What do you do if your business is falling behind due to outdated industry knowledge?

Assessing gaps in knowledge and strategy is a critical step in staying ahead in any industry, especially in B2B marketing. It's not just about identifying what you don't know, but also about understanding the evolving narratives in the market. As a storyteller, I believe that every piece of customer feedback, every market trend, and every competitor strategy tells a story. By listening to these stories, we can uncover the underlying patterns and narratives that drive our industry. This approach not only helps in identifying the gaps but also in crafting a compelling brand narrative that resonates with the changing market dynamics.

If our businesses are lagging behind because of a lack of industrial knowledge, the most dangerous thing, in my opinion, is to try to close the gap. We often make the logical mistake of assuming that the state of our competitors is static. For example, we think that if they know something 100 per cent and we know 80 per cent, we need to close the gap by 20 per cent. In reality, we don't. In the time it takes us to close the gap, our competitors will move ahead. We'll get to 100% and they'll already be at 120%,

Assessing the gaps is about more than knowledge and what your company is doing "wrong." Firstly, you need to define what it means to fall behind in your industry. Is it sales? Knowledge base? Changes in the industry? Technology? Once you've defined what it means to fall behind and what you got "wrong." Decide what the priorities are and the best course of action. Are you trying to fill those gaps for the sake of filling them, or will this bring long-term benefits to your company?

Before organising training, I think you need to first understand the strategy. Even if we catch up with our competitors, we will at best be on a par with them. This is not enough. First I would think about what frog leap we need to make to get ahead. What kind of knowledge do we need to acquire in order to significantly pull away from the competition? Only by answering this question can we plan our training.

Sometimes companies will worry about how the message change might send to employees and customers. However, deciding not to change sends a message as well. Harvard professor Frances Frei & Anne Morriss' book, Move Fast and Fix Things provides tools for how to quickly implement change in an organization while fixing existing issues and minimizing potential disruption. Companies that do not adapt to a changing market and industry landscape will find themselves heading towards obsolescence. In an increasingly competitive global market, companies must innovate, both by following customer needs, but by anticipating them. The iPhone was revolutionary, partly because it was ahead of its time and create a new need. That is true innovation.

Innovation is necessary, but it is important to remember that catching up with competitors is not a strategy, much less innovation. Once behind them, we should be thinking about how to overtake them, not catch up.

ok think, a retail company struggling to keep up with shifting consumer preferences and industry trends. To address this challenge, the company could launch a comprehensive Industry Knowledge Renewal Program. As part of this program, the company would offering employees access to online courses, workshops, and industry conferences. Regular "Lunch and Learn" sessions to facilitate knowledge sharing. Partnerships with market research firms provide insights on consumer behavior. Advanced analytics tools track market trends and inform product innovation. Innovation challenges and cross-functional collaboration foster a culture of continuous learning and innovation, revitalizing industry knowledge and ensuring competitiveness.

I believe the key is not to close the gap with the competitor, but to leapfrog him/her. Getting to know the gap is useful, but you need to invest time and thought to how to leapfrog it. A new segmentation, for example, can serve to understand the market better than the competition and give you the edge you need.

In my experience, businesses falling behind due to outdated industry knowledge should cultivate a culture of continuous learning and adaptability. It's crucial to encourage the team to remain curious and flexible, ensuring the organization stays responsive to changes.