Competition in the rear view mirror
At Algood our competition keeps us on our toes but over the years we have learned that the best way to compete is to do what we do best and the best way to view our competitors is in the rear view mirror. Here are six ways in which we think about competition.
- Competition can be a motivating factor.There are actually two ways in which competition can be a positive influence. On one hand, we will often combine competitive influences with our own capacity for innovation to create new products or improve existing ones. On the other hand, the practices of our competitors sometimes provide a guide in how not to do business. I am frequently shocked by the quality and deliverability standards of many of our competitors.
- I take no comfort in negative comments about our competitors.Increasingly I am hearing more negative comments about our competitors from both distributors and OEMs. In fact, there have been times when I have witnessed a caster company being totally trashed by a customer or prospective customer. Believe it or not, I take no satisfaction in hearing those comments. If anything I am saddened by them because, to some degree, a negative comment about one company is a statement about the whole industry.
- We have no desire to mimic our competition.We can learn from our competition. We are humble enough to understand that everyone is this business has the potential to teach us something. But we have to be true to our values and the high standards to which we are committed. For example, I would never ask our sales team to be like the salespeople of our competitors. We breed our representatives to be true castersmiths that combine rich knowledge with impeccable principles.
- Imitation is the greatest form of flattery.My father taught me that when another producer knocks off one of our products, to take it as a compliment. Frankly, it doesn’t bother me at all when we are copied. If anything it is validation that we are providing the right products to the marketplace.
- We understand the pressures of pricing.We understand that project budgets are critical and that cost-savings are a huge contributor to business success. We work closely with our customers to deliver the right product at the right price. However there are times when we are asked to match a competitor’s quote and our most responsible response is to pass. If matching a competitor’s price means putting our quality standards at risk or, in any way, not being able to deliver a product of which we are proud, it’s not worth it – no matter how much we want to help or how big the project.
- Achieving excellence is the most effective approach to competition.We can never stand still and never be complacent. If we focus on using our integrated manufacturing facility to always be innovating to truly meet the needs of our customers; if we dedicate ourselves to producing the highest quality product and delivering it on time; and if we bend over backwards to service our customers to death, we will always be in the driver’s seat – viewing our competition in the rear view mirror.