The End of Best in MarketBy
Best in Market has really become a myth in today’s world. These companies that believe this are typically product focused and determine their position by the amount of features and benefits that they have over the competition. Many times market share is not a consideration. It is also believed that continuous improvement on processes, people and product will maintain that “Best in Market” position.
The competitive advantage in the “Best in Market” approach is dead wrong. Trying to outsell your competition based on these principles will at best (no pun attended) lead to only short term wins in profitability and in market share. These gains will diminish relatively quickly as competitors respond with their own improvements and innovations.
The slide show below demonstrates the new world and how the view from the SD-Logic (The Service-Dominant Logic of Marketing by Stephen Vargo and Robert Lusch) perspective may very well be the user centric approach required. The truth is that SD-Logic thinking has struggled moving out of academia. However, it is reviving itself thanks to the thinking of many in the Service Design arena. I go one step further in the presentation stating that SD-Logic needs a process such as Lean Thinking to put it into practice.