At SP Home Run, our clients have found the greatest success growing their revenue when they’ve integrated these five essential pillars for growth in their overall strategy and company culture:
In a digital-first world, companies need to be prepared to go up against three different categories of competitors: direct competition, indirect competition, and non-business model competition.
How good of a handle does your company have on its competitive positioning?
And when was the last time you took a really hard look at the competition -- not just your obvious direct competitors? But your indirect competitors? Non-business model competitors?
Basically any legitimate alternative to your company’s core products and services?
All too often companies have a wishful-thinking way of evaluating the competitive landscape. They’ll spend a lot of time fretting about deals that their sales team has lost for one reason or another.
And that kind of win/loss analysis is certainly very important, as is having the kind of entrepreneurial sales leadership that works closely with your product team and company leadership to adapt its core products and services over time to what the market is demanding.
But that kind of competitive analysis is no longer enough. Why?
Today, your sales team is rarely involved in early stage conversations with prospects and clients.
The buyer’s journey today is largely self-propelled, driven by large amounts of searches made and questions asked on search engines and social media channels.
In most industries, by the time your sales team even earns the opportunity to have a real conversation with a potential client, 70% or more of their decision-making process may be over.
So the harsh reality: most companies are only doing a realistic competitive analysis of what’s happening during the final 30% of the buyer’s journey.
As a result, these companies have buried their heads in the sand -- and are completely clueless -- about what their prospects and clients are doing during the first 70% of the buyer’s journey -- during the Awareness and Consideration stages, when there’s an enormous opportunity to position their company and staff as trusted advisors, educators, and subject matter experts.
During these early stages, your team can really make an enormous impact on how your potential clients navigate their buyer’s journey and compare various competitive alternatives to your company.
It’s a thing of beauty when this happens. But it can also get very ugly when it doesn’t.
Frankly most companies, in most industries, have let themselves become extremely vulnerable to being disrupted by their much more aggressive competitors.
To learn more about what full funnel competitive positioning looks like, here’s what we recommend.
If you’re a CEO, president, founder, or owner of a small business in South Florida, and you’re trying to position your company as the premier provider in your industry, differentiate from larger competitors, improve processes, and build trust among your prospects and clients, here are some recommended resources: