With a new year around the corner, it is a time when some reassessment of your position could be in order.
If competitors are consistently beating you, how much revenue have you lost?
How much has easily avoided strategic and tactical mistakes cost your company over the past 12-24 months?
If you could step around those mistakes and shut out your competition, what would that be worth?
Get to know your competitors and disruptors very well.
These questions may offer some direction:
- How do they plan to compete with you the future and how committed are they to achieving their declared strategic objectives? Are they capable of doing what they want to do?
- How does their management team think and act? Can they become disruptors or are they tired and reactive?
- What is their vision? What do they tell the press or their people about their plans?
- Do their objectives get in the way of your company?
- What options are open to you for dealing with an ever changing competitive environment, an emergence of new “more powerful” rival or the transform of technology?
- Where do they compete with you? In what segment and which clients and how do they differentiate themselves and their offerings?
What makes your competitors the choice of some of your customers?
- What, in the eyes of your customers, differentiates “them” from “you”?
- What do their financials look like? How do your competitors make money and profits?
- Do they make their profits from having created better products and services?
- How much cash do they have?
- Can they react to impacts that you might make in the marketplace?
- How much funding have they raised to date? When was it raised? Why and have they used it well?
- What are their future intentions? Not an easy question to answer, but it should be one of the most important questions that you try to answer.
- Could they be acquired or are they looking to buy?
- What could they do to achieve growth?
- In the next three years, which segments will your competitors be targeting?