In the September 2019 Snapshot Survey, we asked contractors about how they monitor their competitive landscape to help you understand how you should be tracking your competition. Here's one survey question and its results from the summary report, which will be available in its entirety to EGIA members on 10/10/19.
Question: Do you monitor your competitors?
Understanding and keeping track of your competition is critical to keeping your business at the forefront of the marketplace. By analyzing your competitors, you can discover their best practices and learn which of their mistakes to avoid. Of the contractors who took our survey, 80% said they monitor their competitors and 20% said they do not. In a follow-up question, 58% reported that they have not conducted a formal competitive analysis of other companies in their marketplace. Tracking the activities of your competitors doesn’t need to be complex, especially with the amount of information that can be found online.
Here's what an HVAC contractor from California has to say:
“In our desert environment, competition is everywhere. Companies pop up out of nowhere, undercut us, and then disappear. We always want to ensure our prices are fair and our standards are the highest so we can set ourselves apart.”
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