Michael Porter cam up with a great model - The Five Forces - to help think about markets. It was aimed at big businesses but is great for SMEs...
Find ways to reduce the bargaining power of customers. Reduce their choice of alternative suppliers by making your proposition unique or reduce their share of your total sales by selling more to other customers
Find ways to raise the barriers to new entrants. Build special knowledge or resources into your service and proposition. Develop and nurture relationships that are hard to replicate, for instance, local government preferred supplier status.
Use competitive intelligence to avoid being caught out by products or services that will replace your own
If you'd liek to find out how applying this model to your business could turbocharge growth then this event is for you.
See more great tips on our website.
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