How do you pivot your business strategy when faced with a new competitor disrupting your industry?

Not all disruption is here to last. Something can be momentary, which means the competitor is ruling today but will disappear soon after. Hence, before jumping to revisiting your business strategy assessing impact becomes pivotal. Higher the impact, greater the urgency to act.

Understand what they are doing. Check their product. A lot of time it does not do what their marketing says. A lot of the time they are just parroting you in their marketing! If you have a strategy, be careful not to jump around and change your direction. Sure, you can adjust, but play YOUR game!

Normalmente la competencia es buena y, tener a los enemigos cerca y conocerles personalmente suele ayudar más que lo contrario. La competencia ve cosas en el mercado que tu no ves y hace el mercado mas relevante. De la competencia se puede aprender mucho y colaborar. No obstante, no hay que perder de vista que seguro tienes algo que te diferencia y debes poner foco en cuidarlo y reforzarlo. Muchas veces por mirar demasiado a la competencia perdemos el foco.

When a fresh rival disrupts our sector, it prompts us to reassess our vision. It is important to make sure that our goals are still in line with the direction in which the market is moving. This is not just about responding to rivals, but about confirming our direction and purposefully making changes to be at the forefront instead of trailing behind. By revisiting our fundamental vision, we adjust our approaches to not only compete, but also to innovate and take the lead in unexplored paths. Bear in mind, having a clear vision allows you to adapt to changes and transform obstacles into chances for growth.

It's so tempting to copy what the new kids on the block are doing because you can see how well it's working in a much shorter time than your journey took. But without knowing exactly why they've made the decisions they have, you would only make progress until you hit an inevitable issue. Without building from the ground up and experiencing the same failures they did, the second something goes wrong or the market changes you will be left in the dark and this puts your company at risk. The best thing you can do is go back to basics, talk to your customers and find out exactly why it is that they might prefer this new way of doing things. The core psychology and behaviours of your customers can be used to improve your solution/offer.

Your company's vision is your guiding star, but it may need a tune-up when the industry shifts. Think of it like your GPS - if you're headed for a destination that no longer exists, you need to update your route. Think about what makes your business unique, the edge that sets you apart in the first place. Can you still deliver on that promise, or does it need a revamp to stay relevant? For example, imagine you're a local bakery known for its artisanal bread. Now, a big chain bakery rolls into town with cheaper prices and a wider selection. Do you try to compete on price? Or do you double down on your unique selling points - emphasizing your handcrafted techniques, locally sourced ingredients, and the special touch your local bakery offers?

When a new competitor disrupts your industry, it's essential to revisit your business's vision. Reflect on what sets your company apart and consider how to maintain that uniqueness in the face of new challenges. Evaluate whether your long-term goals align with the current market dynamics, and be prepared to adapt them accordingly. Your vision should inspire innovation and flexibility, allowing your business to remain relevant and forward-thinking amidst industry changes.

Revisiting your vision is essential when navigating industry changes or new competition. It involves reflecting on your long-term goals and core values to ensure they still align with the current market landscape. This process helps reaffirm your purpose, inspire your team, and guide strategic adjustments. By staying true to your vision while adapting to new realities, you can maintain a clear direction, drive innovation, and sustain competitive advantage. Regularly revisiting your vision keeps your business focused, resilient, and prepared to seize emerging opportunities.

Finding out the reasons, which have helped the new competitor to disrupt the market can help you to innovate your offer. These innovations can eventually help you to grab a major market share.

As a seasoned professional and an innovator, I believe that continuous innovation is the key to always be ahead of your competition. If you are proactive and identify pain points and provide new solutions timely, you would not have to worry about new competition. Hence, keep your approach proactive, rather than reactive. Even then, if your competition is disrupting your industry, then there is need of research and development and then robustly enhance innovation and increase value.

Innovating your offerings is crucial in staying ahead of competitors and meeting evolving customer needs. This involves reimagining your products or services to add unique value, enhance user experience, and address emerging trends. start creativity and technology to develop new features, streamline processes, or create entirely new solutions. By continuously innovating, you can differentiate your brand, attract new customers, and retain existing ones. Regularly soliciting feedback, staying attuned to industry advancements, and fostering a culture of innovation within your team are key to ensuring your offerings remain relevant and competitive in a dynamic market.

Para fazer uma pivotagem eficaz deixe suas operações o mais simples que conseguir. Quanto mais fáceis os processos, mais fácil de pivotar. Dito isso, abuse de processos que sejam simples e que possam trocar de sentido a depender da estratégia, você verá como ficará mais fácil de pivotar.

When faced with a new competitor, pivot your business strategy by streamlining operations. Identify areas where you can reduce costs and improve efficiency. Focus on core strengths and differentiate your offerings. Stay agile and responsive to market changes. This approach helps you remain competitive and better positioned to handle industry disruptions.

Your customers are a goldmine of insights. Actively seek their feedback to understand what works and what doesn't. Use this information to adapt and meet their evolving needs. For SaaS companies: Don't just sell features, sell solutions. Showcase how your software makes customers' lives easier and solves their specific pain points. For service providers: What's your secret sauce? Are you lightning-fast at turning around projects? Do you have an unmatched ability to connect with clients? Highlight those strengths in your marketing. It's not about reacting to the competition; it's about building a business that is so valuable and essential to your customers that they wouldn't dream of going anywhere else.

A pivotagem é um movimento muito sério nas startups, incluindo cases famosos como twitter e youtube. Neste sentido, é preciso que o empreendedor seja criterioso e avalie muito bem os indicadores desta mudança. A decisão de pivotar é geralmente baseada em indicadores de avaliação, como KPIs (Key Performance Indicators) e OKRs (Objectives and Key Results). Os KPIs são métricas quantificáveis que ajudam a avaliar o desempenho de uma empresa em áreas específicas, como aquisição de clientes, retenção, receita, tráfego no site, entre outros. Eles fornecem uma visão clara do que está funcionando e do que precisa ser melhorado.

Monitoring progress is vital for ensuring your strategies and initiatives are on track. -Set Clear Goals -Use KPIs -Regular Reviews -Data Analytics -Identify Successes and Issues By staying vigilant and responsive, you can make informed decisions, address issues promptly, and maintain momentum towards achieving your objectives. Continuous monitoring not only keeps you aligned with your goals but also fosters accountability and drives sustained growth