Too much obsessed about what your competitors do? Don’t be.
Thinking about your own core competencies is far better than stalking your competitors’ moves. Here’re three ways to check your competencies.
✨Customer benefit is one of the crucial points to achieving core competence. No matter what your competition does, your customers should benefit from your products/services. That’s your first win.
✨Being able to explore a wide variety of markets is the next milestone. if Reliance had found more uses for its flagship service of trading in the textile industry, it might not be around these days. But it kept a close eye on customer benefits to expand its know-how into a wide array of products that appealed to customers.
✨The last test of a core competency is that it does not depreciate quickly – It can’t be erased by another competency, and it is essentially complex for competitors to copy.
Makes sense?