Wonder why your competitors have more market share than your company? Or, what exactly it is they are doing which you aren’t? If so, you likely need to get busy tracking down data. Why? You can’t answer fundamental questions about what sets your competitors apart from you. Or, exactly what they are doing to make them more successful. What else don’t you know about them? It’s time to find out. So, your Middle Market firm may need to do some sleuthing on the competition.
Your Middle Market Organization Needs To Understand How And Why Your Competition Succeeds
Indeed, you can look at companies around you who are successful and implement some of their methods. Moreover, you can figure out how you can accomplish even more by applying your unique competitive advantages. But, even more importantly, knowing your opponent’s strengths is vital. It helps you understand and likely anticipate what their next moves could be.
Getting this information might be a bit of an ego blow, but if you can handle it, you may get the best data you could ask for. Go to your most recent lost customers and ask if they went to a competitor and if so if they would share why. Try asking for brutal honesty and reward them somehow for it. You may find the key to making up lost ground. And do so at a significantly lower cost than doing comprehensive market research.
Your Middle Market Company Needs To Know Where And How Your Competition Is Lacking
Want to know where your Middle Market organization could stand out quickly? Figure out what your closest competition is doing poorly and capitalize on it. It may mean shifting your focus, but if you can scoop up unsatisfied or underserved customers, it will likely be worth it. Spend some time reading reviews and finding out what specific, legitimate complaints exist. Are you able to fill the void?
Your Middle Market Firm Needs To Know How & Why Your Competition Is A Better Or Worse Employer
You compete with other companies for so much more than just customers and advertising placements. Your other greatest asset, your employees, likely either came from or are in danger of being recruited to your direct competition. It’s vital you know exactly where and how you excel as an employer and where they do as well. You should be using your successes to formulate how you market yourself as an employer of choice and how you show off your employer branding during interviews and as you recruit candidates. Moreover, you should be focusing on where you aren’t winning against the competition – compensation, benefits, career pathing, growth potential, inner turmoil, etc. – to make immediate improvements.
Having a great business model is fantastic, having great products and services is also key. However, you need to have great employees as well to succeed and keep getting better. It takes all areas working in unison and continually improving to be better than the rest in your field.
If you aren’t spending resources in your Middle Market company figuring out how, why, and where your competitors are winning and losing against you, it may be time to start. The ROI could be immeasurably beneficial in the long run!
So, what’s in the Mighty Middle Market for me? – get it right now at www.Go4ROI.com