Service Substitutes That Could Compete For Your Market
Tuesday, March 21st, 2017
Michael Porter revolutionized the world of business strategy when he developed his Five Forces framework, which evaluates the competitiveness — and resulting attractiveness — of an industry based on five competitive forces. We’ve discussed the framework previously, but now we’re taking a more in-depth look at each individual force. Today, we’re looking at the threat of substitutes. (more…)
Yes! You DO Have Competitors!
Tuesday, May 6th, 2014Every once in a while, we work with a client who believes that they do not have any competition–they are unique or their product is so exceptional that there is just nothing that competes. Those client conversations are always just a little bit awkward because, in reality, every organization of any size has competition of one form or another. Even an organization that is introducing a truly unique and innovative new product will deal with “indirect competition” (literally, “any other alternative” to what they have to offer). Acknowledging competition can be tough, but it’s a critical step in determining how to best “position” and sell what it is that you have to offer.
One way to think about this is to ask yourself the question: (more…)
Key Messages: Connecting With and Compelling Your Audience to Action
Tuesday, November 12th, 2013One of my favorite parts of the “creative process” isn’t what most people consider “creative” at all — it’s the process of spending time to research and understand my situation, my target audience and my competition. To most this seems like drudge-work. To me it’s like being the detective in a mystery novel. The more I can (more…)
How to Generate Leads With a Limited Marketing Budget
Thursday, February 21st, 2013In our technology-driven world, the good news for marketers is that lead generation does not have to take a huge investment. Traditional media still have a place, but the Internet and social media make it more cost-effective than ever to raise awareness, generate leads and ultimately create sales.
The process of lead generation is the same as it ever was, but (more…)
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