Competition in today’s market is fierce. Over the years, I’ve learned how important it is to remain vigilant with the ability to react nimbly to competitive threats. Staying ahead of the competition requires an understanding of the threats they pose to your business, such as new or additional services that you don’t offer.
This five-step process will keep you and your company ahead of the competitors, and help you become the trendsetter in your market.
In order to properly respond, there are several steps you need to pursue:
- What is the competitive threat? The first step is to accurately understand what the actual threat is to your business. There will be a lot of rumors and hearsay, so understanding the facts of the situation is paramount in cutting through the noise to get accurate information.
- What are your advantages? The second step is to ask yourself if the competitive landscape allows you to showcase your strengths in a way that customers know and trust your business.
- What are the objectives? Developing and defining objectives is necessary to ensure your team can provide insight that clearly articulates the advantages of choosing you over your competitor to the customer.
- What are the competitor’s weaknesses? Once you have determined your advantages, we want to match them to their vulnerabilities. This will allow an honest comparing of your company and the competition.
- What is the action plan? Once the process has been completed, identify your top three action items that will have the greatest impact and put them into play.
Mike Moore offers HVAC advice for managers, technicians, and sales teams daily on Facebook and Twitter. Follow Mike and stay in the know.
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