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Get to know your competition and develop your business

Zoom in on your competitors to find the gold

Your competitors are not your enemies or something you should fear. Your competition can help you more than hurt you, even if it sounds a little crazy. While they may target the same market as you, understanding them – rather than pampering them – can help your business grow.

  How to increase your trust factor as an independent insurance agent Find out who they are [19659004] Look around and recognize who you are up against. You may already know some of your competitors and may need to research to identify the others. You can learn a lot by being active in the community. Consider spending some time with other independent insurance agency owners in the area. It can create a great opportunity for you to learn more about their business, in addition to researching online.

Analyze what works for them

Once you have identified your competition it's time to ask and answer some questions. What do those who give customers value do? What things do their customers think or appreciate? What methods or processes have they implemented that have made a difference in how they work? How have they succeeded and overcome their struggles?

Learn From Your Mistakes

Although some people believe that mistakes are failures, they are lessons learned. Learning from the experiences of others is a virtue. You can try to find out their shortcomings by talking directly with your competitors, although this approach is not always practical. However, some other business owners will be open to sharing their experiences with you. Take the time to investigate and learn from your competitors' mistakes.

Identifying Your Takeaways

Analyzing the competition is not about "stealing" their ideas; It's about understanding what works and what doesn't, so you can better design a strategy for your business to grow. Learning new processes and approaches and being open to new ideas and views will help you make smart business decisions and get your business on the right track.

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