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Home arrow Communication arrow Value Creation and the Internet of Things: How the Behavior Economy will Shape the 4th Industrial Revolution
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reframing your Competition

Focusing on your competitor's rival technology specifications comes at the expense of understanding emerging behaviors. You will be disrupted more by a competitor providing experiences that transform core behaviors, than you will by new technology innovation. Those new sensors on that wristband are transforming peoples' commute time into a personal fitness opportunity.

Transforming experiences

Figure 14.3 Transforming experiences

That is not a new function; it is an enhanced life experience. My competitor is transforming experiences (see Figure 14.3).

The questions that need to be answered:

  • How do your offerings compete with these transformations?
  • What behaviors are/could you be transforming with your innovation?

Reframing Collaboration

When everything is interconnected, the line between competitor and collaborator is extremely thin. Individuals don't care who provides the experience, but they will remember the strongest story.

The questions that need to be answered:

  • How can you and your competitor partner create a combined experience?
  • How does it extend your core story?
 
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