myefox.com - To Be the Best, Know the Most

Nov. 9, 2010 - PRLog -- I can’t recall how many times I have told people about this concept but I haven’t ever written it down—so now is the time.  Companies fret and fume, spend and squirm to be “industry leaders.”  Usually that means the largest, most dominant company in a given industry or market segment.  Sometimes, it means being the most innovative or the best-known brand (Apple comes to mind), and at other times it simply means having the largest market share.

I have a different take on this “industry leadership” position.  I believe that the most powerful position is one that companies can strive to achieve even if they are neither the largest share holder nor the most dominant participant.  That is to be the most knowledgeable, most informed, and most authoritative participant.  The knowledge leadership is very powerful.

   * First, it informs the decisions the company makes—and that is a benefit to its customers.
   * Second, it allows that company to choose the part of the “playing field” upon which they are best suited to compete.
   * Third, under the best of circumstances, they can even “define the playing field.”

Of course it’s easier to be the knowledge leader if more volume belongs to that competitor.  At least the largest participant knows what its part of the market looks like—or rather I should say it can know, because sometimes it does, and sometimes it doesn’t.  Shame on them.

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A simple example of how knowledge can shape—and affirm—a strategic advantage is in retailing.  When a company understand why shoppers are loyal, it can configure it’s strategy and execution to “play to its strengths.”  Nordstrom is not the largest retail chain, or even the biggest department store chain, but Nordstrom learned and tracks what fuels shopper loyalty.

Consider these bits of information[1]:  When women are asked, “Which store do you shop MOST often for clothing?” The Nordstrom shopper states that she has been shopping there for, on average, 11.7 years.  Women who have chosen other stores they shop MOST often have used those stores MOST often for 9.7 years.  The top reasons that women say they shop Nordstrom MOST often are:

Quality                92.9%

Selection             73.4%

Service                67.7%

Newest Styles     41.8%

Knowledgeable

Sales People      39.7%

Location              39.1%

Price                    37.8%

Thus Nordstrom can build upon providing superb Quality, Selection and Service—three of the top reasons that sustain shopper loyalty.  This is but one of many examples of how being the best, depends on “knowing the most” about how and why customers make decisions.

Industry knowledge leaders need to be constantly up to date; they need to be inquisitive; and then they need to be analytical, such that their conclusions have merit—and yield results.

more information here:

http://myefox.getweblog.org/2010/11/08/to-be-the-best-kno...

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