From the course: Digital Transformation
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Who is your competition in the digital economy?
From the course: Digital Transformation
Who is your competition in the digital economy?
- Who is your competition in the digital economy? Your company should conduct competitive landscape assessments on a regular basis, and this should entail understanding who are the major competitors, who are the minor competitors and which companies are in adjacent spaces, and may become more direct competitors soon. You should monitor the evolution of their product and service offerings, comparing those to your own. These are practices as relevant this year as they were 30 years ago. The difference is, that this isn't enough. In the digital age, businesses need to think more broadly when thinking about the competition. Today, Amazon, Google, Facebook, Uber, Airbnb and Netflix among other legendary digital native companies, are your competition as well. They are because your customers use these companies. And others like them. And the residue of that experience colors their impressions of your company and especially your digital offering. You might be thinking, wait a minute, I work…
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