Most companies don’t take the time to truly think about their competition, and that’s a huge mistake – and a potential risk of your customers flocking to competitors for something you weren’t aware of.
When it comes to your competition, there are four issues to think about:
– Who are your local competitors that are taking the most market share away from you?
– What makes them successful?
– Who are your favorite leaders in your business segment? What do they offer that makes their customers loyal? What are they doing that you admire?
– What can you do to differentiate yourself from your competition? Find something that your prospect finds value in.
Studying your competition gives you a chance to set a benchmark for performance and an opportunity to stay ahead by re-evaluating your strengths and weaknesses and offering better products and services.