The economy is growing, so logically there are more people doing business. More competition is still competition (even if it’s bad competition) — you end up distracted by figments instead of attracted to substance.
In this new year, on this day of “manifesting the best” in each of us, we should each focus on revelations that make us better. Today’s topic is competition.
This isn’t a B-school SWOT analysis or a social media storyboard. It’s a fundamental shift in your approach. Buzzwords like schema, perception, analysis are great only when you take these small details and incorporate them into large game-changing practice. See the trend about you and your application of knowledge rather than checkboxes or scorecards.
It’s day six of the new year (the fourth business day), and here are the four things you should have already done this week:
- Make sure you understand the industry tomorrow. There are direct, indirect and substitute types of competitors, but that’s only looking at what exists today. Don’t look at the gorilla in your sector; instead, look at the tiger cubs. There are resources focused on VC recipients and patent registrations - use them. Don't be shocked when a truck you didn’t see overtakes market leaders. Look beyond the easy answers (like Silicon Valley players falling to hype) to those with a hunger to get ahead (like Syrian girls in new industries).
- Learn how language is shifting, both at companies and by consumers. Though you may read a lot, if you aren’t in the trenches at some point on a regular basis you will lose your communication edge. Don’t leave it to an agency to tell you what keywords matter! You should be defining the topics that will resonate in the market that position your brand as the solution. Trends don’t matter in and of themselves; trending topics occur because there are people looking for solutions to problems.
- The Internet of Things is still a function of human design. The electronic web is still fueled for growth by people making decisions. While cars may drive themselves, they are not free from human monitoring, programming or intervention. Design is attractive and what draws business. Consumers may be irrational, but if you figure out a new way to use the box or build a better mousetrap, connecting via the internet remains a tool for consumers rather than a limited decision tool. Figure out how you use what you know in the next 18 months.
- Scope and scale are critical to success. Like the introductory paragraph notes, your business isn’t competing with everything; it’s only taking on those organizations which you identify as worthy of effort. Typically, this is the big pitfall of new managers and established leaders — emotional decisions to protect turf override common sense. This isn’t saying ignore a “gut feeling.” Don’t confuse an ocean with loyal customers’ purchasing habits; know who you are before you pick fights with insignificant non-competitors.
It was 2016 when we were reminded to understand who you are before you decided where you are going. As you finish with the fourth business day of the new year, if you haven’t truthfully considered your strengths and direction, complete a cram session this weekend so you don’t miss out on next week’s deliverables.
The next few weeks of articles will address core topics for improvements to focus time efficiently and sort through the noise — stay tuned for more ways to improve the things in your world.
Heather M. Hilliard is Principal and Chief Strategist for R. Roan Enterprises, LLC, a professional services consulting firm supporting businesses in pointed areas of expertise as well as with individuals for targeted projects or career development. For more articles like these, visit her posts on LinkedIn or on G+.
#seizetheday, #makeithappen
