Business Insights blog is publishing excerpts from an interview with Rita McGrath: “In order to avoid becoming complacent with your clients, you’ve got to keep your eyes open. Creating benchmarks in the market will help you compare key ratios with those of your competition, comparing factors such as customer-referral propensity. You should also always be on the lookout for word-of-mouth and referral business. Were your clients happy enough with you to refer you to somebody else?
Measure your metrics to gauge whether these clients are falling off, and if you’re getting unique visitors. And even if you’re in a low-competition market, you should still practice ‘fire drills.‘Create a ghost competitor to develop tactics to deal with competition and stay sharp. Not only are you preparing yourself for the possibility of a surge in market competition, you’re pushing yourself to achieve better results right now, which means more money.” To read the entire blog post, click here.