A quick question for you today: who invented the automobile? Most believe it was Henry Ford. The correct answer is Mr. Benz, who named the first automobile after his daughter Mercedes, thus the name Mercedes Benz. Okay, so Henry Ford must have created the assembly line! Incorrect again. Ransom Olds did that number.
I give this quick history lesson to prove that competition is good. When I ask business owners in the Treasure Valley about their biggest challenge, most tell me that it’s the competition under cutting prices to steal business.
My philosophy is that you only have to be ten percent better than your competition to own the market place. When I say ten percent, that doesn’t mean some of the time or once in a while, it means all of the time! Remember this: good companies do great things every now and then. Outstanding companies do extraordinary things every single time. Are you good or outstanding in your field?
Henry Ford took the automobile and combined it with the assembly line to create a product that more Americans could afford and created an empire that in its time could not be matched. Others made cars, others used assembly lines, but Ford found a way to be ten percent better.
How do you determine where you can make that ten percent improvement? First and foremost you must “secret shop” your competition. That’s why football teams scout and watch videos of the opponent--so they know what they are up against. Next, ask your team “What we can do to be ten percent better in our field?” And finally ask your customer “On a scale of one to ten where would you rate us in terms of getting a referral or return business?” If they answer with and 8, follow up by asking what it would take to achieve a perfect 10.
If you’re not buying into this and becoming a victim thinker due to the economy and your competition, remember one more item from Henry Ford--his most famous quote: “Whether you think you can, or cannot, you’re usually right!”
No comments:
Post a Comment