Jack Welch, the former CEO of GE, suggested there were only two sources of competitive advantage for businesses. Given his track record at GE – taking its value from $14bn to 410bn when he left in 2004 – he knows a thing or two about competitive advantage.
Competitive Advantage #1
“Learn more about your customers faster than the competition.”
What do you know about customers that your competitors don’t?
Competitive Advantage #2
“Turn what you learn about customers into action faster than the competition.”
How do you collect customer knowledge and provide it to the people that can take action?
Companies that master these two sources of competitive advantage stay ahead of the competition, they are the market leaders, they have customer cultures.
Our research shows they outperform their competitors on the metrics that matter – customer satisfaction, innovation, new product success and sales revenue growth.
How does your company perform?