Keep An Eye on Your CompetitorsBy joanne | 29th March | Marketing Ideas, Marketing Skills, Marketing Strategy, Marketing Training
Legend has it that if you place a frog in a pan of boiling water, it will jump straight out. But, if you place it in a pan of cold water, and slowly warm the water, it will happily sit there and boil. Whilst we haven’t scientifically proven this is the case, (for obvious reasons) we believe it’s because the poor frog doesn’t notice the changes around him. But how many business owners fall into the same trap?
- Barnes and Noble were busy expanding their network of stores as Jeff Bezos was creating Amazon
- Blockbuster recently sold their European arm with debts of £660 million. They are now looking to modernise and improve their digital and mail-order business, but at what cost? Their shares; once worth $28 are now valued at just 41 cents
- USwitch was also sold recently, at an estimated loss of £356million, after their turnover halved and their losses quadrupled in 2009. Their competitors confused.com and gocompare may or may not offer a better service, but were perhaps better at marketing?
The cost to your business can be tremendous if you assume things will stay the same. In fact, the only constant in business is change – so ensure you look up every now and again and take a look at what’s happening for your customers, your industry and the countries in which you operate.
And… if you don’t have time, then pay someone to do this for you. There are opportunities out there that could make you a fortune, if you take advantage of them – and there are threats which could cost you a fortune, if you don’t spot them in time.