Putting our best ideas to work.
I’ve always studied my competitors, not so much to see what they are doing in our market, but to see how they are doing it. How do my competitors develop the products they sell? What kind of software do they build into or incorporate? What kind of software and programming languages are used?
I ask these questions rather than ask questions like, who are they doing business with? I recently read about Intellectual Capital, and how we are incapable of measuring the value of the contents of our mind. However, this type of capital is the one that fuels innovation. Wouldn’t it seem we would strive to understand that we make money from putting our best ideas to work?
I remember the battle between Airbus and Boeing, not too many years ago. This battle took place for leadership in the commercial aircraft industry, but had little to do with aluminum, steel, and jet fuel. It was really about whose concept of an airliner is best and which one comes closest to serving the needs of its customers’.
I think this concept of competition works well, and is applied everywhere we see business taking place. The automotive industry is another obvious example. So reviewing how another is deploying their bread and butter, can tell a lot about the direction you are taking with your own business.