business competitors

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You have all heard that “Customer is King.” However, Once upon a time, in India, there was a company called Pal Automobiles which used to make Fiat cars (I think under license with Fiat). Later the same car was branded as Padmini. At one point of time, there were only three car brands in India – Padmini, Ambassador and Standard. Padmini used to sell at a huge premium. There was a waiting list of nearly 5-6 years. The Padmini brand was a premium brand.

Today, the company, the brand and the car does not exist anymore. Why? Well most of you will come up with numerous reasons for failure of Padmini car including old technology, customer dissatisfaction, ineffective marketing strategy, high price, ineffective top management and poor quality. But none of these are the reasons why the company and the brand failed. I am sure you are astonished and maybe perplexed. You must be thinking that you have listed out probably all the reasons why products fail and still not hit bull’s eye.

In order to explain to you the reason behind the failure of the company and brand, let me add a twist to this scenario by stating that I can bring Padmini car to its original glory, that is, you will have to wait for years to get the car as well as pay a premium for it. I will do this by not changing anything with respect to Padmini Car’s quality, price, production technique, positioning, advertising and strategy. I will not even visit the company’s offices or manufacturing facility. However, for me to achieve this, I will take just one action.

I know what you must be thinking. This guy is crazy. I hate to disappoint you but I think I am quite sane.

The one action that I will take to bring back Padmini car to its original glory is that I will remove all the competition that came later. After I have removed all the competitors who came later, you will have just three brands of cars to choose from, that is, Ambassador, Padmini and Standard. Just like before, with only three brands to choose from, don’t you think we will be back to a market situation where we will again start paying premium for a poor quality car? We, as customers, will have no choice. If we want to buy a car, we will have to choose from one of the three brands available.

I am sure you must be thinking, this guy is really crazy. How can we remove competition? You are right as well as wrong. You are wrong because I still claim that I am not crazy. You are right because I agree that we cannot remove competition. To bring out the importance of competition, I had no choice but to find an interesting way to get your attention and at the same time highlight the importance of competition to your business as well as for your success in your professional career.

Padmini car failed not because its customers one day decided that enough is enough and that we will not buy a poor quality car and pay premium for the same. At this time, customers were not the proverbial “Kings.” At that point of time, they were beggars. They had no choice but to buy any one of the three models offered by the manufacturers at that time. Customer was certainly not the “King,” Customers became more powerful once other car manufacturers like Maruti, Daewoo, Ford, General Motors, Hyundai entered the Indian car market and offered better options to the customer. Now with a host of new car models available, customers could truly exercise their power. After the competition gave more choices to the customer, customer truly became the “King.” He exercised his right to not to buy the Padmini car because better quality cars were now available. So you can see that it was the competition that brought about the failure of Padmini cars by making better choices available. Customer was not the “king” before the competition arrived. He became the “King” after the competition arrived and gave choices to the customer to exercise his power as a customer.

Same thing happened to Cielo car when it was introduced in India by Daewoo Motors. It was the first luxury premium car introduced in India and it was a success. If I remember right, Daewoo Motors was selling nearly 1000 cars a month. At this time there was no competition. However, as soon as Ford, General Motors and Honda introduced their models in the same segment as Cielo, Cielo also disappeared. Extending my crazy thought process to this example, that is, removing the competition that came after Cielo, would result in Cielo selling again in similar numbers and even more.

Competition is what makes the customer “king.” Competition is what makes your life as an entrepreneur and professional executive hell. But we do not give competition the importance it deserves while formulating our strategies.

It is surprising that most marketing books never talked about competition in the way that they should have. The marketing book that I had to go through while I did my MBA at the University of Illinois in 1987 did not even have a chapter on competition. At that time, I don’t think any marketing book had a chapter on competition. Now I believe Philip Kotler’s book on marketing has a chapter on competition.

I hope that you now believe that it is the competition that makes our life difficult and gives us sleepless nights. So when you are looking for solutions to your business problems, think of the competition.

Your clients and prospects have access to more information and choices today than ever before. The number of small businesses increases daily, and competition can be tough. In the past, competition may have been similar companies in your part of town; now many small businesses must compete with others around the globe. Positioning your company can provide the competitive edge you need to outshine the competition.

Appropriately positioning your business enables you to communicate a meaningful, relevant message to clients and prospects and establishes you as an “expert” in your field. First, you must know and understand your market as well as the competition, their strengths and their focus. Then you can determine the most profitable place to position your business in relation to others in that market.

Domino’s Pizza provides a classic example of this. They’ve positioned themselves to focus on one thing: fast delivery. They don’t claim to cook up gourmet pizza, or a romantic dine-in experience. Just fast delivery — and it works! They have cornered this position in their market.

If you’re a florist and your number-one competitor is known for its bargain bouquets, you may want to target discriminating gift givers and position yourself as the shop that delivers the freshest, longest-lasting arrangements that recipients will enjoy for a week or more.

The Positioning Statement

Writing a Positioning Statement for your company is a precursor to branding the business. It will determine what you emphasize in your marketing materials. To help you create a company Positioning Statement, answer the questions below, or revisit your USP (unique selling proposition).

o What do we do best?

o Who is our target customer?

o What needs do we fulfill for them?

o Who is our competition?

o What makes us different from them?

A USP is a distinct and engaging statement that sets you and your business or practice apart from all the rest, by describing the unique value you offer. It tells your prospects, “This is why you should do business with us.” You must clearly understand your market, your competitors and what they do well; and what truly differentiates you and your company from the competition.

Fun Exercises to Help You Establish Your USP

Set an afternoon aside and invite everyone involved in your business to a brainstorming session. Together, compile a list of every value and benefit your company offers that would entice someone to do business with you. Make it a really long list! Then, put a line through everything on the list that could also be said about your competitors. What remains are the unique qualities of your company. Use this as a starting place to create your USP.

If you’re in business on your own, take pen and paper and write a one- or two-paragraph description of what sets you and your company apart from the competition. Then, ruthlessly edit away the generalities, until you’re left with a clean, succinct, specific promise. From there, rework it, deleting all the excess verbiage and vague statements until you have a clearly defined Unique Selling Proposition that your client and prospects can immediately grasp.

Warning: Be absolutely sure that you are able to deliver on any promise you make. If your USP tells clients that you have “A complete range of widgets in stock at all times,” and a customer calls to find that their preferred widget must be ordered and won’t be shipped for a week, your USP has created a negative relationship.

Now, from your answers to the questions above and your USP, write out a Positioning Statement that expresses your company’s specific place in the market.

With a clear Positioning Statement, you’re ready to brand your business and make it stand out from the crowd!

A good business turnaround requires you to stabilize your environment; without this step, your business will likely remain unprofitable. Maintaining both a positive cash balance and abiding by a smart budget is vital.

Maintain a Positive Cash Balance
The best way to maintain a positive cash balance is by spending no more than what you start with at the beginning of the week. In other words, if you start the week with $10,000 and collect an additional $5,000 by the Friday of that week, then you should not spend more than the original $10,000. This budget will keep your company alive as you will not have negative equity after the week ends. Managing your cash is the single most important facet of building a stable environment.

Budgets and Forecasts
Following a smart budget is absolutely integral to a good business turnaround, but there are other methods used to build a stable environment. A good business knows how to make proper forecasts. You must be able to estimate sales by talking to customers about anticipated future transactions. You should evaluate your staffing, inventory and supply orders to ensure they are worth your investment. A good business turnaround also depends on your looking for inventory that is not on the books or otherwise hidden in your business.

Evaluate the Competition
In stabilizing one’s environment, which again is absolutely essential to a strong business turnaround, you must look at similar businesses that you can model after or even purchase should it be in your best interests. Not only should you monitor your weaker competitors, but your sales team must also look into the possibility of wooing their best business partners, customers, and even employees, if there is an advantage in doing so.

So, a good business turnaround may depend on your ability to recognize an opportunity to acquire other, less healthy competitors should it be economically advisable. Having a strong client base and weak competition are two ingredients for creating a stable environment, and in doing so you will establish a positive cash balance. Otherwise, your business may face the kind of serious debt from which it is impossible to recover.

Monitor your Staff
There are other means of forming a stable environment within your company. You must closely monitor your staff and ensure they are doing their job. If, for example, you have a controller who is inefficient or careless with cash management, you need to respond. A controller is supposed to control the cash, and must share some of the responsibility for an unstable environment.

Business turnarounds are only as effective as the people who utilize it. If you want your company to succeed, you must be prepared to let go of individuals who either are not doing their job or doing it poorly. You must also maintain good communication with your employees on a regular basis. This builds trust and loyalty- assets that will strengthen and unify your company culture.

Positive cash management involves every facet of your business. To achieve a business turnaround, it is essential to take into account your budget and spending, as well have accurate forecasts to work with. Your knowledge of your competitors and good staff management also contribute to your ability to create positive cash flow.

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