Find New Business in New Spaces
“In any market, no matter how strong the competition, the opportunity exists to attack competitor Lock-ins and introduce a new Success Formula which can grow. . .
“Now, in this soft economy, the tendency is to focus on what you always did. But it is during this kind of economy that weaknesses in competitors become more apparent. Opportunities to change competition can become clearer. Customers are more willing to try alternative solutions, giving new competitors a better chance of success. Suppliers are willing to take greater risks to develop new business, making new business launch easier.”
- Adam Hartung, The Phoenix Principle
Adam Hartung wrote an great piece this week about how FOX overtook CNN, in a market created by CNN, 24 hour news. And then, the story continues with how MSNBC rose as a competitor to them both.
The principles he exposes will work for your firm:
1. Look into the future and imagine / predict what your market will look like.
2. Obsessively study the competition. What are their weaknesses and what can you copy from them?
3. Be disruptive. What can you do differently to take advantage of gaps you see?
4. Use White Space to be creative and willing to try out new ideas and discard the ones that don’t work.
Read the entire article here to see how these firms succeeded. And then figure out how you can do this for your own firm. Do it now. There’s no better time!
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