Business monitoring

Identifying strengths and weaknesses is necessary but not enough.

It is not enough to just reuse what we know how to do well to innovate.

We have to differentiate ourselves from our competitors: seek the novelty that can attract new customers. To do so involves regularly carrying out Business monitoring.

The Baker looks at what his competitors are doing. In this way, he can innovate and stand out by proposing a unique Value.

  1. Know how to doubt

    Self-satisfaction is the biggest danger to Enterprises and particularly to Large Enterprises.
    Large groups can disappear quickly today: the Image may be excellent, the finances flourishing, the staff proud of their Enterprise, and then all these assets can crumble in several years: we all remember the examples of Kodak, Nokia, Peugeot, Surcouf,...

  2. Carry out business monitoring

    One way of remaining vigilant is to carry out business monitoring.
    Start from the Value to enlarge the number of competitors: we need to do more than watch what the traditional competitors are doing, we need to also understand what the newcomers offer, who seek to bring the same Value with different Products. The competitors of a TV channel are not only the other TV channels, but especially the usage of Internet which is leading young people to gradually turn away from classic television.

  3. But do not hesitate to stand out from the crowd

    That said, the quicker the products evolve, the more difficult it is to rely on competitive analysis to understand the Market evolution.
    In markets where Product renewal is quick, we have to focus more on the Customer than on the competitors to imagine new products:

    • the rhythm of change is too great for us to wait for the competitors to have developed new Offers to make decisions
    • the big success stories (Google, Amazon, Apple...) were guided, first and foremost, by observing what the customer expected

    One of the difficulties is to remain objective in this analysis.
    To give an example, online banking has met with considerable success in England but not in France: is it due to a cultural difference between consumer behavior or to differences in the Offer? As the cultures are similar, we should be wary of those who blame customer behavior while their Offer is perhaps inadequate.

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The story of George the Baker is made available under the terms of the
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