How large of a threat do you face from substitute products/services?

Our poll today asks: How large of a threat do you face from substitute products/services?

– Huge: 23%
– Large: 19%
– Moderate: 27%
– Slight: 16%
– Negligible: 15%

There’s Always a Threat. When it comes to assessing the threat of substitutes for our products or services, we tend to think narrowly about how those threats manifest. We think “We make blue widgets and red widgets are the substitute.” True. But think broadly about what customers could purchase instead of your product/service. You might be surprised by where the competitive threats come from. When you look at your product through your customer’s eyes, you’ll likely see more threats than when you view it from your position. It’s a worthwhile exercise that can prevent you from being blindsided by the next competitive threat.

Do you agree with these poll results? Let us know in the comments below!

– Mike Figliuolo at thoughtLEADERS, LLC

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These results were originally a SmartPulse poll in SmartBrief on Leadership which tracks feedback from more than 200,000 business leaders. Get smarter on leadership and sign up for the SmartBrief on Leadership e-newsletter.