Research competitor strategies to help crack your own.
The biggest gap for some leaders isn’t knowing what their competitors are doing today.
It’s what they’re planning to do next.
Don’t let that be your blind spot.
While you’re mapping how your business is going to take advantage of likely industry shifts and trends and tech—remember that your competitors are all doing the same, right alongside you.
So make anticipation your strategic superpower.
As you’re envisioning the ways your company’s capabilities might intersect with future possibilities—do the same for theirs.
Given the resources your competitors could leverage, and their strengths, weaknesses, perceptions and performance—what direction are they probably planning? What new products, markets, partnerships could they be considering? If they executed those, what would that mean for you?
And sure, your picture will be incomplete. Naturally. But research and some educated guesses will take you further than you think.
Factoring in the competition, in a meaningful way, might seem obvious. Yet you’d be surprised at how many companies fall short here!
Invest a little. It may deliver a long-term edge.