It can be tempting to revel in the struggles of one of your competitors, to think about scooping up their market share, taking their best employees, and confirming your status as the best in the business.
But just because one of your competitors is going down, it doesn’t automatically mean you’re going up. More than anything, a competitor’s failures are a time to look, listen, learn and carefully decide on the best course of action.
In this guide we’ll advise you on how you can take the opportunity and profit from a competitor’s failure.
See it as an opportunity, not a successAs we said, a competitor failing isn’t an automatic win for you. More than anything it’s an opportunity for you to seize. This is something for you to bear in mind and something to communicate to your employees. Remind your team of your key values and commitments, but don’t let them lapse into complacency or self-congratulation.
Understand where your competitors are going wrong and avoid the same errorsIt is not only valuable to recognise and understand where your competitor has gone wrong, it’s also important for your own long-term security. When a competitor of yours is struggling it’s the best time to do some due diligence and learn a few lessons that could well save your business one day.
What are customers saying?A failing company guarantees one thing: complaining customers. When one of your competitors is going down, find out what their customers are complaining about, analyse that information, and use it.
Are you already making the same mistakes?This can be scary to think about when looking at a struggling competitor, but you should always bear in mind that it could be you. It might be the case that your competitor is merely a little further down a road that you’re travelling on, too.
Decide on the best course of action, and take itYou’ve analysed the mistakes, you’ve analysed what customers are saying, and you’ve analysed your own business model. The key thing now is: be proactive.
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