Let’s assume you are the market leader in plumbing materials, electronics, electrical, in the fintech industry or in any industry, but suddenly, a new internet-based company showed up and starts taking away a large chunk of your customers–what would you do?
As a bank CEO, what would you do when you find out that in few years from now, telecommunication giants like MTN will be the new bank through the power of fintech considering that they have millions of customers already?
A few years ago, the CEOs of the two dominant book retailers in the United States–Barnes & Noble and Borders–were sitting in their respective offices, listening to the business news on CNN’s Moneyline, contemplating ways and means of taking away some of each other’s business.
During the newscast, there was a short interview with a gentleman named Jeff Bezos, who declared that he had formed a company named Amazon, which, effective immediately, would start selling books online through the internet.
Furthermore, he stated that Amazon would carry over one million titles–a hundred times that of the average bookstore, that the price would be 30 to 50 percent less than in a bookstore, and that users could make a purchase in a couple of minutes from the comfort of their homes by simply using a personal computer.
If you were the CEO of a major bookstore and you watched that interview, what would be your first reaction? You may conclude that the new company does not have the capacity to tamper with your well established bookstore chain. Your doubts and opinions won’t stop Amazon from taking away your customers.
While the CEOs of American Airlines, United Airlines, Delta, and US Airways were brainstorming ways of eating away at one another’s customer base, a new internet-based company called Priceline ran full page ads in all the major newspapers. They announced the introduction of a new booking service that would provide lower fares than the lowest offered by any airline. Within few weeks, Priceline was booking over 200,000 travelers per week!
The day Amazon went online, Barnes & Nobles’ and Borders’ business models were literally decapitated. While they were still trying to recover from that, the introduction of kindle in conjunction with Apple Inc’s. iPad caused irreparable damage to bookstores forever. In fact, one bookstore closed over 6,000 bookstores because of it.
While Ford Motor Company, General Motors and other big automobile manufacturers were busy competing against each other, Japanese companies–Toyota, Honda and others took them by surprise and took away a large chunk of their customers.
While Polaroid and Kodak were still dilly-dallying over photo paper and camera, Sony and Canon showed up with superior camera that inflicted serious damage in their business model.
Dear busines owner, what would you do if the same thing happen to your company? It is not whether it will happen, it is already happening in different industries. How will you respond to it?
What should a company do when a competitor shows up with a superior strategy and start taking away your customers?
We have a watertight strategy you can apply both now and when you notice that a new company is taking away your customers. The strategy is unique to each company and industry. Don’t overlook what you just read because your competitor will definitely contact us before the end of today.
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