Do You Know Your Competitor’s Secrets?
Right now, as you read this, there are companies vying for your customers money. These competitors are knocking on doors, they are adapting to the market and they are taking revenue out of your pockets.
In this Moment of Clarity, I show you how you can gain the upper hand.
Most people are familiar with the work of Sun Tzu, the renowned Chinese military strategist from around 500BC.
Sun Tzu writes “If you are ignorant of both your enemy and yourself, then you are a fool and certain to be defeated in every battle. If you know yourself, but not your enemy, for every battle won, you will suffer a loss. If you know your enemy and yourself, you will win every battle.”
This was true in Sun Tzu’s day and it couldn’t be more relevant to business now.
To be successful, businesses will need to deal with customers, suppliers, employees, and many others.
In almost all cases there will also be other organizations offering similar products to similar customers. These other organizations are competitors. And their objective is the same as yours – to grow, make money and succeed.
Effectively, the businesses are at war – fighting to gain the same resources and territory: the customer. And just like in war, it is necessary to understand the enemy:
- How he thinks;
- His strengths and weaknesses;
- Where he is vulnerable;
- Where he can be attacked;
- Where the risk of attack is too great;
- and so many more
And like in war, your competitors have secrets that can mean the difference between profit and loss and in some cases, growth or bankruptcy for your business. It is crucial that you know as many of these secrets as possible.
Monitoring your competitors, you can exploit their weaknesses, predict their next moves and counter their advance on your customers.
[lower third: Information vs. Intelligence]
It’s not enough to collect information about your competitors. This information must be filtered and analyzed to become intelligence.
Only when information is transformed into intelligence does it become actionable.