Avoiding Complacency: Monitoring Your Market and Competitors

Posted by Michael Lindberg on Aug 19, 2018 9:58:04 AM

monitoring your competitors

It's Never Time to Relax

Implementing a strong business model is great but it’s not enough. You need to constantly stay ahead of your competitors to maintain the dominant position in your market.

 

Being agile gives you the ability to take advantage of the opportunities technology and other changes create. So, when you see an opening you should be ready to jump at it because your competitors will see it too. What you need is strategic agility and a flexible business model you constantly challenge. You can do so with ongoing and intelligent monitoring of:

 

  • Your customers
  • Your competitors
  • Your markets
  • New technologies

 

If you monitor in a structured and intelligent way you can outcompete your competitors by:

 

  • Identifying threats and opportunities
  • Anticipating and detecting competitors’ strategic decisions
  • Anticipating and detecting competitive products
  • Anticipating new customer needs
  • Detecting and winning new business opportunities

 

In this way, you will constantly be on the move, never complacent, and always looking out for the next opportunity.

 

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For further insight into innovative business models and how they can be used to achieve growth for your organization why not download our free new whitepaper? Entitled 'Reaching higher than the Alps', the whitepaper takes an in-depth look at how to create growth through a structured process of challenging and innovating your business model, and it's packed with good advice and practical tools based on some of the smartest people in the world within the field of strategy and business development. Please click above to download your free copy.

 

Topics: Business Model Innovation, Strategic Agility