Go Deeper than Your Competitors in stagnant market conditions
Written for CEO Magazine. August 2016. Click through the yellow link below
What can you do to build business intimacy with your current and future customers in stagnant market conditions?
The major challenge, in my view, is how to win and sustain the prize of higher profit ratios, clear market leadership and greater share of customers’ wallets when demand conditions are unambiguously stagnant at low growth levels.
Refresh your view
You must start with a refreshed view of the racetrack, the market climate and headwinds, your own fitness, the competitors’ strengths and weaknesses, the landscape through to the finish line and the prize.
That will demand a renewed focus on switching customer share to you using deeper segmentation and customer experience development tools and insights.
The deeper you go, the better you’ll understand opportunity. Those new segments that are viable, should deliver new opportunities to grow your customer portfolio profit-mix potential when others are still taking macro stances towards markets.