6 steps to beat the competition

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6 Steps to Beat the Competition David Friedman C-Level Partners Feb 17, 2017 Proprietary and Confidential. Not to be shared without express permission of David Friedman

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Page 1: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

6 Steps to Beat the Competition

David FriedmanC-Level Partners

Feb 17, 2017

Page 2: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

The Road to Profitable Growth

If you see a fork in the road, take it.

Yogi Berra

If you don’t know where you are going, any road will get you there. Lewis Carroll

I can't change the direction of the wind, but I can adjust my sails to always reach my destination.

Jimmy Dean

The Correct Answer:

Strategy and supporting tactics enable executives to take the right road

Page 3: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Page 4: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you

will be imperiled in every single battle. Sun Tzu- The Art of War

Page 5: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

What Do These Names Have in Common?

• Digital Equipment Corporation• Wang• Motorola• Nokia• Myspace

• Macy’s • Kohl's

Page 6: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Two Stories

• RCA– Vacuum Tubes

• Blockbuster– RedBox or Netflix?

Page 7: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

3 C’s for Positioning

Customer/Market

CompetenciesCompetition

Page 8: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Positioning in the Market

Customer/Market

CompetitionCompetencies

Where to focus

An Example: We provide videopix services to millennials using a technology that keeps pictures on the net for only a short period of time. Unlike Instagram and other video services which make a permanent record, our pixframe service images disappear within 30 seconds after being seen. So go ahead with your belly shots!

Page 9: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Customer Research Can Tell You…• How your customer service is perceived by your customers• What particular areas can you improve• What new products or features your customers want• How customers perceive your advantages or USP• Who are the most loyal customers• Who are the prototypical customers• Why customers buy from you, and your competitors• How your brand is perceived• How well your front line is maintaining your brand• What type of communications is most effective in reaching your customers• Which media is most effective• What market segments are the most critical• What is important from a customer view and how well does your company

perform in those dimensions

Page 10: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

1. Recognize That There Is Competition

• Direct– Chrome vs IE

• Indirect– GoGo vs sleep vs eating

• New Entrants– Google vs GM vs Apple– Motorola/Nokia vs Apple– Netflix vs Blockbuster

Page 11: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

A Clear Picture of the Market

• Who buys your product or service?• What do they look like?• Where do you find them?• How do you get to them?• What is the message you use to get them to

know you and buy from you?– What is the message that will help them

recommend your products to others?

Page 12: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

2. Know the Competition

• Mystery shopping– Fred Racioppi Cement Shoe Company of Central NJ

• LinkedIn profiles, interviews, bios of executives

• 10K, SEC Filings• Industry Analysts• Suppliers

Page 13: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Competitive Analysis Tools• SWOT• Red Team/ Black Team• Side by Side Matrix / Quad Maps• Google Alerts• Spider Diagrams

Page 14: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

3. Know Thyself

• Undercover Boss• Walk in the shoes of the front line– Hyatt, ATT

• Skip Level Meetings with Front Line• Side by Side Matrix with Quad Maps• SWOT• Customer, Distributor, New Product Panels– Living Lab

• Spider diagrams

Page 15: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Survey Tools• Survey Monkey (www.surveymonkey.com) – Simple short surveys online– Good selection of templates– Via email/direct mail– Inexpensive

• QuestionPro (www.questionpro.com) – Online survey– Can “buy” additional people/segments to survey– Excellent selection of templates– Can do complex surveys e.g. Side by Side– Good analytics

Page 16: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

QUAD MAPPING

+

Importance

+PERFORMANCE

avg, avg

CorrectLeverage

Ignore/Reduce Watch

Page 17: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

4. Know What Makes You Different

• Salt, Rice, Chicken• Strategic Control Points• PPT– People, Process, Technology

Page 18: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Product and Service Model

From Christian Gronroos, Service Marketing Management

Page 19: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

5. Develop Your Plans

• Written plan – Strategy: Brand, Product, Operational– Tactics: • PPT• RACI

Page 20: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Putting It All Together

Insight/options

Competitive attributes/USP

Market research, user panels

Customer sat, quad maps

SEO

Page 21: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Market Target, Message and Tactics

Who Buys What they look like How they buy Who is the competition What messages Strategy Tactics

Page 22: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Business Model Canvas

Page 23: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Page 24: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

6. Monitor, Measure, Modify

• Business Battle Rhythm• Metrics– Average revenue per sale– Cost per sale– Total Sales, ROMI/ROI, Win/Loss Ratio

• Post Mortems• Balanced Scorecard• Deep Dives

Page 25: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Summary

• Recognize that competition exists• Know the competition• Know thyself• Understand how to differentiate• Develop and execute the plan• Measure, monitor, modify

Page 26: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Contact information

David FriedmanC-Level [email protected] 949 4394503www.celevelpartners.netwww.streetsavvymarketing.wordpress.com

Page 27: 6 Steps to Beat the Competition

Proprietary and Confidential. Not to be shared without express permission of David Friedman

Mystery Shopping• Purpose

– Understand how your company and competitors interface with customers– See how your brand is represented

• Use– Normally B2C, retail, service companies, restaurants

• How– Conducted by sales, marketing or outside agency– Could have executives conduct the mystery shopping, e.g. like Undercover Boss– Role playing and a script to conduct the exercise

• Benefits– Improves understanding of front line– Provides comparison of customer experience from company and competitor view– Encourages communications and frank dialog– Provides opportunities for feedback to front line and customer service people as issues occur

• Landmines– Could introduce customer bias if company reps conduct mystery shopping or if the mystery shopper is

discovered– Using a third party, could prevent bias but you don’t get the perspective and experience if as when you are

the mystery shopper– Need to have a clear script that is replicable so results are meaningful