Step 3: [D]elve
Step 3 has arrived. This step is the [D]elve step. So far I have given an overview of the ENDREA Method™ for Business Development and gave a little more details on [E]valuate & [N]umbers steps. Now it is time to [D]elve into your industry. Now that you know everything about your company it is time to find out about your competition and the industry your company falls into.
Start by making a list of your competitors. Then pick the largest beast out there and begin digging up as much information on them as you can. How are they different than you? What is their market share, their pricing model, marketing strategy? Do their strategies seem to be working?
After you have tackled the beast take a look at a few of the smaller competitors and compare the differences. While comparing your competitors remember to think about your goals and which one aligns more with them. Just because the beast has more market share doesn’t mean that’s your goal and who you should emulate.
During your competitor research you will start to notice trends in what they are doing. They all might be advertising in all the same places, pricing structure might be the same, same seasonal changes, etc. Make note of the similarities because when you are putting your plan together you will want to decide if you should follow the pack or make adjustments that will make you stand out.
Along with competitor trends you will also notice industry trends. For example, you may notice that your typical demographic is changing. Such as in real-estate the trend of who is purchasing homes might be adjusting to a younger demographic so you may have to switch or add to your target. Another example could be that a new technology is coming out in your industry that is going to make a huge impact on what and how you do your business.
The [D]elve step is all about delving into your competitors and your industry so you are sure that you are making the right business development plan. A lot of companies just guess and go with what has always worked but things and times change so you really want to make sure you are preparing properly.
ENDREA LLC can help businesses with an outsiders look into the competition and their industry. Contact us and let me know how we can help you either put together your plan or implement it. My passion is to help by Enriching Dreams of business owners, so let me know how ENDREA can Enrich your business Dreams.
Our Mission at ENDREA: To Improve your Business’ Performance and Provide a Successful Business Development Strategy. We strive to help business owners develop a solid foundation and business strategy so they can be successful. ENDREA will help assess your current goals and business plan and then assist you in taking that next step towards new heights. From planning and implementing sales strategies to facilitating change in your workforce. ENDREA stands not to be just a leader, but more importantly your partner in working together to achieve a common goal.