Diminish Competition Through DifferentiationSeptember 5, 2017
As technology continues to evolve, most – if not all – industries will face increased competition not only against each other, but against automation. In some cases, the automation technology is equal to or greater than its human equivalent. Effectively dealing with this will require flexibility and a willingness to re-evaluate your strategies as you navigate and move forward in a new marketplace.
How Are You Different From Your Competition?
Who do you classify as your competition? Other firms, certainly, but what about technologies that commoditize your services? Once you identify your competition, you need to articulate how your firm is different (and better). Say it out loud and write it down. Have your team repeat this exercise individually, then reconvene as a group.
Ideally, by following this exercise each member of your team will succinctly and compellingly describe to anyone how your firm delivers value in ways that the competition cannot. It is also useful to apply this thought process in order to identify potential competitors that may be pursuing your key clients. Your goal is to proactively manage, serve, protect, and grow these vital relationships.
Your Relationships Can Set You Apart
Though the current paradigm poses formidable challenges, it also offers amazing opportunities for growth. Over time, if you consistently and methodically reach out to your clients and educate them on the value of your firm, you effectively assist in their response to changes in the marketplace.
Ask great questions. Solicit feedback. Listen more than you speak. You will then identify client needs and match them with your services. Your proactive approach will result in an ongoing and profitable client relationship.
To see how ABLE can help you enhance your business development efforts, schedule a demo today.