How would you develop a strategic plan to outperform competitors in a saturated market?

The market analysis begins with understanding the market as a culture. You figure out how to reach them where they are, understand their pain and needs. Then look at how they’re being met by the competition. Look at the areas where things could be better and where you can meet them. Find the opportunities to do one or a few things that are highly valued better, and focus on providing them.

Creo que la mejor forma es ser intenso y minucioso en el conocimiento del mercado objetivo, sus necesidades actuales y sus deseos a futuro y ser MUY autocríticos sobre que no hacemos bien según la opinión de nuestros clientes. Eso nos impulsará a innovar primero que nuestros competidores y nos generará incremento en participación de mercado.

Creative solutions rarely come from people with long industry experience and records of incremental growth. Look at the great startups and founders. Radical disruption of industries and markets and creating whole new ones always comes from outsiders who connect the dots or people who were fired from their jobs. When Jeff Bezos started Amazon as a book seller, he didn’t build the company by hiring people who worked in bookstores. He wasn’t fixated on one idea and was open minded to see the bigger picture and possibilities. Your greatest skills are “figureoutability” and creativity. Your greatest quality is the courage and humility to be wrong and listen to people who bring you different perspectives.

Innovation comes in different forms; whatever the take though, it is powerful, especially in traditional or saturated industries. Innovation has to take an existing 'pain' away. There is internal innovation, which e.g. allows for obsolete processes to be entirely reviewed with process efficiency and cost optimisation. Changing ways of working and creating a collaborative, no-silos organisation is another internal innovation. Innovation can also impact clients directly, where new or tech-enhanced products address specific needs, or where customer engagement becomes digital (anywhere, anytime, across any device). The innovation you implement must bring a concrete and measurable positive outcome or value. This is what makes the difference.

Customer experience is the key to better conversion and longer retention as well as differentiation. Every person in the organization has a connection to the customer. Make that excellence the foundation of your culture. Make sure everyone knows that their role matters.

I presume many of us have dropped out of the process of e.g. purchasing something, because of the friction we experienced. Having an excellent product or service but a poor customer experience is a weak position. Those with less quality products and services but a great customer experience at times have higher rates of success. And of returning customers. Customer journeys have to be easy, frictionless, almost uneventful. Even better if they're pleasant and engaging. Clients' needs go beyond the product: clients need to be listened to, answered to, cared for - especially if we want them to return. We should therefore tune into their needs with all channels we have, and ensure quality interaction across all touchpoints.

One story I like to remind people is Slack was an internal productivity tool created to build a product that no longer exists. Your tools for efficiency don’t just give you an edge, they can turn into a bigger and better business.

Develop a strong brand identity that resonates with your target audience and clearly communicates your UVP. Utilize digital marketing channels effectively, including SEO, social media, content marketing, etc., tailored to reach and engage your target segments.