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Know Your Competitors

Know Your Competition

. . . . . Oh!

Know Your Competitors

Businesses need to know their competition, especially in today’s hyper-competitive business environment. Knowing what the competition is up to allows you to develop unique selling points which will encourage clients to choose you.

People – In order to understand the client experience offered by your competitors, try “mystery shopping” your nearest direct competitors. Things to note include: the client experience, staff-client interaction, how staff dress and present themselves, the firm environment and little touches such as complementary coffee or tea. Most important is to take note of the engagement process (as much as possible) – how do your competitors go getting clients to work with them? Do they suggest how their service will add value? Do they offer a quote and demonstrate the value added?

Services – Keep an eye out for any new services your competitors offer. Pay close attention to the quality of their brochures and any new or interesting ways they add value for their clients. You should create reports which compare your firm to the leading competitors in your area. You should circulate these reports to your management and marketing teams and encourage them to implement new ideas and approaches to help your firm improve.

Pricing – If you are at a disadvantage to your competitors in terms of pricing, work with your team to prepare a checklist of the specific benefits unique to your service. Have your team practice presenting this list, as this can often help convince a potential client who is on the fence.

Once you know the specific details about your competitor’s people and services, your team will be more informed and can develop the unique selling points that they can use to answer the question “what makes your firm special.” Your marketing team can then focus on the strengths of your services and encourage clients to do the same.

 

Jim Pritchard

Jim Pritchard – FCCA

Written by Jim Pritchard – FCCA of Spurling Cannon

If you would like to contact Jim about this blog post or any other accounts related matter, please e-mail him on jim.pritchard@spurlingcannon.co.uk or phone the Ashford office on 01233 424200

 

 

 

Spurling Cannon Limited have made every effort to ensure accuracy at the time of publication. Information may be subject to legislative changes. Recipients should note that information may not reflect individual circumstances and should, therefore, not act on any information without seeking professional advice. We cannot accept any liability for actions taken or not taken as a result of the information given in this publication.

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