What are your competitors doing?
This should be a key question that you ask yourself on a regular basis.
Lets face facts... we are all adjusting our business models to accommodate all the changes that have happened over the last year. In the last 12 months we learned how to work from home, how to use video meetings for presentations, how to sell virtually, how to manage staff remotely and so much more. We learned new ways to market to our clients and potential customers. All of our businesses changed and we will see new things coming as we move forwards.
But as you look at your business and what you have changed or need to change don't forget that your competitors have changed as well. They may have changed their fees. They certainly changed their marketing. Their products or services may have changed. Their staffing, office, tech and more has probably changed.
What they have done is important for several reasons...
- You need to know what they are offering clients so that you can remain competitive.
- They may have made changes that you can copy rather than having to invent.
- You may find that they have fallen behind or failed to change, giving you a great advantage.. and making it a great time to go after their clients.
- Some of your competition may have left the industry or switched companies.
- They may have new marketing locations or programs that you need to know about.
We always should be aware of our competition... but now more than ever. So take the time to follow yours on social media, check out their marketing and see what they have changed for 2021. It may give you the competitive edge you need to grow your business while they struggle.