What Is Your Business’s Competitive Strategy?

in #business5 years ago

This is the strategy by which you strive to differentiate yourself from your competitors. I have outlined three competitive strategies below.

Customer Intimacy-with this strategy you go flat out to keep very close contact with the customers. In this way, you will be trying to have a much higher level of knowledge of the customers’ needs than your competitors. This works well if the target market is well-defined. For the most part, you will want your customers to enjoy each and every encounter and transaction they have with you. If you opt for this strategy, you will need to make considerable investments in customer research, relationship management systems, and service delivery systems.

Product Differentiation-with this strategy, you will seek to have a product or service that stands out from the ones offered by the competition. In other words, this will be a product or service that is so attractive such that it sells itself to a considerable extent. With this strategy, you will need to invest in research and development and product innovation.

Price or Lowest Cost- with this strategy, you will be seeking to offer the lowest price on the market. With this strategy, you will need to develop robust cost control methods and invest in automation so as to achieve economies of scale.

However, it has to be noted that in reality, if you choose to adopt any of the above strategies, you cannot completely ignore the other two. For example, if you adopt the customer intimacy approach, the products or services you sell still have to achieve a certain threshold of quality and you will also need to be sensible about your pricing.

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