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Welcome to Innovate Africa With Dotun Adeoye

Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

THE BLOG

Innovate Africa With Dotun Adeoye Every Sunday

Infinite, sustainable growth ideas and examples for strategic thinking executives every Sunday

Strategy 1

3 key strategies to win against your closest competitors

3 Key Strategies to win against your competition are the article’s focus. If you’re a small business owner, you might be spending hours a week worrying about your competition. You might even have a competitor-focused spreadsheet or folder full of ideas and strategies that you’ve tried in the past. But are these efforts bringing in more sales? Or are they just wasting your time? In this article, I’ll explain why it’s essential to focus on the most pressing competitor for your business rather than spreading yourself thin by worrying about every potential threat out there.

Don’t worry about your competitors.

  • Don’t worry about your competitors.
  • Focus on your own business, customers and goals.
  • Focus on your strengths and weaknesses as a company.
  • Take time to get to know the people who work for you so that they feel valued and appreciated for their contributions to the organisation.

Identify the competitor who is your biggest threat.

Considering these 3 key strategies, the first step in winning the war is identifying your most significant threat. This can be a little tricky because you don’t know precisely what they’re going to do or how they will do it. But some clues can help you narrow down the field:

  • Consider their strengths and weaknesses. What does this competitor have that makes them dangerous? Are they more experienced than you are? Do they have better resources at their disposal? How can you overcome those disadvantages through careful planning and execution (more on later)?
  • Look at their tactics–and yours! It’s easy for competitors’ strategies and tactics to become invisible when we focus too much on our plans; however, understanding how other companies operate can give us insight into their intentions and allow us time to prepare accordingly should any surprises arise during an engagement with a said competitor(s). For example: If I know my competitor uses data analytics extensively when making decisions about which products/services offer the best value for money within their industry segmentation scheme, then maybe I should also consider using data analysis techniques before launching into full production mode with my new product line.

Start with a quick analysis of your top 3 competitors.

The first step in winning against your competitors is to identify their strengths and weaknesses, their social media presence and their website. This will allow you to review their product or service offerings, pricing, etc.

It’s essential not just to know who they are but also why they do what they do–and how much money it costs them (and therefore you) when they make decisions like this one: “Let’s add another layer of complexity into our site, so customers have fewer options”. It’s essential not just to know who they are but also why they do what they do–and how much money it costs them

Focus on your most pressing competitor and avoid wasting time on those who aren’t a threat.

It’s essential to focus on your most pressing competitor and avoid wasting time on those who aren’t a threat.

To help you do this, we recommend analysing your competitors. This will allow you to identify which company will most likely overtake your business in revenue or market share over the next few years. Once you’ve recognised this competitor, consider why they are doing better than others in their industry and how they have achieved success (for example: by targeting specific niches). You can then use this information as inspiration for making improvements to your offering so that it better serves customers’ needs–and gives them no reason whatsoever not to buy from someone else instead!

Bottom Line

The point here is to focus on your most pressing competitor and avoid wasting time on those who aren’t a threat. You can strategise accordingly if you can identify the competitor who poses the biggest threat to your business.

Who am I?

I am Dotun Adeoye, a Business Growth Strategist & Author

I’ve built up my experience via serial entrepreneurship, consulting leadership roles in business growth, business development and product innovation in large companies worldwide in the last 30 years.

Today, I consult with large businesses on how to sustainably grow their businesses, sustain infinite growth, and ensure business continuity irrespective of the business climate.

Hire Dotun Adeoye to Speak Virtually or In – Person at your company’s event to cover this or other topics. You can also get in touch via +44 203 097 1718 or dotun at dotunadeoye.com

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Innovate Africa

With Dotun Adeoye

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 Teaching business leaders how to grow their businesses & leave their legacy.