K.N.O.W.I.N.G. your Competition!

Knowledge of your competitor’s business strategy is crucial to obtaining business from or instead of your competition. The competitive edge always begins with “knowing” what you are competing against.

Negate the advantage your competitor has over the product or service you provide. Honestly attack the first step of the K.N.O.W.I.N.G. Process by obtaining the knowledge of you competitor then establish your plan that will eliminate the advantage your competitor has for retaining their customer or worse yet…winning over your customers.

Objective has multiple implications in the K.N.O.W.I.N.G. process.

• Establish a clear objective in overtaking your competition: Sales Volume, Customer Retention, Market Share, Product Development, Etc.

• Objectively assess your product or services to identify realistic and measurable goals.

• Objectively assess the value that overtaking your competition will impact your business. Bottom line, Brand Awareness, Diversification of Product or Service, etc.

Write down your objectives in the form of establishing a business plan. Establish goals that are realistic and measurable.

Introduce your business plan to company management, trusted advisors and The Merit Group for modification recommendations. Once the plan is finalized, introduce the growth plan to employees for buy in and successful implementation.

Network with other industry professionals to encourage “Out of The Box” thinking. Great ideas often generate from applying modified products or branding principles from business partners instead of merely only direct competitors. For example, wherever the idea of reward cards was first implemented is truly irrelevant since now nearly every industry has taken on the marketing tool of rewarding customers that demonstrate loyalty to their brand.

Growth of your company is sure to occur when the K.N.O.W.I.N.G. Process is implemented diligently. Being strategic and preparing for growth by overtaking your competitors or merely your competitors edge will reap tremendous rewards in building a sustainable company expansion.

Implementing the K.N.O.W.I.N.G. Process will produce tremendous rewards. If you would like support in developing your K.N.O.W.I.N.G. Process strategies, we are eager to team together with you to get the results you desire. Visit our website at www.themeritgroupindy.com or call 317-805-4896 today!