Why focus on competitive advantage
Prioritizing resources to attain goals
Ivan attended an international youth camp organized by a global organization of business and professional leaders. The camp activities built his self-confidence and inspired him to think of becoming a successful business leader.
As a gift of appreciation, he designed a free training program on, “Ethical Conduct & Customer Satisfaction” which he offered free to all members of the organization worldwide.
The global outreach of the organization inspired Ivan to start a web based digital marketing agency with the message, “Deliver a different experience and reach a wider customer base”. The free training program got him publicity which helped him build a huge customer base for his business.
This is a situation where a strategy emerged from a pattern of activity as Ivan’s pursuit of giving back to the organization lead naturally to the building of a network of contacts. Many of these contacts recommended prospects to him or became customers.
Being Different Has Competitive Advantage
Being different in a highly competitive market can set you apart and create a bigger market for what you offer.
Ivan’s reaction to the youth camp experience went beyond the usual thank you letter that many camp goers had written. Ivan’s sea of contacts from his free training program gave him an advantage many young entrepreneurs do not have. Ivan also realized that by delivering something different he had entered into unchartered deep waters where there is much less competition.
Strategic Goals And Asset Allocation
Ivan also worked within the constraints of his limited resources. This is a skill all competitive leaders need to have. The ability to make the best with what you have requires planning and asset allocation skills that maximise on advantages.
Ivan started his business online because it was cheaper than opening a brick and mortar store. Additionally, a digital presence enabled him to serve a wider market.
Strategy requires asking, “What are you trying to accomplish with your business”. Strategy involves shaping the future with action that achieves desired outcomes.
Maximum Utilization For Maximum Gain
Your business has finite resources and you should utilize what you have for maximum gain over the competition. Within the framework of your strategy you should deploy tactics that either enable you to out-perform your competitors or get around your competitors to reach customers who are not being served.
A soda pop company decided to view all drinks manufacturers as their competitors. They placed vending machines in grocery stores, restaurants, work places, gyms and gas stations to get a bigger slice of the wider drinks market. This made them a leading seller of soda pop drinks.
A coffee shop chain on the other had carved out a distinctly new open sea of customers by serving dark roast expresso with milk. They distinguished themselves from potential competitors who served filtered coffee.
The soda pop company and the coffee shop chain are examples of different tactics utilized to get maximum gain from available resources to achieve a competitive advantage.
A major factor that you should consider in your strategic plan for maximum gain is the utilization of technology, innovation and creative “outside the box” thinking needed to remain competitive.
Being different and keeping cost down in operations and marketing will increasingly be more important. This requires regular consultation with outside advisers to prevent your business from becoming obsolete.
Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth
Click For Link To:
BUSINESS SERVICES
CENTRE FOR EXCELLENCE
BUSINESS EXCHANGE MALL CONNECTIONS
Do share this article on social media and with those interested
Prioritizing resources to attain goals
Ivan attended an international youth camp organized by a global organization of business and professional leaders. The camp activities built his self-confidence and inspired him to think of becoming a successful business leader.
As a gift of appreciation, he designed a free training program on, “Ethical Conduct & Customer Satisfaction” which he offered free to all members of the organization worldwide.
The global outreach of the organization inspired Ivan to start a web based digital marketing agency with the message, “Deliver a different experience and reach a wider customer base”. The free training program got him publicity which helped him build a huge customer base for his business.
This is a situation where a strategy emerged from a pattern of activity as Ivan’s pursuit of giving back to the organization lead naturally to the building of a network of contacts. Many of these contacts recommended prospects to him or became customers.
Being Different Has Competitive Advantage
Being different in a highly competitive market can set you apart and create a bigger market for what you offer.
Ivan’s reaction to the youth camp experience went beyond the usual thank you letter that many camp goers had written. Ivan’s sea of contacts from his free training program gave him an advantage many young entrepreneurs do not have. Ivan also realized that by delivering something different he had entered into unchartered deep waters where there is much less competition.
Strategic Goals And Asset Allocation
Ivan also worked within the constraints of his limited resources. This is a skill all competitive leaders need to have. The ability to make the best with what you have requires planning and asset allocation skills that maximise on advantages.
Ivan started his business online because it was cheaper than opening a brick and mortar store. Additionally, a digital presence enabled him to serve a wider market.
Strategy requires asking, “What are you trying to accomplish with your business”. Strategy involves shaping the future with action that achieves desired outcomes.
Maximum Utilization For Maximum Gain
Your business has finite resources and you should utilize what you have for maximum gain over the competition. Within the framework of your strategy you should deploy tactics that either enable you to out-perform your competitors or get around your competitors to reach customers who are not being served.
A soda pop company decided to view all drinks manufacturers as their competitors. They placed vending machines in grocery stores, restaurants, work places, gyms and gas stations to get a bigger slice of the wider drinks market. This made them a leading seller of soda pop drinks.
A coffee shop chain on the other had carved out a distinctly new open sea of customers by serving dark roast expresso with milk. They distinguished themselves from potential competitors who served filtered coffee.
The soda pop company and the coffee shop chain are examples of different tactics utilized to get maximum gain from available resources to achieve a competitive advantage.
A major factor that you should consider in your strategic plan for maximum gain is the utilization of technology, innovation and creative “outside the box” thinking needed to remain competitive.
Being different and keeping cost down in operations and marketing will increasingly be more important. This requires regular consultation with outside advisers to prevent your business from becoming obsolete.
Siddha Param
International Business Consultant
Reboot your business plan for sustained high growth
Click For Link To:
BUSINESS SERVICES
CENTRE FOR EXCELLENCE
BUSINESS EXCHANGE MALL CONNECTIONS
Do share this article on social media and with those interested
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