How to Checkmate Your Market Competition | What Chess and Running a Company Have In Common

Running a company and beating market competition can be just like playing a chess game, you have to have a good strategy in order to succeed.

Beating the market competition is like playing a game of chess, except there are a lot of opponents and you are battling with them all at the same time.

Chess games and market competition are won by a good strategy. Having a solid plan, knowing your opponents, mobilizing your pieces and having foresight are all necessary ingredients to achieving victory in chess and having a bigger share of the market.

Be aware of your weaknesses

Business team strategizing

Strategizing is not just limited to exploiting the weakness of your opponent. It also means being aware of what your weaknesses are and addressing them. Always keep in mind that your opponent is also trying to exploit your weaknesses at the same time.

Great chess players understand that every move counts. One move can spell the difference between a win and a loss, so they take their time to analyze their moves, looking for potential repercussions and benefits. Every move in chess is also in line with the main strategy, whether it is for supporting another piece, gaining control of certain areas of the board, or attacking an opponent’s piece.

Successful companies always analyze their every move. Meetings upon meetings, market research upon market research are being conducted to ensure that a particular move will be the best one for the company. Marketing campaigns are also planned thoroughly, making sure that they align with the company’s branding.

Know your opponent

Determine what your opponents are planning. A good strategy in chess is exploiting your opponent’s weaknesses and breaking through their plans, sometimes with the use of surprising, even risky moves that catch your opponents off guard.

In market competition, it is important to know what other companies are offering so you can have the chance to differentiate your products and services. Gather information about the features of their products or how much they are offering them using online tools for tracking prices. This way, you can offer products that have features that other products do not have.

You can also surprise them with unusual marketing strategies that allow you to stand out. Take Apple’s earphones for example. The tech giant created white earphones when it released the iPod after they noticed that all the other earphone cords were colored black. This effective and unusual marketing strategy propelled Apple sales through the roof.

Mobilize your pieces

The main priority during the early phase of a chess game is to take control of the center of the board by mobilizing your pieces. This allows for more flexibility across the board, with pieces being able to attack and defend when needed.

For a company, mobilizing your pieces means investing in your employees. Train and give them opportunities to grow and flourish. Listen to their ideas and make sure that they feel fulfilled. Employees who are fulfilled tend to be more loyal and productive.

Employees attending business training

Be future-oriented

Like great chess masters who look, three, five or even ten moves into the future, many successful companies have a clear idea of what they want their futures to be like. They plan the next five, even ten years of their businesses and invest a lot in keeping up to date with trends and technology.

Whether it is chess or market competition, a good strategy can help you go a long way. But just like any sport, it is always important to play the game as sportsmanly as you can. This will earn you the respect of not just your customers and employees, but also your colleagues and even competition.