Time spent on competitive strategy is a key indicator of success for mid-sized companies, according a recent survey by SunTrust Bank.
“Virtually all businesses (98%) participating in a recent survey are guided by a competitive strategy,” according to SunTrust. The amount of time spent on competitive strategy increases with business size, but overall, the survey found that less than half of respondents reports spending a significant amount of time on competitive strategy.
Other findings from the survey:
–“Several industries stood out as doing a significant amount of competitive strategy work, including technology hardware and software, retailing and automotive.”
–“Quality is a core priority for approximately two-thirds of businesses; innovation and focus/targeting a niche are other common components of businesses’s competitive strategies.”
–“Companies earning $25 million or more each year in revenue are most often focused on superior products and services (55%).”
–“Businesses have fulfilled their competitive strategy by developing deep customer relationships and creating superior products and services.”
According to the survey, “midsize businesses doing a significant amount of competitive strategy work feel stronger in the market and are better connected to their financial partners,” and a whopping 98% believe they have a strategic advantage over the competition as a result.
