One of the very best ways to grow your business
is by getting closer to your customers & prospects. They know
what they want to buy. They know what they need. The trick is helping
YOU better understand what they want & need. Our
collective brilliance model is the ultimate way to do this.
It can also unleash the innovations from your own team and leverage the brilliance at work at your competitors to help your business grow.
OBJECTIVE BUSINESS REVIEW YIELDS GROWTH RECOMMENDATIONS THAT WOW
Whether your business is growing quickly or trending in the wrong
direction it is always a good exercise to seek out objective business
reviews from skilled business consultants like ours. Such reviews
done by unbiased minds- not restricted to the collective view & warped
by internal (team-rallying) spin- will almost always yield fresh
observations to help you grow your business.
Company insiders are less capable of sharing fully objective views- especially
when they may conflict with how the company image is positioned
or how company leadership subjectively portrays the business. Either
often & easily leads to "focus on the positives" mandates... to a fault.
If your house is on fire, do you really want your staff reassuring
you about how nice your yard looks? Corporate politics, emotions
like fear, motivational rah-rah and so on all conspire to drive
such growth-limiting, cost-saving or efficiency-gaining actions. Insiders may be reluctant to risk pointing
out weaknesses (fires) or opportunities (for growth) which caps
your potential... exactly the opposite of what you need from accessible talent & expertise.
That's why your
business would be well served to utilize objective outsiders like
BI who have no insider baggage or bias, who are not influenced by
politics, nor even know how the company spins itself to its employees.
If your house has some fires popping up we'll see right past your
beautiful landscaping. More importantly, we'll point out those fires so
something can be done about them... NOW. We'll even recommend how best to
put those fires out. Similarly, if there are untapped growth opportunities (and there are always untapped opportunities),
we'll bring them to the top so you can give them real
consideration… today… when you need them.
Example: Competitor Analysis Can Fuel Your Business Growth
There are many well-proven facets to doing this kind of project well. We reveal all in an engagement. As a sample to help you recognize the value of this kind of service, we'll share a little detail in just one of them- quality competition research- and how it can help you rapidly grow your business...
One of the best ways to quickly gain some strategic and tactical
advantages in the marketplace is to thoroughly analyze your competitors
and absorb their better ideas & tactics into your own
arsenal. This is often most valuable to a business that
has not done formal & OBJECTIVE competitive analysis for some
time. Why? Because there is usually an abundance of lucrative
ideas to be identified and implemented. One of the most basic tenets
of marketing is "know thy competition." Quality competitive
analysis is a building block for gaining & maintaining a competitive
One of the most valuable outputs of our collective
brilliance marketing research model is a summary of key competitor advantages.
Unlike ideas or observations sourced to internal guts or intuition,
these concepts are all in play at competitors more like you than
not, competing within your industry and in your space. Because
those competitors own some share of your target market(s), they
must be doing something better than you. Embracing some
of their advantages is key to helping you take more of that share
from them. By determining which of those tactics contribute something
to their success (something we do for you) and then adding them to your own offerings,
you should be able nullify their advantage and thus bite into
a share of the market that flows to them. This is the ultimate
reward of good competitive analysis: increased sales from
low-risk changes (already completely proven to work by your competitors).
Due to corporate ego, crisis cultures, lack of sufficient strategic
planning, etc, many companies don't maintain a diligent focus on
competitive analysis. They tend to discover their competitor's next
big thing long after it has proven successful for that competitor.
Usually, it is revealed when a frustrated company is exploring the
causes of wrong-way trends... as a reactive explanation in answer
to questions about why the competitor seems to be taking business
that was typically bread & butter customers. Discovering their
new, effective tactic months or years after your competition has implemented
it is the most painful way to conduct competitive analysis. It's
like identifying a fire long after it has thoroughly
damaged your home.
purpose of this facet of an objective business review is to proactively absorb
the positive differentiating advantages/ideas/concepts/tactics/etc.
being employed by your competitors as early as possible- a metaphorical
smoke detector- so that you can resolve a potentially expensive scenario
long before it has a chance to do much damage and/or bite into a share of the market that usually flows to your competition.
Grow to Record Levels by Checking the Corporate Ego
The typical first reaction to competitive analysis findings is to
summarily dismiss most- or even all- of them. Because they are different
(or because "we did not think of them ourselves") can sometimes
make the company deem all of them bad ideas. We always encourage
clients to check their corporate egos by not summarily dismissing
all differing concepts. Instead, recognize that most of them cannot
be bad ideas if competitors are using them as part of their efforts
to earn a larger slice of the same pie. Successful competitors deserve
your respect: if all of their differing tactics are losers
why are they still in business?
Another classic excuse typically involves a sentence like "we
tried that before and it didn't work." The key is recognizing
that whatever idea is being rejected here appears to
be working at the competitor company(s). Rather than being too quick
to dismiss it, perhaps it simply needs to be tried (again) in a different
way than previously attempted? In this situation, BI maps out exactly how
it is implemented at the other company as completely as possible
so that you can better understand their method of implementation.
This can help you adopt a proven tactic for yourself in a way that
your competition has already fleshed out and refined. Maybe your
prior crack at something similar was just lacking in some way? Often meaningful progress at anything takes more than a single try at it.
Accepting any differing ideas means your company will need to change.
Sometimes the fear of change motivates some to pass false judgment
to avoid change. When there are many ideas- as is often the case
when a company hasn't conducted objective competitive analysis for a good
period of time- the fear of change can motivate even more along
this line of thinking. As a leader, you will need to focus your team
on the bigger picture (usually growth) which almost universally requires
change. And we can help you introduce a number of potential changes in a more palatable sequence rather than all at once.
The only time an analysis of the competition has nothing to offer
is when the competitor is out of business. As long as a competitor
can earn the business of clients that could have done business with
you, they must be doing something better than you or something different
than you to win that business. Either way, competitive analysis is
fundamentally about uncovering their advantages and then mitigating
them in the marketplace.
We believe utilizing this analysis is the
next best thing to actually tapping the cumulative brilliance of
the minds at work for your competitors. Like your own staff, they have very bright, experienced
people working hard for them too... and those knowledgeable brains
almost certainly have devised, tested and implemented ideas that
have proven effective in capturing valuable share of your target
market(s). Pairing the best of those tactics with your own unique advantages is leveraging the brilliance of your competitor's talented people
to help your own business grow. And you don't even have to pay them for their (sometimes big) contributions!
Other Well-Proven Facets of Quality Business Reviews & Analysis
Competitive analysis is just one facet of this kind of project.
Another is customer & prospect analysis- going directly to the
source of your revenues to gain insights into how to win more business
from them. Still others include reviews of all customer touch points:
an end-to-end look at your sales model, product quality, lead sourcing,
etc. The cumulative effect is uncovering as many impact observations
as possible to help grow your business. BI provides specific
observations AND actionable recommendations on how to best address
them. You get an itemized list of problems & potential problems
with proactive ways to resolve them along with a list of opportunities and
how you can best take advantage of them.
Wanting to sell your company soon? An objective review can take
the form of looking at it from a buyers perspective... a kind of
practice run. Charge BI with the role of faux-buyer to gain insights
into where real prospects will focus attention to help establish
the price or price range they're willing to pay. This dry run can
help you adapt and better
prepare for entering into a genuine selling scenario. Knowing where
buyers will focus their attention gives you the opportunity
to evolve those areas so you can wow the real buyers to come. It's
a smart way to increase your multiple.
Wanting to buy a company? Buying
a company is a great way to rapidly grow your sales. You might
buy to eliminate a competitor, gain share and/or diversify into
a new market or business. A start-up minded entrepreneur can reduce
their risk by buying an established business and building upon
it rather than having to assemble everything from scratch. You
absolutely need objective and very thorough business review services
when considering such an acquisition. Our expertise could help
you do it right.
Again, it is a rare corporate environment that facilities an objective
review by internal staff that can be on par with what can be offered
by external resources like BI. Mitigating bias, spin, emotions, etc,
is key to doing this kind of project to its fullest, which is why
tapping outside expertise tends to yield the most objective views.
We would love to help you see your company and opportunities with
newfound clarity. Contact us for a free consultation.