One of my bosses told me this before, “I’m happy to know we are no. 2. Because it makes space for us to grow to no. 1.” That makes so much sense.
That reminded me in an Account Business Plan, one of the favourite sections I love to brainstorm on is the competitor’s SWOT analysis. Because the easiest way to win business in a key account is to wallop your competitor’s market share.
From their Strengths, I could learn what we can do better & plan our defense strategy better.
From their Weaknesses, I could take advantage & plan our offense strategy to attack.
Their opportunities creates opportunities for us too. And their threats stimulates innovation.
When we are managing a large account, it’s very important to know our competitors well. If you are not a major shareholder in the business, then it’s time to bulk up. If you are one already, then strategise how to kick them out and monopolize the acccount.
A good SWOT of your competitor also leads to a good SWOT on ourselves actually. It paints a clear picture of where we are now with the business and provides great insights on where and most importantly, HOW we want to grow the business.
Last but not least to close this post, is a quote from Sun Tzu, “Know your enemy and know yourself and you can fight a hundred battles without disaster.” Remember that.
Bimbo
