If you've ever wondered why there's such a clear connection between leveraging your competitive strengths, strengthening your competitive weaknesses, exploiting your competitive advantages and increasing your growth and profitability, there are two simple reasons:
- Nobody is an industry of one.
- Everybody competes for customers and clients.
Given this, you'd think every company would treat competitive benchmarking as more of a priority, but most don't.
Why not?
To put it bluntly, it seems to come down to one of two mindsets:
- Ignorance
- Arrogance
Ignorance is "No, because it wouldn't help us get better."
arrogance is "No, because we're already great."