Get to Know Your Competition and Grow Your Business
Zoom into Your Competitors to Find the Gold
Your competitors are not your enemies or something you should fear. Your competition could help you more than harm you, even if it sounds a little crazy. Although they may be targeting the same market as you, understanding them —rather than shying away from them— could help your business grow.
Find Out Who They Are
Take a look around and recognize who you’re up against. You might already know some of your competitors and might need to do some research to identify the others. You could learn a lot by being active in the community. Consider having some face time with other independent insurance agency owners in the area. That could create an excellent opportunity for you to learn about their business, in addition to researching online.
Analyze What Works for Them
Once you have identified your competition, it’s time to ask and answer some questions. What are they doing that will provide value to their customers? What things do their customers enjoy or appreciate? What methods or processes have they implemented that have made a difference in how they operate? How have they managed and overcome their struggles?
Learn from Their Mistakes
Although some people consider mistakes as failures, they are lessons. Learning from others’ experiences is a virtue. You can try to find out about their shortcomings by talking directly to your competitors, although this approach is not always practical. Some business owners will be open to sharing their experiences with you. Take some time to research and learn from your competitors’ mistakes.
Identify Your Takeaways
Analyzing the competition is not about ‘stealing’ their ideas; it’s about understanding what works and what doesn’t so you can better design a strategy for your business to grow. Learning new processes and approaches and being open to new ideas and points of view will help you make smart business decisions and get your business on the right path.