What Are You Competing For?
Competition is a funny thing. Have you ever seen that crazy game where an onion is passed around as music is played? When the music stops, the onion holder must take a bite or leave the circle. Eventually, only the competitive people with iron stomachs are in the ring, biting the raw, slobbery onion, and fighting to win before they collapse in agony. Why would they do this? To win a game.
That game is a good illustration of the way we can lose sight of what’s important in the heat of competition. You aren’t competing in an onion-eating game, but sometimes we start competing for the wrong goals in marketing.
Measure What Matters
One example of this game is seen in measuring sales. Only looking at the number of sales is losing sight of the most important thing.
Ultimately, the thing businesses compete for is customers who are loyal. Loyal customers will share their confidence in your business with others and add their friends to your growing base of people who keep coming back to buy. Loyal customers give you feedback and help you develop your offerings and services to their maximum potential. Loyal customers keep your sales growing in the future.
A smaller number of customers who repeatedly buy will be more valuable than a larger number of customers who buy once and go somewhere else. What matters in these two groups is the loyalty, not the initial purchase. In the future, this makes the difference in sales.
Competitive intelligence has to measure what matters in all the areas of your business, looking at what those numbers represent in order to analyze them correctly. Otherwise, you might be like the winner of the onion-eating game, wondering why it seemed so important to win.
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Canada: Toronto, Montreal, Calgary, Ottawa, Edmonton, Mississauga, North York, Winnipeg, Vancouver, Scarborough, Québec, Hamilton, Brampton, Surrey, Laval, Halifax, Etobicoke, London, Okanagan, Victoria, Windsor, Markham, Oshawa, Gatineau, Vaughan, Kitchener, Longueuil, Burnaby, Ladner, Saskatoon
Australia: Sydney, Melbourne, Brisbane, Perth, Adelaide, Gold Coast, Canberra, Newcastle, Wollongong, Logan City, Geelong, Hobart, Townsville, Cairns, Toowoomba, Darwin, Rockingham, Launceston, Bendigo, Ballarat, Mandurah, Mackay, Bundaberg, Bunbury, Maitland, Armadale, Rockhampton, Adelaide Hills, South Brisbane, Hervey Bay
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