7 Tactics to Put in Motion to Sustain Your Market Position
A competitive advantage is hard enough to create; it’s even more difficult to keep.
It’s inevitable. Once you carve out your uniqueness in the market, the “competitive hordes” see it and copy what they like.
Everyone loves benchmarking the best, so once you step out and lead the pack, expect others to dissect what you’ve done and pick out their favourite morsel.
There is no preventing this. It’s one of the few things in business that CAN be predicted with certainty.
Once you’re “done” your work, it’s not over. You have to keep your feet moving.
You need to put in motion actions that will sustain your market position - these 7 tactics will help:
1. Monitor the execution of your strategy monthly. Be obsessed with your performance. Dig into the revenue numbers. If you fall short, determine EXACTLY why. And then take immediate action to resolve (and monitor that).
2. Assess the value you provide. Is your value proposition still relevant? Are you continuing to address a real compelling need your target customer group has expressed?
Many companies have died by becoming complacent and assuming they continue to be relevant. They see margins decline and see it as a cost problem. It rarely is. It’s a revenue problem. They slash and burn their organization but spend no time assessing relevance. They often cut out service and marketing capabilities that are sorely needed to rebound.
3. Create a strong social media presence to monitor what people are saying. Act immediately on any concerns raised over your performance.
4. Test your competitive claim with both customers and employees. Successful organizations have a clear statement of how they are different than their competitors. They answer the question “Why should I buy from YOU and not your competition?” in a compelling way.
Your positioning statement must meet the test of “Is it relevant?” (does it continue to address the high priority needs of the target group) and “Is it true?” (do you actually do what you claim?).
5. Stay close to your main competitors. Their actions in the market are useful in assessing if there are actions you need to take to sustain your momentum. Look for any activity they have had with your customers.
6. Continue to bear down on delivering memorable experiences for your customers. Competitive advantage is more about how people FEEL about you than the cleverness of your product.
“Emotional” experiences produce unforgettable memories which translate into your customers never wanting the exit door to find someone better.
7. Review your marketing plans and programs to ensure you are moving inexorably to “ME” and away from flogging to the masses. A focus on the individual drives you to create unique solutions for them personally. Catering to the masses dilutes your customer attention rate and your brand; heroes for people earns the right to do business with them for a long time.
Keep the move to “ME” going!
NBA Player Carl Landry Demonstrates the Value of Persistence in Life and Work
Written by: Jon Sabes
When you meet Carl Landry, stand-out college basketball player and nine-year NBA player, you imagine that becoming a professional basketball star was a straight forward run for the 6-foot-nine-inch power forward.
However, when you go deeper into Carl’s background, becoming a NBA professional was less than certain and little came easily to the 33-year-old from Milwaukee:
- He was cut from his high school team as a freshman and averaged less than ten points a game when he did play as a senior.
- He started his college career not at Purdue, but a junior college where it was not clear he would play.
- When he finally got to Purdue, he tore his ACL in his knee his first year and reinjured it the next year.
- While his family held a party for him the night of the NBA draft, he slept in the Philadelphia airport after missing a flight following a workout for the 76ers.
- In the NBA playoffs, Carl had a tooth knocked out, but came back in the same game to make a game-winning blocked shot as the Rockets beat the Utah Jazz 94-92.
Landry, who I interviewed on my podcast, Innovating Life with Jon Sabes (www.jonsabes.com), is a remarkable example of the value of “persistence.” In a time where technology creates the image that anything is possible at the touch of a button, persistence is an under-appreciated trait. When I spoke with Carl, I clearly saw someone for whom success has only come through a force of will that made him a NBA player, but it also made him a better player every year he played. That’s the kind of personality that has produced greatness in business as well as sports.
Carl was, in fact, drafted that night he spent in the airport. The Seattle Supersonics chose him as the 31st overall pick and then traded him to the Houston Rockets where he rode the bench for much of the first half of the season. When All-Star teammate Yao Ming was injured, he stepped in and played a key role in the Rockets astonishing 22-game winning streak (the third longest streak in NBA history). And, that season, after sitting on the bench for 33 of the first 36 games, he was named to the All-Rookie second team.
Carl was the first in his family to go to college. “I told myself that this was my ticket out, so I did everything I possibly could to be the best person in school and also on the court,” he said.
His family life in Milwaukee showed him what he didn’t want to do. “Just being honest with you, seeing some my cousins, peers, they went to work for jobs paying six, seven dollars an hour or they didn’t go to work at all and then living off welfare. I didn’t want that.”
When he was first injured, he had to contemplate the end of a career before it even got started. “When you have an ACL tear, it’s over…no more basketball,” he told me. “I said, God, give me health again and I’ll do everything I can to leave it all out on the line and be a successful individual.”
On my podcast, Carl pointed out another interesting lesson he learned in the NBA: Not doing things just to fit in.
“Fitting in was easy,” he said. “Doing everything that everybody else does was easy. If I stood out in some type of way, I’m going to have different results. I’m going to have stand-out results.”
That’s called the “Law of Contrast” and it produces that exact effect of changing the outcomes that everyone else is experiencing. Carl is smart, he recognized that differences make a difference, and doing whatever it takes is what is required to make real, meaningful differences.
Every off-season for the last 11 years, he has run a camp for kids in Milwaukee where he tells youth his story of hard work and persistence. “I always tell the kids to apply themselves and always be persistent,” he said. “If you dream, apply yourself and be persistent. With hard work, man, the sky’s the limit.”
When Carl says the sky’s the limit he means it. He is smart to recognize that it’s important to dream big, because if we don’t – we may be selling ourselves short. “You have to dream bigger than your mind could ever imagine,” he said. “I wanted a nice house. I wanted a nice car. I said, and I got all of that. So, what do I do, do I stop now? Maybe I didn’t dream big enough.” That’s a big statement coming from a kid who grew up to be the first in his family to graduate college and go on to be not only a top NBA basketball start, but a good businessman, father and someone who gives back to the community.
I’m convinced that in whatever he takes on as a basketball player or in his post-hoops career, Carl Landry is not going to stop getting better at whatever he does, and in the process of doing so, make the world a better place.
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