Here's how you can employ strategic thinking to conquer challenges in a competitive market.

So common to prescribe before diagnosing. Many times is not what we know, but what we think we know. We assume what is the need, instead of learning and listening so we start right with the right understanding.

To begin with, comprehensively assessing the needs of your clients is paramount. Delve into their business goals, challenges, and industry dynamics. This insight enables you to tailor your services to align with their objectives, creating a symbiotic relationship that fosters loyalty and trust. By being proactive and anticipating their needs before they arise, you position yourself as an indispensable partner rather than just a service provider. This level of engagement is crucial for retaining clients in a competitive market where they are constantly bombarded with alternatives.

In assessing needs, go about it in a fresh way: know that everyone’s to do more with less. What can I bring that will increase efficiency and minimize friction?

Employ strategic thinking to conquer challenges in a competitive market by thoroughly analyzing market trends, competitors, and customer insights to identify opportunities and threats. Develop a clear, long-term vision and actionable plans that leverage your strengths and address weaknesses, ensuring flexibility to adapt to changes. Foster a culture of innovation and continuous improvement, encouraging creative solutions and strategic partnerships to stay ahead of the competition.

The breadth and rigor with which trends are assessed defines the range of possible solutions. The challenge in business is we all function in a boundryless environment. Consequently there is a nearly infinite array of trends that can have impact. The greater the array of trends analyzed, the greater the array of potential solutions. I had a business associate and mentor of whom I used to say, “He connects dots beyond my horizon.” Consequently he saw possibilities others didn’t. He was often several steps ahead of his competitors who couldn’t understand the rationale for many of his moves.

In a competitive market, it’s important to understand what problems are we solving, or is there a problem to be solved, which there always is, albeit features or cost. This is where the innovation should be driven towards so that you can find the product market fit easily and leverage the tide to conquer the market or gain shares. Innovation is not just a new product but even to business models or cost improvements.

Innovation is not typically rewarded in management, they’re very different skill sets. One invents what’s on the paper while the other optimizes what’s on the paper.

What is in your toolbox? You are the lead in this so sit around the table with your field to talk about what is the history, who are your champions, what changes need to be made, how are sales forecasting and map out what you think is the best strategy. Have a customer meeting to ask questions, business review to understand long / short term goals and then reconnect with team to make sure your on track once you have done that then it is time to think outside the box to gain share and get the customer to commit.

Always listen to what your customers have to say about your and your competitors products and services Remain agile to frequently monitor the SWOT and be ready to pivot Invest in capabilities that support the flexibility to pivot, this requires keep a 70-30 or 60-40 split in investments to "run the business" vs "grow the business" Monitor developments in "substitute" products, supplier networks(remember porter framework)

Collaboration is what the value of team is all about. I am always amazed at various perspectives that arise when members of the team are able to share and collaborate in a safe space.

Recognize that everything today is changing, old methods don’t work and strategy must intertwine with tactics, and holistic risk. You need a framework that starts with assumptions, integrates tech, marketing, ventures, and business inc. The intersection is your valued path. It is a rinse-and-repeat, adaptable learning process that empowers survival, evolution, and thriving during uncertain times.

Although the world is changing and evolving at a really fast clip, do not let go of what has worked in business for all of the seasons of change. Lean in, write handwritten notes, be true and genuine to who you are, learn from others and share your knowledge with others. Phone calls are usually more meaningful and enjoyable than an email or a text. Thank you notes and cards or surprising others with a sweet treat is still welcomed and still feels good as a recipient.