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Mary Ellen Bates
Bates Information Services, Inc.
8494 Boulder Hills Dr.
Niwot, Colorado 80503 USA
Tel: 303.772.7095
Email: mbates@batesinfo.com
Skype: Mary.Ellen.Bates
Twitter: www.twitter.com/mebs
LinkedIn:
www.linkedin.com/in/maryellenbates
Bates Information Services, Inc.
8494 Boulder Hills Dr.
Niwot, Colorado 80503 USA
Tel: 303.772.7095
Email: mbates@batesinfo.com
Skype: Mary.Ellen.Bates
Twitter: www.twitter.com/mebs
LinkedIn:
www.linkedin.com/in/maryellenbates
While I have always heard beginning info-entrepreneurs worry about competition, I seem to be hearing more lately about competitive pressures from long-time info pros as well. I've given that a lot of thought to how we can make ourselves competition-proof, regardless of whether the perceived competition is Google, the intern down the hall, or the perception that our services are too expensive.
The best way to deal with competition is to eliminate it. Easier said than done? The secret is to develop a business that provides a unique set of services, and that features the irreplaceable you. Sell a service that doesn't lend itself to price comparisons--that way, your clients aren't going to leave you for someone who charges 10 percent less. How do you develop this kind of competition-proof business?
And finally, remember that Proctor & Gamble, 3M and Hewlett-Packard all thrived during recessions. They were willing to invest in their business at a time when most people were shutting down businesses. When the economy recovered, they enjoyed larger share-of-mind than their competitors and were able to position themselves as stable, long-term companies.
This is the time you can focus on building your word-of-mouth network, so that you are the first person your clients think of when they need to make an important decision.
The best way to deal with competition is to eliminate it. Easier said than done? The secret is to develop a business that provides a unique set of services, and that features the irreplaceable you. Sell a service that doesn't lend itself to price comparisons--that way, your clients aren't going to leave you for someone who charges 10 percent less. How do you develop this kind of competition-proof business?
- Provide "frictionless service." Make sure that getting you started on a project is as easy as using a search engine. Think about what you can do to make it easier for your clients to work with you. Get a Skype account and publicize your Skype contact. Have an easy-to-remember email address. Return phone calls as quickly as you can.
- Invest in your clients. Keep an eye out for articles they might be interested in. Subscribe to their leading industry publication. Attend the major trade conference that your clients attend and make sure they know you're there. (Offer to send them a report of the conference when you return home, for example.) Yes, this is an investment that you make now and benefit from after the conference.
- Provide analysis as well as research services; move your services up the value chain. Find out what your client intends to do with the information you provide, and see what you can do to make the information easier to use, more valuable, more irreplaceable. If your client is pulling together material for a PowerPoint presentation, for example, deliver your research results in simple bullet-point form.
- Notify your most valuable clients before you leave town on a business trip or vacation; let them know who will be covering your phone. Make sure that your clients have someone they can call while you're gone--and that whoever is taking those calls knows that these clients are to be given the red-carpet treatment.
- Take your best clients to lunch once in a while. If they aren't local, let them know if you're going to be visiting their city. Even if a client doesn't have time for lunch, you can stop by, say hello, and drop off a small gift--a fruit basket or other specialty food item, a book, or a similar token to indicate that you appreciate working with them.
And finally, remember that Proctor & Gamble, 3M and Hewlett-Packard all thrived during recessions. They were willing to invest in their business at a time when most people were shutting down businesses. When the economy recovered, they enjoyed larger share-of-mind than their competitors and were able to position themselves as stable, long-term companies.
This is the time you can focus on building your word-of-mouth network, so that you are the first person your clients think of when they need to make an important decision.
October 2009
by Mary Ellen Bates
Bates Information Services
Bates Information Services
Dealing With Competition
