In my first post on this topic, a few days back, I wrote about how you need to understand the competition.
The big challenge with competition, in the technology industry is that, in a lot of cases you don’t recognize where the disruption can come from.
In addition you can’t envisage all the ways your customers’ business is getting impacted. Based on the impact in their environment they may take decisions which can impact you.
I have had many situations over the years where we did not anticipate the customer’s business environment change, whether it was related to government policy or the change with people moving from Capex to Opex. In all these situations the customer’s demands suddenly changed and we had to rethink our strategy, delivery mechanisms etc. Trust me, its not a good position to be in.
The key advantage of doing business in B2B is that if you do a decent job, then you stay with the customer a long long time. There are very few impulsive decisions taken until you really mess up.
On the other hand you need to be aware of how the environment has changed over the last few years for the customer, so that you are not caught unaware.
This is competition for you because now you need to rethink your pricing , your technology and your delivery mechanism. Your customer expects you to provide a solution to fit their new circumstances or they will go somewhere else. And there’s no name to this competition so it’s more dangerous.
Till next time then….keep an eye for competition from different avenues.