Let's face it, every business likes to stay on top of the competition. In fact, we need to because there are things they do better and vice versa. Competition is a necessity of business; without it, you're going to get comfortable and complacent. In the words of HHH (for those of you who are avid WWE fans like me), you either "adapt or perish."
Adaption vs. adoption.
An adaptive business is one that will thrive – look at LEGO, a fairly old-fashioned business that has bounced back from a billion dollar debt in 2004 to being estimated at a worth of more than $14.6 billion today. Why has it worked for them? Their turn-around can be attributed to adapting; they have been able to adapt their brand by listening to their customers, exploiting their weaknesses and engaging across a mix of marketing channels. How can you make adaption work for you?
Honestly, I take issue with what “adapting" has come to mean in our industry, we need to modify the perspective to be truly successful. Be careful, adaption shouldn't be confused with adoption. Too often, I see clients more concerned with what their competition is doing than with how they are performing. We receive many calls from prospects asking "are we doing well?" in reference to other organizations in their vertical. There is a time and a place for that type of analysis, and I'll get to that in a bit, but bottom line: if you are truly looking to improve your results, that shouldn't be your first concern.
Bill Bruno is the CEO - North America, Ebiquity.