Who is Your Competition?
Recently I was a participant in a conversation / brainstorming session and someone else proclaimed, “If your competition is doing it, you have to do it too.” While my teeth slowly came down on my tongue I thought, “My Gawd, NO! Me-too isn’t a viable strategy. Follow the blind leading the blind? No way man. Where you should be is where your Guests expect you to be.” However, that does raise the question: Who is your competition?
Back story: In the 90’s I owned an (offline) retail store that sold music (i.e., vinyl records and CDs), as well as clothing and some other things. The “prevailing wisdom” back then was that other businesses similar to Planet X (the name of the store) were the competition. In retrospect that perception was off-target. The competition was not my music retail peers as much as it was the other interests of my customers. For example, video games. When someone spent $50 on a video game then chances were good they didn’t have that $50 to spend on music (or clothing). The competition wasn’t another store in the next town but that the customer believe the best value for his/her buck was something other than what we offered.
Here are two articles that touch upon the new ideal of competition:
With the internet that effect gets magnified, obviously. Pardon me to stating the obvious but at any given moment you are just a click away from losing the attention of your customers to someone or something else. Your competition is now everywhere, 24/7. Obviously, you can not—and should not—be everywhere. In addition, the people (i.e., The Guests) you are trying to reach have a finite amount of time and a finite amount of attention. The possibilities are endless. The answer is to redefine what competition means in decade two of the 21st century.
Here are the new rules for the new game:
- Step 1: Abandon the myths of the 20th century, especially those that were never true to begin with.
- Step 2: Think like your Guests. What are their expectations? What does their ideal experience look/feel like? Obsess over that, not the illusion of individual competitors.
- Step 3: Spend some time in the mirror asking why and when you are your biggest enemy (read: competition). How are you preventing you from identifying and delivering the ideal experience?
- Step 4: Repeat.
Ready? Set? Go!