5 Golden Rules of your Competitors

“Competitors push you to achieve more.”

M Cobanli

1) Never Underestimate Them

One of my old bosses taught me about the concept of positive paranoia which is an extremely useful mindset when lining up against someone for a big deal. Put yourself and your team in the frame of mind to really think about a deal you are working on that you know you are up against another business, so much so that your life depends on it. It is a very useful exercise.

2) Know Your Competition

  • Target then win their Customers.
  • Adapt your product or service offer to combat their Cost Structures
  • Ensure Value that minimises their commercial strategy & pricing.
  • Find & exploit their Weaknesses.

3) Act Quickly if you See a Threat

  • Uber owns no vehicles, Airbnb no real estate…
  • Advancements in technology and disruption is everywhere meaning agility and responsiveness to market changes are critical.

4) Size Matters but Make Sure it is not a Disadvantage

  • This is about perception, collaborate with others to ensure you can deliver – double down on relationships and use technology to assist you.

5) Protect your Key People & Information

  • Look after your best people, as Richard Branson says “Train people well enough so they can leave, treat them well enough so they don’t want to”.
  • Information is king and needs to be treated with utmost respect and security.

Charlie Pidcock