6 Steps to Beat the Competition | David Friedman | Lunch & Learn
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6 Steps to Beat the Competition | David Friedman | Lunch & Learn
- 1. 6 Steps to Beat the Competition David Friedman C-Level Partners Feb 17, 2017 Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 2. The Road to Profitable Growth If you see a fork in the road, take it. Yogi Berra If you don’t know where you are going, any road will get you there. Lewis Carroll I can't change the direction of the wind, but I can adjust my sails to always reach my destination. Jimmy Dean The Correct Answer: Marketing strategy aligns with business strategy to take the right road Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 3. It is said that if you know your enemies and know yourself, you will not be imperiled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you will be imperiled in every single battle. Sun Tzu- The Art of War Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 4. What Do These Names Have in Common? • Digital Equipment Corporation • Wang • Motorola • Nokia • Myspace • Macy’s • Kohl's Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 5. Two Stories • RCA – Vacuum Tubes • Blockbuster – RedBox or Netflix? Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 6. Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 7. 3 C’s for Positioning Customer/Market CompetenciesCompetition Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 8. Positioning in the Market Customer/Market CompetitionCompetencies Where to focus An Example: We provide videopix services to millennials using a technology that keeps pictures on the net for only a short period of time. Unlike Instagram and other video services which make a permanent record, our pixframe service images disappear within 30 seconds after being seen. So go ahead with your belly shots! Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 9. Customer Research Can Tell You… • How your customer service is perceived by your customers • What particular areas can you improve • What new products or features your customers want • How customers perceive your advantages or USP • Who are the most loyal customers • Who are the prototypical customers • Why customers buy from you, and your competitors • How your brand is perceived • How well your front line is maintaining your brand • What type of communications is most effective in reaching your customers • Which media is most effective • What market segments are the most critical • What is important from a customer view and how well does your company perform in those dimensions Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 10. 1. Recognize That There Is Competition • Direct – Chrome vs IE • Indirect – GoGo vs sleep vs eating • New Entrants – Google vs GM vs Apple – Motorola/Nokia vs Apple – Netflix vs Blockbuster Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 11. A Clear Picture of the Market • Who buys your product or service? • What do they look like? • Where do you find them? • How do you get to them? • What is the message you use to get them to know you and buy from you? – What is the message that will help them recommend your products to others? Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 12. 2. Know the Competition • Mystery shopping – Fred Racioppi Cement Shoe Company of Central NJ • LinkedIn profiles, interviews, bios of executives • 10K, SEC Filings • Industry Analysts • Suppliers Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 13. Competitive Analysis Tools • SWOT • Red Team/ Black Team • Side by Side Matrix / Quad Maps • Google Alerts • Spider Diagrams Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 14. 3. Know Thyself • Undercover Boss • Walk in the shoes of the front line – Hyatt, ATT • Skip Level Meetings with Front Line • Side by Side Matrix with Quad Maps • SWOT • Customer, Distributor, New Product Panels – Living Lab • Spider diagrams Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 15. Mystery Shopping • Purpose – Understand how your company and competitors interface with customers – See how your brand is represented • Use – Normally B2C, retail, service companies, restaurants • How – Conducted by sales, marketing or outside agency – Could have executives conduct the mystery shopping, e.g. like Undercover Boss – Role playing and a script to conduct the exercise • Benefits – Improves understanding of front line – Provides comparison of customer experience from company and competitor view – Encourages communications and frank dialog – Provides opportunities for feedback to front line and customer service people as issues occur • Landmines – Could introduce customer bias if company reps conduct mystery shopping or if the mystery shopper is discovered – Using a third party, could prevent bias but you don’t get the perspective and experience if as when you are the mystery shopper – Need to have a clear script that is replicable so results are meaningful Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 16. Survey Tools • Survey Monkey (www.surveymonkey.com) – Simple short surveys online – Good selection of templates – Via email/direct mail – Inexpensive • QuestionPro (www.questionpro.com) – Online survey – Can “buy” additional people/segments to survey – Excellent selection of templates – Can do complex surveys e.g. Side by Side – Good analytics Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 17. QUAD MAPPING + I m p o r t a n c e + PERFORMANCE avg, avg Proprietary and Confidential. Not to be shared without express permission of David Friedman CorrectLeverage Ignore/Reduce Watch
- 18. 4. Know What Makes You Different • Salt, Rice, Chicken • Strategic Control Points • PPT – People, Process, Technology Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 19. Product and Service Model From Christian Gronroos, Service Marketing Management Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 20. 5. Develop Your Plans • Written plan – Strategy: Brand, Product, Operational – Tactics: • PPT • RACI Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 21. Putting It All Together Higher+ Importance Emphasize Correct Lower- Watch Ignore Performance Insight/options Competitive attributes/USP Market research, user panels Customer sat, quad maps SEO Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 22. Market Target, Message and Tactics Who Buys What they look like How they buy Who is the competition What messages Strategy Tactics Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 23. Business Model Canvas Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 24. Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 25. 6. Monitor, Measure, Modify • Business Battle Rhythm • Metrics – Average revenue per sale – Cost per sale – Total Sales, ROMI/ROI, Win/Loss Ratio • Post Mortems • Balanced Scorecard • Deep Dives Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 26. Summary • Recognize that competition exists • Know the competition • Know thyself • Understand how to differentiate • Develop and execute the plan • Measure, monitor, modify Proprietary and Confidential. Not to be shared without express permission of David Friedman
- 27. Contact information David Friedman C-Level Partners TechCoastAngels dfriedman@clevelpartners.net 949 4394503 www.celevelpartners.net www.streetsavvymarketing.wordpress.com Proprietary and Confidential. Not to be shared without express permission of David Friedman
Editor's Notes
- Once we define the market, you have to develop the right marketing program and positioning. So I wanted to share this with you. This is a construct we use in defining the landscape of the competitive environment. I wont get into the details- that is the subject of a different talk.
- So, you need a clear view of the market to apply your positioning and message. These are the questions you want to address and get the answers.
- Here’s a cheatsheet and tool to use as you look at the market. Because once you define the target you have to do something with it- like develop the plan and execute it.
- How do you find the target customer. What is the difference in the different terms we4 use in marketing; universe, total addressable market, segmented market, supported market, relevant market, etc. \\ Frankly, it doesn’t matter. What does matter is that we know who the perfect customer is and how to position the product.