Wake Up and Know Your Competition

Wake up and know your competition

By: Christine Hollinden

We often see professional service firms in total denial when it comes to the competitive environment. If you want to achieve your growth goals, it’s time to wake up. Asking clients for feedback on service is cursory information. In fact, when successful firms ask for client feedback, it’s typically information they already know. And, we all know that unsuccessful firms aren’t even asking. Sure a pat on the back feels good, but gathering information you already know is not conducive to growth. Asking safe questions overlooks a key piece of information – what are your competitors doing? When professional firms are on a growth trajectory, understanding the competition is just as vital as understanding the target audience. Are you in denial or do you really know the competitive environment?

It is critical to know the answers to the following questions to gain or maintain a competitive advantage.

  • What are the perceived differences between your firm and competitors?
  • What was the key consideration during the selection process?
  • How much weight was given to general service offerings versus specialized services?
  • What was the tipping point in the decision making process?

The answers to these questions will not only help you uncover strengths, opportunities and areas needing improvement, but they also offer guidance on differentiating and positioning your firm.

What do you know about your competition? Are you asking the questions to uncover the truth or are you waiting for a rude awakening? Don’t wait until you’ve lost market share or you find yourself scrambling for revenues. Wake up and know your competition.

If it’s time to rewrite the playbook, call us.