Are You Copycatting Your Competition? Should You?
In order to make the best company you can, you need to be fully aware of your competition, market trends and industry developments. Burying your head in the sand and moving full steam ahead will not help you to get your company to the next level.
Know your Competition. Periodically research your competitors' websites, Google search them, check out any prices posted, team changes, special offers, etc.
Examine Market Trends. Find resources and channels that will keep you informed of what your target clients (consumers or businesses) are facing and what perhaps new preferences or expectations are that your company needs to provide. One way to do this is to regularly do a client survey.
Follow Industry Developments. In the past of course buggy whip producers needed to stay aware of statistics on sales of autos. Don't get caught in the recent past when you need to be preparing for the near future. Lots of sources of this information exist so just pay attention to it.
So to make your company excel and thrive, you just don't need to be on top of these three matters, but you need to do a deep dive of what makes your company unique. Why do you get the business and not your competitor? How can you do it better or more of it - whatever is setting your company apart? How can you get that specialness noticed? Why should more clients know about you and prefer your business? Getting that right will bring a higher value for your company.