{"id":4684,"date":"2010-01-21T01:45:26","date_gmt":"2010-01-21T05:45:26","guid":{"rendered":"http:\/\/retailprophet.com\/blog\/?p=572"},"modified":"2010-01-21T01:45:26","modified_gmt":"2010-01-21T05:45:26","slug":"never-bring-a-knife-to-a-gunfight","status":"publish","type":"post","link":"https:\/\/www.retailprophet.com\/2010\/01\/21\/never-bring-a-knife-to-a-gunfight\/","title":{"rendered":"Never Bring a Knife to a Gunfight"},"content":{"rendered":"

It\u2019s been called the first rule of modern warfare \u2013 \u201cnever bring a knife to a gun fight\u201d.\u00a0 Although I\u2019m not certain who coined the phrase, I can almost assure you it wasn\u2019t <\/em>the guy who brought the knife.<\/p>\n

And as obvious as this idiom is, every day I see independent retailers walking into fights they can\u2019t win.\u00a0 It happens every time they focus marketing efforts on business attributes which they can\u2019t possibly dominate in.\u00a0\"Shootout\"<\/p>\n

I use the word dominate<\/em> and not compete<\/em> because frankly, competing is a\u00a0nebulous term and doesn\u2019t really carry any assurance of success.\u00a0 Domination\u00a0signifies that you maintain an own-able position in the mind of the public, distinct from competitors and truly remarkable<\/a>.\u00a0 \u00a0\u00a0For example, all professional athletes compete but the ones that really stand out actually dominate<\/em> in their sports.<\/p>\n

That said,\u00a0 independent retailers sometimes have difficulty identifying how<\/em> they can dominate in their chosen market.\u00a0 They struggle with isolating the aspects of their business where they can consistently reign supreme.\u00a0 As a result, they attempt to be good<\/em> at everything, which usually renders them exceptional at nothing.\u00a0\u00a0In other words, by trying to be good at everything, they actually weaken their competitive position.<\/p>\n

Stop trying to be the good at everything<\/strong><\/p>\n

The 2001 book by Fred Crawford and Ryan Matthews titled The Myth of Excellence<\/a>, is an account of an extensive study examining the competitive attributes of a wide range of highly successful businesses.\u00a0 Although almost a decade old now, I\u00a0think the findings are even more relevant today than they were then.<\/p>\n

The key discovery\u00a0from the research was that none<\/em> of the\u00a0best businesses were the best at everything.<\/em>\u00a0 However, all<\/em> of them clearly dominated in something<\/em>.\u00a0 Almost without exception, there was a single competitive attribute\u00a0<\/em>on which\u00a0the best businesses stood head and shoulders above the competition.\u00a0<\/p>\n

With this information in hand, any business can begin to map out a coherent competitive strategy.<\/p>\n

Start with your dominant attribute<\/strong><\/p>\n

There are 5 basic competitive attributes across which a business can compete.\u00a0 First pick the one that your business can realistically dominate in relative to other players in your market.\u00a0 And although it might seem obvious, make sure that the dimension you choose is both relevant and tangible to consumers.<\/p>\n\n\n\n\n\n\n\n\n
To Dominate In<\/strong><\/td>\nYou need to be remarkable for things like…<\/strong><\/td>\n<\/tr>\n
Product\u00a0<\/td>\n\n
    \n
  • The widest selection<\/li>\n
  • In-stock position<\/li>\n
  • The highest quality goods<\/li>\n
  • The most unique items<\/li>\n
  • The most desired brand(s)<\/li>\n
  • Most hard-to-find items<\/li>\n
  • One of a kind and customized items<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Price\u00a0<\/td>\n\n
    \n
  • The lowest every day price on the most items<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Service\u00a0<\/td>\n\n
    \n
  • The highest level of expertise<\/li>\n
  • The best after-sale support<\/li>\n
  • The friendliest and most helpful staff<\/li>\n
  • The most liberal return\/exchange\/refund policies<\/li>\n
  • The best in-home services<\/li>\n
  • Best warranties\/guarantees<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Convenience\u00a0<\/td>\n\n
    \n
  • The most stores<\/li>\n
  • The best locations<\/li>\n
  • Call ahead services<\/li>\n
  • The longest store hours<\/li>\n
  • The most efficient systems<\/li>\n
  • The best delivery program<\/li>\n
  • The best online shop<\/li>\n
  • The best payment options<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Store Experience\u00a0<\/td>\n\n