Do You Understand Your Competition?

Every basketball game begins with extreme anticipation– two players in an airborne showdown, attempting to get that prized first possession of the ball. For all basketball fans, the season of anticipation begins in late February and beginning of March– March Madness. However, for any executive, that season of anticipation is all year round… Competition isn’t simply reserved for the month of March, and your studying or awareness of them shouldn’t be reserved for any singular quarter. Every team can learn things from their competition, and ultimately, competition is good for a business. Competition can push you to grow and strengthen, as well as think outside of the box in order to pull ahead. The corporate graveyard is full of fallen giants who grew complacent and took their eyes off the competitive landscape. No one should get too comfortable.

Are you properly utilizing and assessing your competition to win? Here are some ways you can turn a competitive force into a useful and motivating tool for you and your team. 

1. Find out what they do “better” than you. Each team functions differently, and each team has different strengths. Whether you are laps ahead of them, or just behind them, it is more than likely that they are doing at least one thing better than you. How can you emulate it? 
2. Have they fixed problems you currently have?  If you are in the same industry or business, it’s almost a given that you’ve run into the same problems. Some teams are more efficient than others in minimizing weakness or errors, so be sure to study how they tackle their problems, because that could be the very solution you need!
3. What is it about your team that allows you to “beat” them? Understanding your own strengths is just as important as pinpointing their weaknesses. A proper competitive analysis should always begin with your team’s strengths and how that has propelled you towards success. 
4. Admitting Your Weaknesses–How can they “beat” you? Second, attempting to understand where and why you might be “losing” some aspects of the race is equally as important. Where are you falling behind, and how will you get ahead? Understanding and admitting your own weaknesses is pivotal in any competition, and noticing how they can turn it into a strength can help you to correct this. Admitting weakness is really a positive thing; turning that weakness into a strength is how you win the game. 

Whether it is an intense game of basketball or price skimming, understanding your competition and the role another company plays in your own success is key. Winning is not simply about beating another team, but rather understanding your own better than another executive. Enjoy the season of anticipation, but more so, emulate this all year long!

Happy March Madness, and may the odds be ever in your favor.