What if I told you that the optimal competing strategy is no competition at all? Well there is a secret ingredient to an optimal competing strategy that most businesses miss out on all the time.
Winston Churchill was quoted as saying, “it is always wise to look ahead, but difficult to look further than you can see” and therein lies the problem. If we as business owners cannot conceive what we cannot see it will be virtually impossible to realize and uncontested market space.
What we know for certain is that we are living in a time of uncertainty. That defining how your business will run in two, five or ten years is challenging. That today’s business owner is operating on survival mode even with a thriving business because things are changing so rapidly.
But there are trends that are evident and easy to foretell in your industry if you are paying attention to that movement. You not only want to be alert to your industry trends but equally alert to what’s happening in other industries that can impact your business adversely or constructively. Knowing this will be catalyst in reposition you.
Starbucks began as a local single store in Seattle. It was a narrow storefront that offered the world’s finest fresh-roasted whole coffee bean coffee. This is much like most small businesses.
Where it get’s interesting is when Howard Schultz, travels to Italy where he became enamored with the idea of Italian coffee bars and the courtship of the coffee experience. It was this experience that had him envision this Italian coffee house experience to the U.S.
Schultz set out to make coffee and experience and by doing so created a company that was distinct and disparate from any other coffee company. The coffee experience that he created was a merger of taste and ambiance. He created an environment for socialization, meeting, along with class.
How did Schultz know that people would want this? His coffee and tea cup prices were at least double what a regular cup of coffee and roll would cost at your local 7-Eleven on your way to work in the morning. What he did was cater to the needs of his client. He created a social environment that did not require alcohol and was catered to the middle-class Generation X and Y. He envisioned a need and he addressed it.
Although there isn’t a crystal ball that can predict your industry’s future there are recognizable trends that can lead you to become a thought leader. This is the only way to progress from surviving to thriving.
Anticipating movement and understanding the direction in which your industry may go is where the secret resides. Continuous vigilance of industry trends is the key to seizing opportunities that your industry market is unaware. The optimal competing strategy is posturing for an uncontested market space. Have you considered what your competing strategy will be?
Your partner in success,