CEO of How To SaaS | Fractional CMO + Advisory Services for PE and B2B Companies | 📖 Bestselling Author of Post-Acquisition Marketing | 🎙️ Host of the PE Value Creation Podcast
Too many companies obsess over what their competitors are doing, what feature they've released, what their product looks like, how they're doing marketing. Such an obsession inevitably leads to the commoditization of products and businesses, none of which have a real differentiator. What if instead we focused on our customers, what they're telling us and think about how we want to serve them differently? Also, notice how I said differently, not better. Everyone wants to be better than their competition. That's how the obsession with competition begins. In an infinite game, better is irrelevant. Just obsess over serving your customers in your unique way and you'll get farther than you ever have. #marketing
Tested personally, I can only confirm it was a successful mindset shift: the moment we stopped being obsessed by what key competitors were doing and focused on how we could make life easier for our customer, we really created an outstanding proposition and customers just followed. Thanks for the smart insight Shiv Narayanan
100% agree with this. Focusing on your competitors will put you in a never-ending cycle of trying to play catch-up, especially in marketing. Focus on the needs of your customers, find their pain points, the problems they don't even realize they have. Talk to them. Listen. Then help them solve their problems.
I completely agree with this statement but I'd like to move past customer obsession to people obsession. Let's put energy into every stakeholder that we serve, especially employees. Marketing needs to be the heart that sends life to the entire org.
Nice Simon sinek reference. Great post. I agree. At the end of the day the customer chooses, not because you outmanoeuvered but because the product or service has the higher perceived value for its price point
Could not agree more!!!
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Yes, you should focus on customer value instead of focusing on competitors. However, the problem is not differentiation itself but the misguided view companies have on it. Differentiation is not an end in itself - it IS about increasing customer value by doing something different and therefore doing it better. From my experience the competition is an invaluable source of inspiration. I found it much easier to discover what they don't but should have in terms of increasing customer value rather than starting from a blank. I'm talking about things that you don't get from customer feedback, of course.
So insightful
What if the customer mindset is "xx laptop has a backlit keyboard? I shall buy that. But your existing customer tribe has neither complained nor desired backlit keyboards. If other features are same, would a customer not buy backlit version even if it comes at an extra cost? Will this not result in a missed opportunity"? I feel, taking inspiration from the competition is not bad if you VALIDATE before implementing a competitor-inspired feature. Competitors might also be introducing features based on their customer's feedback, so competitor-inspiration might help in scalability and new customer acquisition too as you're leveraging feedbacks of their customer too. Of-course, obsession is bad. Competitor-inspiration without being a pro at your own core-strength might not be that fruitful.
Senior Inside Business Development Manager at Allergan Aesthetics, an Abbvie Company
3yCustomer obssession is always the right way to go.. No one can compete with a business over loyal & satisfied customers.