New Competitive Strategy – Knowledge
April 29, 2020
You have completed your strategic plan for 2020-2022, you have created the best BHAG (Big Hairy Audacious Goal), you know your Hedgehog (Passion, best at, Economic Engine) and you’re target market is clearly segmented – now what? Execute, Execute, Execute…Execute what? You have clearly identified your 0ne year and 90 Rocks (boulders only the executive team can do, highest and best use of your strongest players).
Questions you should ask:
- Are they the right things, how do you know?
- Are they impactful enough to move the needle?
- Are the focus points the right ones to capture the most amount of money OR market share? They are NOT the same thing.
- Do we have the right people to make the needle move in the most effective time frame? You may have right people but they are not doing the right things.
- How do you know you have the leverage points identified?
- How are you measuring speed? Speed creates momentum, which is necessary to move the needle efficiently.
- How many of your employees are you leveraging their knowledge vs. bodies to get the work done? Doers vs. Thinkers
The new competitive advantage is Knowledge – Are you using all the knowledge your company has to offer? How do you know? We have better educated employees than ever before! We have more choices of employees than ever before (seasoned, skilled, virtual, and viewpoints through diversity) ARE YOU USING THEM?? I find many employers are still telling people WHAT to do vs. consulting employees on how to complete a mission. Using your employees for thinking, creating, discovering, exploring, and testing will allow your company the best opportunity to EXCEL! Outperform your competition!
Michael Porters’ “Competitive Strategy” model built around products and services – identifying competitive gaps in the market place is still being practiced in many companies. Strategy built on “Big Data” isn’t too much different, it just pulls the data quicker and easier – instant! So you can adjust your strategy more frequently. With the speed of technology, the amount of data available at your fingertips and data showing up in places you or I have never heard of – our employees are closer to the data than we are as Executives. Our employees can provide the most immediate ‘research’ we need to identify a trend – they can also identify leading indicators to better predict how long that trend will last. The trend tells us the right communication tool to reach our customer, how our customer makes the ‘buy’ decision, AND at what price!
Products and services do not change so quickly. The message does! Our customer changes their mind quickly and they learn quickly. How we position ourselves to be seen and heard is about STRATEGY! This is why content marketing is so valuable! The message you use to communicate your strategy in order to energize and excite your employees to EXECUTE matters!!
A strong strategy will attract the right employees who know the right things to do to EXECUTE your strategy.
Posted on April 29, 2020 by Donna Hover-Ojeda at 11:03 am | Catigorized under Leadership, Management. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.