Poor firms IGNORE their competitors; average firms COPY their competitors; winning firms LEAD their competitors.
~ Philip Kotler
I’m a die-hard fan of this quote. To understand “Winning firms LEAD their competitors”, let’s take the example of low-cost airlines.
Where is the low-fare, if flyers have to pay a fee for everything – bags, seats, food, boarding, changes, cancellation and more? Imagine the customer experience. Southwest Airlines decided to change all this and be the ‘Winning firm that LEADS its competitors’. How? On Southwest you have – No baggage fees, no change fees, no seats to select (sit anywhere you want), no boarding fees and low-fares with no hidden fees. Oh! And, Customer appreciation day is every day!
The secret of their success lies beyond these features, with the employees of Southwest, who embody and exude these values to each and every customer, creating a cult-like following for Southwest. Needless to say that every competitor who tried to ignore, straddle or copy Southwest’s strategies of operating a low-cost airline, failed. The crux is – “No matter what you sell”, true innovation lies in resonating with your buyers & giving them indisputable reasons to choose YOU over other competitors.
What are your tips to outshine your competition?