Know Your Competitors
There’s always a bit of a conversation that starts when we talk to our customers about their competition. It’s always a mix bag – anything from distain for their competition to watching them like a hawk.
Two things about your competition – it’s way more complex than it has ever been before. Take my business – we help businesses grow revenues which strictly speaking is called strategic marketing. We have a wide range of competitors – other marketing firms [of which there is a vast array of shapes and forms] and business consultants which can range from the PWCs of this world to single operators.
Tip 1 give some thought about who your competitors are – ask yourself the question ‘Who’s taking my dollar?’ to broaden out the question for your business.
Secondly – your good competitors give you great market intelligence, giving you insights into what’s going on in your sector including showing you how to position your own business and what products/services are being developed.
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