What do we think about in business when we say “competition”, and what does it really mean to be competitive? In this podcast, I talk to buying behaviour specialist Bri Williams and organisational development expert Hamish Riddell about some emerging issues in business competition, including:
- Sources of competition - It’s human nature to think of competitors as the firms or organisations that are the closest match to us. But does this baked-in view underestimate the field of competition, and how are businesses losing out by thinking too narrowly about competing solutions?
- Constant disruption - Competitors come from everywhere and constantly with new and interesting ways of doing things. How much time should you spend looking out at what the market is doing, and how much just running your own race?
- The rise of FREE - It seems everything new these days is free or low cost. In behavioural economics terms, “free” is actually a price on its own – so how can businesses make money from free? And what does constant price pressure mean for labour-based industries that don’t have a low-cost platform to work from?
Listen to the conversation at http://spitballbiz.wordpress.com/2013/05/16/the-changing-face-of-competition/