Have you ever heard the expression, "Riding on the Coattails of Others?" What it means is - achieving success by associating with other people or groups. In sales and marketing, it’s another great way to create opportunities and improve your sales revenue. Let’s look at how.
Look at any industry, in any market, and you’ll find the same strategy playing out everywhere. Companies compete with one another in a mindless race to the bottom, matching products and services feature for feature, competing primarily on price. This commoditizes markets and drives down prices and margins. But ultimately, no one wins—not even the consumer--as quality, service and differentiation suffer. We call this senseless strategy “Attrition Competition”, and it is derived from prevailing military strategy, which seeks to overwhelm competitors.
A clever way to find new growth is to change your market category or create a new one. When you create or change your category, you’re redefining the boundaries of your market space, and that opens your eyes to new targets of opportunity. Let’s look at how to do it.
One way to do this is by zooming up from your current category. That means you dial the category definition up a bit to create a bigger market space.