Dealing with competitors
My philosophy has always been to run my business as if it was constantly being challenged by competition, even in times when it wasn’t.
Competition you see, keeps you sharp. It keeps you at the top of your game and ensures that your business is running at it’s optimal level. Let’s face it – if your business had no competitors you could just meander along happily until one day – bang! A new player has entered the market and suddenly their well oiled machine is taking business from you at an alarming rate. You’re now in reactionary mode, playing catch up rather than leading in your given arena.
Monitor your competitor’s online presence
One great thing about the digital marketplace is it offers a window into your competitor’s activity. Having someone with a trained eye to look over your competitors’ websites and social media can give you a competitive edge, and I’m not just talking about prices here – I’m talking about their intent:
These are all questions that a trained SEO consultant can provide answers to. In fact, you would be surprised at the detail a Tenacity Competitor Report can provide.
So keep an eye on what competitors are doing online and you might even spot a trend that you hadn’t previously picked up.
You might see they’ve dropped a product line or a service that you were once competing on, allowing you the freedom to increase your profit margins in that particular sector. They may have even had a falling out with a supplier, leaving you ready to pounce.
Think of competition as a good thing. They are your best resource for improvement. Admire them or even emulate them when they do good, challenge them when they take you on, and understand that just like you they are only human.
Thanks for reading
Tenacity Business Consulting – Perth