Quite often, in strategic planning meetings, I hear well-informed, intelligent executives talk about some trendy new development in their industry. I hear them talk about a giant bandwagon that all of their competitors are getting on, with genuine fear that they don't want to be the last one in. This kind of talk usually makes me feel sick to my stomach.
Here's why: it's crucial, if this is a part of your strategy, to be distinctive. Sometimes this DOES mean innovation, and keeping up with the latest trends. But...when all of your competitors are doing something already, and you are not, you are never, ever going to distinguish yourself by following them.
If you fall into this trap - and many smart executives do - you'll end up making your company look just a little bit more like your competitors every time you take a step in that direction. Your customers will notice, and will start to think of you as being just like - or at least, very similar to - your competition. When you reach the point where the differences are small enough, only one difference is likely to matter to your customers - and that is price.
This means that the end game of following the herd is inevitable price competition and commoditization. Entire industries have been hit hard by this tendency, yet we seldom stop to challenge the tiny steps we take that make us part of the problem.
Want to hear about how and why to avoid being part of the problem? Get strategic planning speaker Robert Bradford for your next meeting or association event, and get an entertaining, interactive and memorable jolt away from strategic me-too thinking!
Here's why: it's crucial, if this is a part of your strategy, to be distinctive. Sometimes this DOES mean innovation, and keeping up with the latest trends. But...when all of your competitors are doing something already, and you are not, you are never, ever going to distinguish yourself by following them.
If you fall into this trap - and many smart executives do - you'll end up making your company look just a little bit more like your competitors every time you take a step in that direction. Your customers will notice, and will start to think of you as being just like - or at least, very similar to - your competition. When you reach the point where the differences are small enough, only one difference is likely to matter to your customers - and that is price.
This means that the end game of following the herd is inevitable price competition and commoditization. Entire industries have been hit hard by this tendency, yet we seldom stop to challenge the tiny steps we take that make us part of the problem.
Want to hear about how and why to avoid being part of the problem? Get strategic planning speaker Robert Bradford for your next meeting or association event, and get an entertaining, interactive and memorable jolt away from strategic me-too thinking!
