As reluctant consumers curb spending, companies are facing what seems an insurmountable task of gaining a slice of what market share remains.
The traditional approach has been to compete directly with competitors most times offering the same products and services with varied pricing. This model has certainly proven to be successful in the past.
However, what if companies created a new approach? Instead of trying to beat the competition, companies aim to make the competition irreverent. By exploring value innovation (thus creating higher consumer value), companies are able to carve out an uncontested niche in the marketplace.
What’s your perspective on competition?