This week's Brainzooming posts are dedicated to one of my favorite all-time players, Wee Willie Keeler. You'll learn more about him Wednesday, but the reason he's a favorite is because of his famous strategic quote: when asked about his hitting approach, he replied, "I hit 'em where they ain't."
It would have been interesting to sit inside Kodak in the years leading up to the emergence & explosion of this capability to see if cell phones were ever considered as competitive threats. I suspect they weren’t, especially since a Kodak exec I saw presenting at a Frost & Sullivan conference in early 2007 couldn’t get beyond his focus on printing things. There wasn’t much recognition of alternative means of communicating and transmitting images and the impact on Kodak.
The scary implication for any business is that not all future (or even current) competitors will “look” like your company. Cell phones don’t look like cameras, and the images that they produce aren’t too conducive to printing. Yet, for capturing & sharing images, they’re a lot more functional than a traditional camera (or even an electronic one).
How can you begin to assess and project the nature of future competitive threats. Beyond cursory exploratory market research techniques, here are several questions to consider:
- What benefits does your company deliver? If you didn’t deliver them, who else currently would / could deliver them?
- What if your company never existed – how would customers satisfy their needs?
- What if your industry never existed – what alternatives might develop to satisfy needs?
- Who are the niche players in your markets today that could grow in prominence? How might they be defining your business for you right now?
We used the first benefits-oriented set of strategic questions at a Kansas City Business Marketing Association in looking at how Apple had disrupted other markets, yet could be disrupted itself. The strategy exercise interestingly yielded Microsoft, Garmin, YouTube, and Louis Vuitton as all potential competitors to deliver the same benefits Apple does. That's quite a wide-ranging list!
This type of strategy work is challenging and highly speculative. But it pays to consider, anticipate, and prepare for as many competitive possibilities as you can imagine. – Mike Brown
The Brainzooming Group helps make smart organizations more successful by rapidly expanding their strategic options and creating innovative plans they can efficiently implement. Email us at firstname.lastname@example.org or call us at 816-509-5320 to learn how we can help you develop a stronger competitor profile and create business building strategies to target big competitors more successfully.