Monitoring Your Competition

Will Talks Biz Podcast Episode 87 Monitoring your competition

“A very valuable lesson comes by just identifying customer trends. Chick fil A clearly has capitalized on that trend where customers want fast service, and they want good service.”

As a leader it is important to be aware of your competition and the impact they may have on your business strategies. Competition in the theme park industry is a great example of the impact of direct rivals, customer loyalty, and market dominance. Monitoring your competition is vital, but the magic lies in understanding how to then make your own business stand out and cater to the needs of your consumers.

Whether you operate in the theme park industry or in a completely different sector, you have to know your competition. Understanding who else is out here is what will help make sure you are staying ahead. Identify their strengths and weaknesses to capitalize on opportunities for improvement in your own business.

Make sure to strike a balance between learning from your competition and staying true to your business identity. Pay attention to the market and customer needs without fixating solely on your rivals. Staying in tune with your customers will help you provide them with the best possible experience.

Don’t let your curiosity cause you to lose focus on customer service. Exceptional customer service remains a key differentiator among competitors. Providing efficient service and creating a friendly atmosphere can contribute to customer loyalty. That is what will ultimately set you apart from competitors, enhancing your business’s overall success.

Key Moments

02:33 Theme park industry competition

04:07 Evolution of personal branding.

08:48 Customer service and experience can fuel competition.

13:39 Balancing continuous-improvement with serving customers efficiently.

18:06 The value of learning from other industries.

21:30 Handling unexpected situations in organizations.

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