Video: Who is Your Firm’s Competition?

A question to think about: who is your competition… really? Is it just the firms you’re used to running into, or is it something more? In this video, Amy Franko shares three types of competition a professional services firm can face.

What Are Three Types of Competition a Professional Services Firm Can Face?

1. Marketplace Competition

The first type of competition is what we’re most familiar with—marketplace competition. These are the organizations we encounter daily. They are the players we’re used to competing against for market share, customers, and contracts.

2. Left-field Competition

The second type of competition is what we might call “left-field competition.” These are the unexpected competitors, the organizations we don’t run into as often. This could include startups that have emerged in recent years and are now taking a share of the market. It might even include companies from entirely different industries that are venturing into our arena and causing disruption.

3. Internal Competition

This isn’t about other firms or organizations; it’s about the competition for internal resources. It’s about the struggle for people, resources, and efficient processes. Internal competition can create friction points that hinder our success in sales opportunities.

Understanding these three types of competition is crucial for fine-tuning strategies and approaches. By taking the time to identify and analyze each type of competition, we can position ourselves more effectively to succeed.

Whether you’re formulating a go-to-market strategy, working on a pursuit or RFP, or even collaborating with long-standing clients, considering these three sets of competitors will give you a clearer understanding of the landscape you’re operating in. It will enable you to navigate challenges more effectively and put yourself in the best position to win.

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