In my B2B Executive Playbook, I take my readers through the four steps that can simplify strategic planning, focus product development and sales and marketing efforts, and most importantly, create a clear path to market leadership. In this four-part series, Avoiding the Pitfalls to B2B Success, I review the common pitfalls that challenge B2B firms. Be aware of them and act quickly if they surface in your company.
Chasing the competition
Chasing your competitors is the fastest path to the bottom, with only two possible outcomes: First, there is a very strong possibility you are following a competitor that doesn’t know where it’s going—and you will follow them down. Second, there is the possibility the competitor is right—and you will finish in second place.
Even if you do succeed in achieving sustainable, predictable, profitable growth in this way, you will only achieve it after your competitors. Stanford Graduate School of Business professor William Barnett calls this “Red Queen Competition”—you run faster and faster, but you never get ahead.
If you chase your competitors, they will always have the edge. Don’t put your fate in your competitor’s hands. In the end, only one path to sustainable, predictable, profitable growth will yield industry leadership: a strategy grounded in the intersections between the needs of the market and a B2B company’s business model and core competencies.
Executive customer-focused strategies and tactics in The B2B Executive Playbook enable B2B companies to avoid the four common pitfalls. But even with this Playbook as your guide, it will take constant vigilance and commitment to gain the full benefits of your executive customer programs♦ ©2017 Geehan Group
Read the other articles in this series:
Sean Geehan is founder and CEO of Geehan Group, National Best Selling Author of The B2B Executive Playbook and a celebrated speaker. Sean has more than 25 years’ experience successfully guiding B2B executives to sustainable, predictable, profitable growth for their organizations. To schedule Sean as a speaker, contact him at (877) 226-1621 or visit www.geehangroup.com.
Looking for more information on how to be successful in your B2B business? Download Sean Geehan’s free article “B2B: A Different Game.” Click here