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INSIGHTS & JOY
A business newsletter with Pizzazz! "We help leaders become better marketersusing a holistic business approach!"
If you focus all of your attention on a few
direct competitors, you are likely to miss important sources of future
competition. If your competitive intelligence system is
out-of-date, scattered, or too narrowly focused, it is time to
recognize the situation and take corrective action. Such a system must
collect, analyze, and feed back a wide range of competitive
information to leaders and the field people. The system does not have to
be complicated. In this age of e-mail, fax, and net meetings, it should be
considered sinful to be caught without current competitive
intelligence!
Feel free to forward Insights & Joy to friends and associates Subscribe directly by e-mail to rpmorgan@morganmarketingsolutions.com and writing "subscribe" in the subject box. Check our web site for $ Million Marketing Tips, Insights & Joy Archive, and our Article Library! www.morganmarketingsolutions.com Updated!IN THIS ISSUE ►Do you suffer from 'competitive myopia? ►Smiles make the day! ►$ Million Marketing Tip ►Amazing facts...
Do you suffer from competitive myopia? Leaders, in fact entire companies, may suffer from what I term 'competitive myopia'. In such cases, there is a general lack of understanding and foresight when it comes to competitors. Most organization leaders can quickly name their closest competitors, yet they are hard-pressed to produce much current, in-depth information about them. Competitive catalogs, price lists, news releases, public financial records, etc. are not readily available to decision-makers or the sales team. Additionally, competitive information may be scattered within multiple departments, with no central point of coordination and analysis. Where firms have good information on direct competitors, there still may be gaping voids. Organizations tend to largely overlook indirect competition from substitutes, offshore sources, newer technology, and other even more potent competition from buyer apathy, buyer cynicism, or changing customer needs. It is not uncommon for a company to focus on one or two of its most obvious competitors, matching prices or products, but overlook attacks by foreign suppliers. Makers of VCR's competed fiercely between themselves, but the major competition turned out to be the more modern DVD technology! General Motors and Ford duked it out for years, yet both yielded market share to foreign vehicle manufacturers like Honda, Nissan, and Toyota. A narrow view of competition is usually a mistake. Think, instead, about the direct and the indirect competitors you face. A major indirect competitor is often the potential buyer deciding to do nothing. Management consultants face apathy, confusion, and indecision more often than they face other consultants! Blue Cross and Aetna compete for health insurance business, but higher costs have a significant group of buyers opting to remain uninsured. Other companies who used to specialize in auto and casualty insurance now offer life and health plans. The Internet spawned numerous small, direct-to-client insurance carriers and mortgage lenders who eliminate agents and offer cut-rate deals. Banks are now in the securities business, and securities firms offer some banking services! Investment specialists now compete with CPAs who have acquired securities and insurance licenses to augment their accounting services. If you focus all of your attention on a few direct competitors, you are likely to miss important sources of future competition. If your competitive intelligence system is out-of-date, scattered, or too narrowly focused, it is time to recognize the situation and take corrective action. Such a system must collect, analyze, and feed back a wide range of competitive information to leaders and the field people. The system does not have to be complicated. In this age of e-mail, fax, and net meetings, it should be considered sinful to be caught without current competitive intelligence! I have a very simple system for operating the competitive intelligence function. It worked well for me at a $100 million nationwide manufacturing firm facing stiff competition. A first step is for the organization's leadership to recognize that competitive market information and competitor intelligence is a vital and continuous need if the organization is to operate effectively over the long haul. Second, a company officer should be charged with the task of creating or remodeling, and operating the system for accumulating, analyzing, and disseminating accurate, up-to-date intelligence.
Smiles make the day! ► Happiness is a place somewhere between too much and too little! ► Happiness consists of living each day as if it were the first day of your honeymoon and the last day of your vacation! ► Happiness is a home-brewed elixir. ► It's a pity that happiness isn't as easy to find as trouble. ► It isn't your position that makes you happy or unhappy. It's your disposition. ► Happiness is discovering that the slip of paper under your windshield wiper is just an advertisement! ► Remember, everybody you know can make you happy, some by arriving and some by leaving. ► High-octane happiness is a blend of gratitude, service, friendship, and contentment! ► Happiness is like a potato salad - when shared with others, it's a picnic. ► Just because the Declaration of Independence says everyone is entitled to the pursuit of happiness, it doesn't mean the government should finance the chase!
$ Million Marketing Tip
Amazing facts! ● Vanilla is used to make chocolate. ● 46% of Americans say they are being "left behind by technology;" of these, 16% "don't care." ● Police say that burglars usually go straight to the master bedroom for loot. ● Children learn an average of ten new words each day between the ages of two and five. ● Please don't drool! Your mouth manufactures a quart of saliva each day. ● There is no rice in rice paper. ● Mosquitoes hate citronella oil because it irritates their tiny feet! Ah ha...whap!
P.S. ● Wants to develop a more productive marketing program, or ● Needs help building and implementing an effective operational business plan, I would appreciate the opportunity to discuss the situation with you. Our ideal client is a business owner or CEO between 30 and 60 years old. Usually with a financial, engineering, or production background. Who is often impatient, and interested in improving company performance. Comes alive when you ask, "How's business?" He, or she, is practical but also enjoys the finer things in life. So, you may see my ideal client driving a Lexus or SUV to Neiman Marcus...and to Sam's Club. Who do you know that fits this description?
To unsubscribe, e-mail to rpmorgan@morganmarketingsolutions.com and write "unsubscribe" in the subject box.©2004 Morgan Marketing Solutions, Inc. All rights reserved. Other distribution permitted with proper attribution.
Richard P. Morgan CMC Telephone 972.931.7993 fax 972.931.0542 www.morganmarketingsolutions.com ******************************************************************************************** "We help leaders become better marketers using a holistic business approach!" ******************************************************************************************** CMC (Certified Management Consultant) is a mark awarded by the Institute of Management Consultants USA, and represents evidence of the highest standards of consulting and adherence to the ethical canons of the profession. Less than 1% of all consultants have achieved this level of performance and dedication. For more information go to: www.imcusa.org
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