How can you manage disruptive competitors and technologies?

2 Evaluate your competitive position

The next step is to assess how well you are prepared to face the disruption and how it affects your competitive advantage. You need to evaluate your strengths, weaknesses, opportunities, and threats in relation to the disruptors and the changing customer needs. You also need to measure your performance and customer satisfaction against the key success factors and value drivers of your market. You can use tools such as the VRIO framework, the value proposition canvas, and the customer satisfaction score to determine your competitive position and identify your gaps and areas for improvement.

3 Adapt your strategy and value proposition

The third step is to adjust your strategy and value proposition to respond to the disruption and meet the evolving customer expectations. You need to decide whether to defend your current position, attack the disruptors, or explore new markets and segments. You also need to rethink your value proposition and how you deliver it to your customers. You can use tools such as the Ansoff matrix, the blue ocean strategy, and the lean canvas to generate and test different strategic options and value propositions.

4 Innovate your products and services

The fourth step is to innovate your products and services to create and sustain differentiation and customer loyalty. You need to leverage your core competencies and resources to develop new or improved solutions that solve customer problems, create value, and delight customers. You also need to adopt a customer-centric and agile approach to innovation that allows you to experiment, learn, and iterate quickly and efficiently. You can use tools such as the design thinking process, the minimum viable product, and the feedback loop to innovate your products and services.

5 Build your capabilities and culture

The fifth step is to build your capabilities and culture to support your innovation and adaptation efforts. You need to develop the skills, processes, systems, and structures that enable you to execute your strategy and value proposition effectively and efficiently. You also need to foster a culture of learning, collaboration, and resilience that encourages you to embrace change, challenge assumptions, and overcome obstacles. You can use tools such as the balanced scorecard, the OKR framework, and the growth mindset to build your capabilities and culture.

6 Monitor and evaluate your results

The final step is to monitor and evaluate your results and adjust your actions accordingly. You need to track your progress and performance against your goals and objectives and measure your impact and outcomes. You also need to collect and analyze feedback and data from your customers, competitors, and other stakeholders and use them to improve your decisions and actions. You can use tools such as the key performance indicators, the net promoter score, and the lean analytics to monitor and evaluate your results.