competitive strategy

competitive strategy

 

In this article, Kaihan Krippendorff identifies one major, but hidden, competitor you may not have recognised and explains how this may help you build a more competitive strategy.

If you’ve spent time developing your organization’s strategy, chances are you’re familiar with your competition. You know your competitors’ offerings, their strengths and weaknesses, and how you can deliver where they don’t. But when it comes to preparing for the future, there is one alternative competitor, less obvious but omnipresent, that may not have crossed your mind: nonconsumption. Keep reading to find out why nonconsumption may be a threat to your organization and how to address it.

NONCONSUMPTION: YOUR INVISIBLE COMPETITION

At last year’s Reimagine the Future Summit, I had the opportunity to meet backstage with Efosa Ojomo, Nigerian author, researcher, and speaker at Harvard Business School and the Clayton Christensen Institute for Disruptive Innovation. He introduced me to the concept of nonconsumption as a major competitor in the market.

He explains, ‘Nonconsumption occurs when the vast majority of people in an economy would benefit from access to a product or service, but due to obstacles such as cost, expertise, time, or availability, they are unable to afford the product.’

If left unchecked, nonconsumption can become one of your biggest competitors, but it can also lead to untapped market potential and strategic opportunities.

 

Key points covered include:

  • Your invisible competition
  • Four reasons for nonconsumption
  • How Chinese virtual currency addresses nonconsumption 

 

Read the full article, Have You Addressed Your Hidden Competitor?, on Kaihan.net.

 

Join Kaihan Krippendorff on May 6th, for a summit with 24 thought-leaders from around the globe, across 24 hours where thought leaders will discuss how to rethink tomorrow for you and your Organization. Confirmed speakers include Dan Pink, Amy Edmondson, Marshall Goldsmith, Faith Popcorn, and Rosabeth Moss-Kanter. 

 100% of profits will go to charity. Donations will be awarded to Kiva, No Kid Hungry, GiveDirectly, and the European Food Banks Federation.