Here are common ways that Competitors defeat and severely harm companies. I suspect that some of these will resonate with you.
- Stronger brand reputation: a high percentage of buying relies on the perception of brand. Several reasons for this: “keep up with the Jones’s”, risk mitigation (knowing what you are getting) and a belief that it enhances the buyer’s brand and ability to compete
- More & Better Marketing: the companies putting out the right message and with greater frequency often garner a disproportionate share of the business
- Stronger Relationships with Centers of Influence: closely aligned with having a stronger brand & superior marketing, competitors often align themselves with industry thought leaders, media and trusted centers of influence who directly and indirectly promote them
- Superior sales: it’s almost a cliché to say that the majority of even outstanding technical companies underinvest in quality sales people and follow best practice processes.
- Superior Customer Experience: if the incumbent doesn’t have a really strong relationship with the buyer, watch out!
- Complete vs. partial solution: companies who sell some but not all of what Buyers want suffer because of a buyer’s preference for integration and convenience.
- Superior solution: if they have “must have” features and/or benefits and you don’t, they win. Bells and whistles are less of a problem but if you are missing an important feature, you will have a much tougher time.
- Ease of Switching: if it’s convenient, affordable and easy to switch, smart competitors will figure out a way to make switching a smart decision
Grade your Company A=Excellent, B= Good, C= Average and D= not good enough on each of these factors. Ready to proactively mitigate these risks? That’s where a smart Plan comes in.