How we can win together in competitive marketplace

shoppers

 People shop for produce at a store in Rosemead, California on June 28, 2022. 

Photo credit: Frederic J. Brown | AFP

The marketplace has often been referred to as a battlefield. A battlefield is a ground on which a battle has been waged and in which there are likely winners and losers. What wars have you witnessed in the marketplace?

Many businesses are often quick to point out price wars. Price wars are fought off and on when competing businesses lower prices to attract customers. This has been seen both with street vendors and large corporations. However, there are also other factors besides price that characterise a competitive market. Businesses out rightly compete for more customers, market share, and reputation by differentiating themselves, their products and services, and their entire customer experience.

We all like to win. How are you and your team winning in the marketplace? Every time I pose this question to business leaders, some have clearly outlined their winning strategies. Unfortunately, many do not have clear answers. I love watching competitive sports. . We may learn the most about how to win from the finest sporting teams. Together, the best sports teams triumph.

They plan and train together to win as their shared objective. They are supported and guided by coaches. They make sure that everyone on their team is focused on winning. Above all, winning sports teams are made up of individuals who are individually committed to winning. Individual commitment to winning is at the heart of winning together. Every team member has a role to play!

To win together in the marketplace, we need clarity on what winning looks like. For some business people, winning simply means retaining the existing customers. A hairdresser I recently spoke with informed me that she is not presently accepting new clients.

This is because she is frequently booked two months in advance and hardly has time to assist her current clients. She worries that adding new clients will lengthen the wait time for the clients she started with to get their sister locks fixed.

She is content with the decision she made not to scale her business. For many other firms, winning may entail gaining more clients, increasing sales, gaining market share, receiving better customer feedback, developing a solid reputation, raising awareness of the brand, or simply surviving difficult times. What does winning mean for your company? Does your team understand what winning looks like?.

I think that winning together at work is the first step toward success in the marketplace. It is impossible to win externally unless we are winning internally. Therefore, every smart company must approach winning from the inside out. This calls for assembling the ideal team and making a conscious effort to foster a high-performance culture.

Additionally, it entails team training and being receptive to personal growth. As new players enter the market and current companies battle it out, the marketplace will remain competitive.  Even as businesses seek to better understand the marketplace, attract new customers and hold on to their existing ones, they must remember that winning comes from the inside out.

Dr Kiruthu is a Management Consultant and Trainer. Connect via Twitter: @KiruthuLucy

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