Knowledge Is Power

May 2012 EastSight InSight

Try to set up a win/loss project for your organization. You already know customers are wonderful sources of information; including lost deals will add critical information to how you are perceived in the marketplace. Many of these projects flounder on the politics between sales and corporate. Salespeople believe that they own the customer and are extremely sensitive to any interaction that does not go through them. Include them in any win/loss project development plans and structure it to benefit the salesperson as well as marketing and product development.

April 2012 EastSight InSight

Most US companies have December year ends so all the financial information should be available now. Listen to any broadcasts on rivals’ websites, read their annual reports for marketing and strategy information, review the SEC filings for the financial statements and the footnotes, and search for any related articles discussing the results from last year and the competitors’ plans for 2012. You should be able to put together a compelling picture of their likely actions this year.

March 2012 EastSight InSight

Low interest rates have encouraged companies to invest in capital goods such as more efficient equipment for plants. If you are checking signals for competitive capacity expansions such as employment ads or building permits, add equipment orders to the mix or you might miss advance warning of a competitive move.

February 2012 EastSight InSight

Are you looking beyond your traditional competitors to watch for new emerging rivals to avoid being blindsided by a new entrant in your marketplace? Scan secondary literature periodically for announcements of potentially substitute products. Call a few salespeople to ask what they are hearing from customers. Check with marketing staff who attend trade shows to find out what information that they picked up on new competitors, in addition, of course, to the information that they gathered on existing rivals.

January 2012 EastSight InSight

Selling more to an existing customer is much more profitable than acquiring a new customer. Leverage your existing relationship to take business from competitors piece by piece in your accounts. Delight your customers to create a very high barrier against your competitors.

December 2011 EastSight InSight

Many organizations work with multiple vendors as they believe that competition will help them obtain concessions. Take time this holiday season to show your appreciation to your customers for their business and strengthen your relationship with them. A recent study of two large competitors in a service market showed the value of good relationships. The customers of one competitor made comments like, “We like them.” The firms that worked with the rival were lukewarm about their service provider. If you wanted to gain market share, which competitor would you attack?

EastSight InSight

Are you using software tailored specifically for CI or adopting general application software to CI? Review your software tools to see if more effective tools are available or if you should upgrade your applications for collection, analysis, or dissemination of CI.

November 2011 EastSight InSight

Have you reviewed your pricing vs. the value perceived by customers and vs. the price/performance offered by competitors? If not, starting analyzing your pricing now to implement in 2012. Be selective and consider decreases as well as increases to provide the best alternative in multiple categories.

EastSight InSight

Do a personality analysis of the executives at your competitors. Starting with a history of their actions in previous positions helps predict future actions, but understanding why they choose certain actions adds significantly to your ability to predict their moves.

EastSight InSight

Each industry can have only one lowest-priced supplier. Is it you? If yes, then examine every facet of your organization to insure you have the lowest costs in the industry. If not, examine your value-add to be sure it is reflected in your messages to your customers and in your pricing.