One example is container security. A multi billion dollar business. Some companies provide locks and security, some providing tracking and tracing. One company claims to be the only one doing both. That doesn’t mean there is no competition – far from it, there is an abundance as all the players in security or tracking have a share of the pie.
The problem is magnified when products are commoditised by professional buyers.
We’ve seen how the fallout of the ash cloud has negatively affected airlines but delivered massive revenue for ferries, trains and hire car companies. Granted, it’s a difficult thing to plan for, but companies and tourist boards in the UK will now all be putting extra effort into promoting their offering to a larger number of people now likely to stay in the UK this summer.
This topical example demonstrates the importance of thinking outside the box when it comes to considering your competition – and factoring threats into your business planning.
Thinking outside the box is not the easiest thing to do. We all get tunnel vision but it is critical to keep an eye on what is going on in the market.
Today’s challenge: Set yourself fifteen minutes today to research broader competition using Google. Whether you are in packaging, adhesives, chemicals, tourism, publishing or insurance, there are other companies doing things differently and succeeding. Having them on your radar enables you to have a plan to tackle them.