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10 November 2013

Neutralizing Competitive Forces {Like a Total Boss}

When I tell people what The Selling Agency accomplishes, they are usually intrigued and interested from the start, but it’s the last phrase that gets some “Oooooohhhhhh”.

The Selling Agency builds Revenue Engines for our clients – fueled by Sales Strategy, Sales Programs, Sales Leadership and Sales Teams.  We focus on Speed to Revenue, Profitability, Scalability and Neutralizing Competitive Forces.

Of course, it helps to deliver that last statement with an impactful High Karate Kick “Kiyah!”  Sounds totally BA, right? Reduce Competition in Business

Well, it is and you are a Rockstar if you can do it and do it consistently in your business.

So, what are Competitive Forces and how do you “neutralize” them?  These influences are generally external and make it difficult to thrive or grow or disrupt consistency in your business.

Here are 5 Competitive Forces that can wreak havoc on your business.  They certainly aren’t the only competitive forces you’ll encounter but here’s some strategic food for thought on minimizing their impact:

Pricing/Commodity Mindset –
Are you fighting the price wars?  How can you add value?  Differentiate?  Educate customers out of the “commodity” mindset?

Costs of Goods or Supplies –
Can you build stronger relationships with suppliers to hold pricing? Are you leveraging GPO’s {Group Purchasing Organizations}?  Can you use Forecasting to better manage inventory?

Labor and Talent –
High turnover or lack of qualified talent holding you back?  Is your culture contributing to the problem?  Can you re-vamp your hiring practices?  What motivates your employees?

Consumer Apathy –
Are you connecting your value to the reality of your consumers?  What are the consequences of not purchasing today?  Can you quantify the results or costs of delaying the purchase?

New Entrants/Competitors –
Do you have a loyalty/rewards program?  Do you practice it consistently?  Are you innovating and putting fresh ideas out to your customers?  Can you specialize to differentiate?  Do you segment your market and customize your messages?  Are there any areas you can collaborate with others vs. compete?

(If you want to get really crazy, read about Porter’s Five Competitive Forces That Shape Strategy)

We can build your “hand to hand combat” strategy if you need help in any one of these areas but in the meantime, 

Keep kickin’ butt!

-sks

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