Today, companies struggle to consistently increase sales and profits faster than the overall market.
In too many cases, these companies lack a unique strategic vision that would differentiate the company and its products and services from the competition.
Instead, their strategic vision is to do more – sell more products in more markets to more customers – and execute better than anyone else.
Strategy guru Michael Porter refers to this as the “Be the Best” Mindset. This mindset generally leads to a zero sum competition where everybody is going after the same customers with the same undifferentiated products; but, at lower prices. With this approach, everyone loses except the customer who now gets the same products and services at those lower prices.
To develop a true strategic vision, our companies must find a way to be unique.
- How can we differentiate ourselves by meeting the different needs of our targeted customers in a way that is clearly superior to our competitors?
Below, I list five steps that all our companies should take to create that unique strategic vision.