Most innovative
solutions born never reached the needy customers successfully due to ignorance
on how to overcome various forms of competition. A decade ago competition was
found only between organizations, they had to mostly compete with quality and
quantity but the route to customer was always unique, it was always unanimously
through distributors and retailers. But today’s online world created
competition even on the route to customers through online retails. This
revolutionary change brings lot of changes in the traditional way of
selling. To add to it, innovation and technology is itself becoming competition
to any business. For example Smart phones, Tablets, Social Media, Cloud were
all trend setting innovations but if you closely watch they are becoming a tool
for competition, making them a compelling business strategy to adapt to stay
relevant in business. No businesses ever thought online or mobile or cloud will
become a separate industry but the reality is they left no choice but to adapt
them for survival.
So the competition here
can be divided into two
- Business
to business competition
- Competition created by adapting to innovation
Business to business
competition:
Mostly business that
offer similar products or service become competition to each other. This
competition can be easily overcome by creating a "unique value
proposition" to customers. Unique Value Proposition can be in any of the
following Quality, Quantity, Benefits and Price.
Quality: Most Technology companies use quality as a
value proposition to customers. Use of Quality materials, expertise skills
and advanced futuristic technology in production.
Example: Apple v/s
Samsung
Quantity: Retail companies use quantity as a value
proposition to customers. Two products at the cost of one (One + One
offer)
For Example: Target v/s
Walmart
Benefits: Mobile companies use benefits as a value
proposition to customers. Google store (or) Microsoft Market place for
applications
For Example:Microsoft
play store v/s Google play store
Price: Most online companies use Price as a value
proposition to customers.
For Example: Online
retails v/s Retails
It is very critical for
any company to understand the competition. Scoring and realizing your own
organization with competition will prepare yourself to overcome competition.
Sales person in every
organization should be made aware the above. One who has the knowledge on the
QQBP analysis win over the competition easily
This exercise will not
only help you to realize your competition but also gives the luxury to choose
your competition
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Customer Reviews and
Market
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Company Name
|
Quality (/5)
|
Quantity
|
Benefits (/5)
|
Price
|
|
Apple i-phone
|
5
|
1
|
4
|
100$
|
|
Competitor-1 Samsung
|
4
|
1
|
4
|
70$
|
|
Competitor-2 Micromax
|
3
|
1
|
4
|
30$
|
