Biz Tips: Don’t let your competition pull the rug from under your feet.

Biz Tips: Don’t let your competition pull the rug from under your feet.

GROWTH:

Don’t let your competition pull the rug from under your feet.

Six key questions decision-makers need to be adaptive to change.

The underlying assumptions that drive our belief and shape corporate culture aren’t always right for growth. The same premises can and will eventually expire. Recognizing this and willing to tackle it is the challenge, which prevents growth.

Most organizations make the mistake of assuming that the past will be the same as the future. Dealing with this isn’t easy, and is a painful process. To wrap your mind around it, think about six fundamental questions:

  1. What is no longer true about the market today compared to a year ago?
  2. Why and where are new competitors in my market getting results?
  3. When are your customers accepting your competitor’s offerings over yours?
  4. How do customers interact and find us now compared with a year ago?
  5. Which new market opportunities are you not taking advantage of?
  6. Who are my new customers?

These six questions cover shifts in, market, competition, consumers, consumption, opportunities, and marketing. These factors can determine, what changes have taken place and their impact. This helps identify and remedy the assumptions being challenged. By doing so, companies can then thinking more clearly about needed changes.

Detecting such patterns on a continuous basis serves as an early warning system for decision-makers. It’s essential to seek broad patterns that have a wide range of coverage. Integrating this exercise as part of your planning processes can help build a culture of awareness and anticipation.

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Don’t let your competition pull the rug from under your feet. was originally published in Marketing And Growth Hacking on Medium, where people are continuing the conversation by highlighting and responding to this story.

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