Is Your Business in the Tournament?
Many individuals are currently distracted with the NCAA College Basketball tournament. Instead of being distracted, this can be an opportunity for owners to get into the bracket business. Take some time during March Madness to evaluate the position of your business with your competition.
The first thing that you need to look at is the current status of your business. Take a very critical eye and see if you are even a part of the tournament. The NCAA tournament allows teams in that have proven success, or they must be invited. Has the general public put enough faith in your business to invite you to compete against other businesses? If your business is not even on the bracket, then you still have a long way to go. Hopefully, we can help get you on that list.
Bracket Business Basics
Many individuals are just happy to be in the tournament. But, if you are a business that wants more for you, your brand, and your employees, then being in the tournament is not an acceptable result. Please don’t let the following comment scare you away. The first thing you need to do is figure out your market share. Will this take a little bit of work, elbow grease, and number crunching? Yes. Is it worth it? Absolutely!
We need to determine if you are a high ranked business, an underdog, or not even invited to the tournament. Knowing where you stand will go a long way in determining how much of an uphill battle it will be to reach that championship title.
Plan of Attack
Now that we know our seed in the tournament, we need to look at our opponents. Let’s take the prospective of the underdog. We know that we are behind in market share, so how should we change that? There are two different courses of action to implement.
First we could research and evaluate the competition, then form a strategy to directly go against them. Taking into account your skills and resources, this may be a viable option.
Secondly, you could develop your own personal brand, identity, and strategy. Let’s be honest, if you are currently an underdog then you most likely don’t have the skill or resources of your more successful competition. So, the best and most effective strategy would be to stand out from that opponent. Don’t replicate what they do better, continue to grow and develop your own strategy.
At the end of the day, you may come out with a Cinderella victory, or you will have everyone talking about how you put up a good fight with the bigger opponent. Build your brand, develop your own strategy, and stand out from the crowd in this bracket business. It will have a more lasting impression on your spectators and customers.
Matt Carnaghi | Twitter: @carnaghimd1 | Instagram: @carnaghimd1 | LinkedIn: Matt Carnaghi