As the markets for consumer goods continue to mature, so the consumer insight arms race continues to grow in intensity. A whole industry is dedicated to developing ever more powerful consumer insight tools to assist in the identification of the next big thing or the next strategic initiative.
I can’t help but feel we’re missing a trick. We’re all buying the same market data from the same small group of suppliers. We’re subjecting it to the same analyses; we’re excluding the same outliers. We’re screening our ideas with the same subsets of consumers and we’re using increasingly similar ‘best in class’ criteria.
Where’s the differentiation? How can we expect to gain a competitive edge in such a uniform market?
A little deviant thinking is called for, something that we at The Value Engineers have always relied on to help break new ground and to crack the hard problems. Competitive strategy is key component of this, a means of side stepping the consumer insight arms race. By understanding our competitors we can spot opportunities that we, and they, have overlooked. Perhaps more importantly, by contrasting ourselves against our competitors we regain our perspective, we shift the focus back to differentiation.
At The Value Engineers we have developed an approach to competitive strategy and war gaming that does just that. We help our clients understand their market from their competitors’ points of view. We focus on facts rather than established truths or rumour and hearsay. We look at the whole value chain rather than the latest market share figures. And we do all of that with our usual flair that helps ensure that we leave a legacy of competitive strategy within the business.
If you’re interested in finding out more about our approach to competitive strategy and war gaming, or our other ideas for breaking out of the consumer insight arms race then we’d be delighted to help. Please do get in touch.