Committed, But Not Winning Enough
By definition, a competitive mandate means a firm really doesn’t have a choice to adopt the mandate; if one ignores the mandate, business viability is clearly at risk. So, you’re now an open architecture firm, but your business isn’t growing . . . maybe it’s even declining.
The problem with a mandate is that it becomes a market commodity. In other words, if everyone has “IT” then what makes your “IT” different from your competitor-down-the-street’s “IT”? Consider the analogy of a hamburger. Every hamburger has a bottom bun, a top bun, a hamburger patty and various condiments in between. But, is every hamburger the same? Absolutely not. Some hamburger sellers compete on location . . . others on price . . . others on quality . . . others on atmosphere. It’s not just having a hamburger that leads to success, but the unique attributes that allow the market to see your hamburger as “different”.
Bringing in an outside perspective allows a fresh look at the competitiveness of your solution and the changes necessary to create a truly unique “IT”.
- If you were a prospect hearing a sales presentation from one of your relationship managers, would you be persuaded to put your money on the line?
- Would your investment solution be attractive enough to recruit the top relationship manager from your toughest competitor?
- How confident would an average relationship manager on your team be competing for a $25 million account against your top four competitors?