Do you have a competitive advantage that other competitors in this particular market can’t copy?
Does your company have value propositions that really deliver value?
(‘Value’ meaning value to customers).
Can those value propositions be easily explained, easily understood and easily applied?
Is this market less saturated and less expensive for your company to compete in?
Can your company be the best option for customers in this market…by a long shot?
Why are you the best option for these customers?
(Hint: ‘the best option’ is from the customers’ perspective, not your organization’s.)
Can you fill a gap in this market that customers are willing to pay for?
(There is a big difference between a cool idea and a customer willing to pay you money.)
Can you sell products or services at a lower cost of customer acquisition?
Are customers more profitable in this market?
(Don’t forget that profitability, from this perspective, is tightly tethered to being the best option for customers.)
…this isn’t the best market for your organization to compete in.
Maybe competing in a slightly different way, in a slightly different market eliminates much of the competition, making it less expensive to compete.
Maybe a slight shift suddenly gives you the upper hand over the competition.
Maybe a slight shift gives you pricing power.
Maybe a slight change in where you compete and how you play the game makes all the difference in profitability and sustainability for the organization.
This is applied market strategy. This is what we do.