Understanding your Competitive Performance
Understanding your Competitive Performance can be used as a differentiator as well as a enabler for growth.
Analysing where our business sits compared with our competitors (order losing, parity, advantage, superior) across the six categories of Quality, Cost, Delivery, Agility, Tech & Innovation and Customer Experience is an excellent way of highlighting where you need to focus.
If you’re sure your competitors are doing something better than you, you need to respond and make some changes. It could be anything from improving customer service, assessing your prices and updating your products, to driving process capability and performance.
Exploit the gaps you’ve identified. These may be in your product range or service, marketing or distribution, even the way you recruit and retain employees.
Customer Experience reputation can often provide the difference between businesses that operate in a very competitive market. Renew your efforts in these areas to exploit the deficiencies you’ve discovered, listen to the Voice of the Customer.
But don’t be complacent about your current strengths. Your current offerings may still need improving and your competitors may also be assessing you. They may adopt and enhance your good ideas.
Don’t stand still!