From the course: Identify Sales Growth Opportunities
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Identify and capture competitor's customers
From the course: Identify Sales Growth Opportunities
Identify and capture competitor's customers
- One of the most popular sources of new sales growth is going after your competitor's customers. But I have to tell ya, in my long career, this has become my least favorite source of new revenue. It's full of traps and pitfalls. If you're not careful, you're going to struggle. Let me explain why. When you go after your competitor's customers, you're going to invite a fight. And when you pick a fight with someone, you better be sure you can defend yourself because they're going to come right back at you. That can cause problems. Look at the market for batteries, a category we would define as portable power. The two big competitors, Duracell and Energizer fought tooth and nail to take customers away from each other. And guess what? It worked. Customers switched back and forth with relative ease and in doing so, it taught customers that battery brands just aren't that different from one another. And so they start to…
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