Who Is Your Competitor--Think Far and Wide

By Julie Hein, General Manager

My husband stays home with our daughters.  So, that opportunity cost of lost income is the competition for the solid surface countertop store. Fill in many categories of lost revenue that we would spend if he worked outside the house:  vacation, auto, restaurants/take-out, house cleaning.  We had a choice between devoted-dad (high quality child care) and pretty counter tops.  We picked the expensive childcare.  The value was there for us.  Just like someone who buys a pool for their backyard—that might cut into their new HDTV budget.  Or buying gasoline at $3/gallon cuts into the Happy Meal budget.  In order to go on a great vacation, you drive your car one more year.  You get the picture. 

Your competitors aren’t just the obvious ones.  Your thoughts, efforts and marketing can’t all be directed toward reacting to the jerk who stole your best employee last year and runs a huge sale every July.  Look at what your potential customers are doing.  How can you best help them?  Do you need to throw out old models and systems?  Be sure you know exactly what game you’re playing—and who all the real threats are.  Think big as you consider what your customer needs from you.  Figure out the value you provide and all the true reasons that they buy from everyone in your industry and the ones that they buy from you specifically.