(This is a business case study. It will be used to guide discussions during the session: “How do you compete to win?” at the Vendo Partner Conference in Barcelona on Thursday, September 7th.)
Steven had become obsessed. He was checking competing sites several times a day. He didn’t miss an update. He took in every detail. He analyzed every choice they made.
He was “engrossed.” And he lost focus on other important parts of his life.
After learning as much as he could from the outside he started talks to acquire competitors. The talks went on for months. In the end he decided that it wasn’t worth it to buy them. He would rather out compete them. But how?
Steven knew the value of competition. It motivates him to be better. He wondered if he could be “his own competitor.”
He’s shifted his focus to his own business which is primarily content driven. How can he be better? He’s still aware of competitors. He still has the paranoia – knowing that someone can come out of nowhere and unseat him. But by focusing on content he believes he can win.
There are other components to competition, too. He’s focusing on partnerships. B2B relationships are key. He runs an annual event where he develops these relationships.
He’s developing his brand further, too. He wants everyone looking for what he has to find it within just one click. That means a focus on social media, promotions and other effective marketing and branding channels.
He’s shifting his obsession back to his own business as the best way to compete.
Questions for discussion:
- What is your approach to competition?
- How much do you focus on what competitors are doing?
- How do you adapt your strategy to win in the market?