I have a couple of important ideas to share with you today, regarding your competitors and some things you need to look out for.
Then, I’ll tell you about an outstanding opportunity that could be right under your nose.
Are your benefits as powerful as they were?
I’d like you to think about the major benefits of hiring you or buying from you. That’s because it’s possible those benefits are not as strong or attractive as they were, before the coronavirus pandemic.
For example, if you were one of the only providers in your industry offering client sessions via video, that won’t be the case any more. If people found your fees or prices were attractive or competitive, that may no longer be the case either. We’re seeing providers in many industries lowering their prices and others aggressively price-slashing. So make sure your strengths are as strong as they were, by paying attention to your competitors.
That leads on nicely to the next idea I’d like to share with you.
Fewer, but stronger competitors
One thing we’re likely to see accelerating over the coming months, is the number of businesses that are either merging with, or being acquired by, better-resourced competitors. This would result in a smaller overall number of competitors to your business, but stronger competition. We saw this a lot during the last recession.
Take some time today to research what your direct competitors are doing. All of them. Even those who have been slow to change over the years. They too are now being forced to adapt.
The more you know about the current shape of your competitors and wider marketplace, the better equipped you are to make decisions. Crisis always brings change. It’s up to you to adapt accordingly. Because doing more of what used to work may not be an option for much longer.
And on a much brighter note…
The opportunity you need could be right under your nose
Amid the challenges out there, it’s really important to be aware that there are also outstanding opportunities. I see examples of this every day. Some are from business owners in the industries most effected by the coronavirus.
Where do I start, Jim?
Be part of the solution, my friend!
This means looking for one of the gaps in your marketplace. These gaps are newly created wants or needs. And they usually present themselves as problems that need solving. They may not be obvious, but they are there.
When you identify a gap, test it. Do the research. Get the numbers. Ask for feedback. If everything stacks up, get to work on how to service that need (solve the problem), in a way that’s valuable to the community you serve and profitable to you.
Is it easy?
Is it worth it?