Learn from others.
Everything is connected.
To some extent or another all goods and services compete, partner, substitute, enhance, as everyone is after a bigger “share of wallet” .
For example, a few years ago we researched the dentistry sector. Our starting point was that dentists compete geographically with each other – and this is the case. But the biggest competitors to a dentist are new cars, luxury holidays, and home extensions. Emergency treatment aside, many people would rather have a new car than improve their smile.
Another example, my former marketing agency once pitched for a major account, and the decision to go with us ended up being a competition between our advertising campaign and a new IT infrastructure, they couldn’t afford both.
Understandably, many leaders study their market in detail, but often fail to consider other influences which might be more significant.
It’s why we run our BlueSky event each year which has included studying the railway system in Japan; Boeing’s plant in Seattle; Tesla, AirBnB, Facebook and Google in Silicon Valley – and many more.
It’s also why we invite extraordinary business people to share their stories at EA Masters*, and this year we have the brilliant Richard Harpin joining us.
From scratch, Richard built HomeServe and Checkatrade into a £Billion business. He’s seen every market, and riden all the ups and downs – his insight as to how to ‘Thrive in Uncertainty’ (the theme for this year’s event), will be extraordinarily valuable, as will his “8 Secrets to a £Billion Business” keynote.
There will be people who only look at their own businesses, others who widen their focus to their industry – but the most successful people realise that everything is connected, and seek out ways to gain advantage by learning from everyone.
*EA Masters is on November 7th at Evolution London – get your tickets here.
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