Of course, you need to keep an open eye but the truth is that you are competing against the entire world so you will never be able to get a full overview anyway. If you are trying to outdo everyone it can easily become an unequal zigzag run – with the risk of losing focus on your customers and the good of your company.
But why do we say that you are competing against the entire world? Well, your customers are not only judging you on how you are doing compared to your competitor. Earlier, it might have been a parameter to care about, but today they are judging you on your entire performance throughout the day.
From the booking system at the fitness center to the service level at the car parking area, online weather forecast services, ordering food directly from work and effortlessly communicating with the repair shop when the car needs service. Every great customer experience is saved on their inner hard disk and the expectation of experiencing a similar high standard, efficient payment, quick delivery, sublime service, great price, etc., is what you are competing against. Because they know that it is possible.
When we say that you should avoid ending up in an unequal zigzag run it is not because you should not be ambitious on behalf of your customers. Of course, you should strive to create the best experiences for your customers. Inspiration from other areas is always a good idea but remember a certain amount of skepticism. What is right for you and your customers? And how is that connected with your strategy and goals?
One of the ways you can strengthen your retail chain’s position in a changing market is by taking technological leadership. Organizationally, you need to be aware of where and when technology plays a role in different areas of the organization. And always with your customers in mind. Keep your eyes on the ball!