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.

2. Know your competition

  • Target then win their key 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, Air BnB 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 about perception, collaborate with others to ensure you can deliver – develop 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 respect and security.

Charlie Pidcock