Alicia Maples | ,| By
What happened? Your page views on your website dwindled, your new subscribers went from climbing (Yay!), to steady (Hmmm…), to “nada.” And the most frightening part of all? Your customers have made like lemmings, rushing off a cliff, taking your much-needed income with them.
How could this have happened? You are smart! You invested in PR. You networked like mad. Your stayed on top of industry. You don’t understand why your business is suffering or changing.
The Change is Your Competition
My question to you is did you keep track of the one thing that takes most entrepreneurs out at their knees? Your competition.
We live in a buyer’s market and the budgeting decisions are made by people being tasked to get the most at the best price. We also get comfortable in our business, in our lives and what we do. We tend to focus on our own strengths and weaknesses without evaluating the marketplace and our competition. If you are not continually evaluating your offerings against the products and experience of your competitors, you are leaving yourself open for a competitor to your market share.
When we work for ourselves, most of us will say this very thing has happened even though most will not admit they have experienced challenges in their HR consulting business. When you work for yourself, you just aren’t supposed to talk about the struggles, the challenges, the changes because your clients or prospects might view that as a vulnerability. However, I think it’s time that has to change. In order to be the best in our business, we need to be honest with ourselves, our clients while also working to build a business network of peers to share with and candidly discuss the good times as well as the ones that have you scratching your head and questioning the decision to build a business and company.
Understand Your HR Business Competitors
My strongest clients (strong fiscally, a filled inbound pipeline and ) regularly answer these six questions.
- Who are my top 3 competitors?
- Why are they my competitors?
- What do they do that is similar to me?
- To whom are my competitors marketing?
- What are they marketing and how effectively are they marketing it?
And most importantly…
- How can they “out-service” me?