THREE WAYS FOR LAGGARDS TO BEAT THE MARKET LEADER

Toyota owned the hybrid market with the Prius, which launched in 1997 in Japan and worldwide in 2001. So what? There are other choices now, possibly better. Some companies are launching their first hybrids. Does that mean they only need to be as good as the original Prius? No. Laggards must be as good as the third-generation Prius.

Laggards face higher hurdles. They may have avoided pitfalls but they lack the experience the pioneers earned by doing. This doesn't ensure the pioneers of ongoing market domination.
Let's look at three to beat the market leader.

1. complacency
2. incrementally
3. leapfrogging

Complacency

A complacent market leader is blind to competitors. Consider RIM. When Apple introduced the iPhone in 2007, RIM didn't see a threat to the Blackberry in the corporate market they dominated. Businesses wouldn’t want phones with less security and no keyboard. They were right ... in the beginning.

The market changed. As Apple dominated the consumer market, workers started bringing their own devices to work and demanded to use them. Apps made the arguments more compelling. Recently, the iPhone accounted for 53% of corporate smartphone activations among 2,000 companies (see study).

The iPhone is now the market leader, even in Canada, RIM’s home and native land.

Incrementally

The iPhone faces challenges from another upstart, Android. In the beginning, Android wasn't very good but the devices and operating system keep improving. Unlike RIM, Apple hasn't ignored the threat. The iPhone is now available from more carriers and improvements continue being made.

Over time, Android may win. When we upgraded our phones recently, we got one iPhone and two Androids. Since I must have a keyboard, the iPhone isn't a serious option.

Leapfrog

There's another way to win: leapfrog. A lead in fluorescent lighting may not matter as LED lighting becomes preferred. A lead in alkaline batteries may not matter when lithium cells are available. A lead in hybrid vehicles may not matter if there are new developments.

The new entrant might leapfrog overall all other companies. Isn't that what Apple did with the iPad? Since 1992 when IBM introduced the ThinkPad 700T, tablets have used Windows. Apple used their phone operating system (iOS) instead. In the beginning, that seemed silly. The iPad couldn't multitask and seemed like an oversized iPod. It was. The 10" screen was small by computer standards. It was. Buyers didn’t care. Since launch, the iPad has dominated and expanded the tablet market. We have two.

What the iPad offered was enough for the public. And still is, even though Android tablets with similar performance are now available and keep improving incrementally.

Your Choice

Being a laggard may not be the best strategy, but you can take steps to beat the leader in your market segment --- especially if you’re an early follower.

Links

• The perfect smartphone
• Boost productivity: three gadgets get things done
• Apple’s risky marketing strategy
• Three marketing lessons from the iPad
• Why a Windows user got an iPad
• image courtesy of Clarence Alford

PS Is a hybrid or electric car in your future?

HOW TO PRUNE YOUR NETWORK

As time passes, your network grows and needs trimming. Cutting some branches gives you time and energy to devote to the rest.

For simplicity, consider your LinkedIn network where the pruned aren't notified of their fate.

Establish Criteria

You might want to limit your network based on criteria like geography, industry or interests. I'm more concerned about quality. For years, I’ve tended to connect to "good" people. Now I’ve become more selective and strategic.

I'm pruning three groups in particular

1. insurance advisors: used to be my clients (and the original reason for this blog) and then collaborators (see can an advocate serve two masters?); some have been annoying my connections with inappropriate behaviour
2. coaches: was looking for coaches to help my network; generally unimpressed; their techniques seem outdated
3. social media "experts": was looking for experts to recommend but found too many fakers
4. recruiters: hide their own connections; rarely show visible signs of sharing

Look For Clues

When I see misbehaviour, I make a note in a spreadsheet called LinkedOut. This is where I list contenders for pruning.

The inappropriate actions might be too much self-promotion, irrelevant information, too frequent updates or getting put on a mailing list without permission. Or worse.

I'm especially looking for connections who show generosity. I don't mean the buy-now-and-get-a-discount crowd. I'm seeking those who share valuable nothing-to-buy information on a regular basis without quitting. That's rare and valuable.

Cut

Occasionally, I'll check my LinkedOut spreadsheet and do the actual cutting. I'll make note of the date and reason for future reference. I have several other fields such as how many connections they have and how many we share.

This year, I've trimmed 3.06% of my network for various infractions. I found two big surprises.

1. Poaching

A connection with 112 connections shared 36 with me. It's very unlikely she'd know all 36 because I’m in diverse circles. I'm guessing she was burrowing into my network and adding connections by implying that I endorsed her. That wasn't true. How sneaky.

2. Camouflage

Some connections with over 500+ connections were sneaky too. They hid their own connections. Where's the reciprocity? They're guarding their own connections while wearing camouflage to add their connections’ connections. How can you trust someone like that?

Snip

Unless you prune regularly, your garden becomes unkempt. We're judged by the company we keep. Are you creating the right impressions?

Links

• LinkedIn’s Jonathan Lister discusses social media
• A proven technique to expand your LinkedIn network
• How to show consistent persistent generosity
• How to choose a social media expert
• Lessons from three different masterminds
• image courtesy of Yves Bonnet

PS Repeat regularly