How Did Your Competition Get So Strong in that Market?

Do you ever look at your competition across the architecture, engineering, and construction (A/E/C) landscape and wonder how they have gotten to be so strong in a market in which you wish you had strength? I think most of us have. 

But we all need to stop and think of the markets where we are strong, and how we became leaders in those markets.

There are some common factors. I bet if you really examined your competition (in a more detailed SWOT analysis) you would determine that one or more of these factors led to their success. Here are the factors to consider:

Geographic success. Did they hire a local person to anchor a presence in a local market? Did they get known to the political entities through volunteering for committee assignments, sponsoring local charity events, etc.? Did they first open a project office to serve a key project won in the area and then work furiously to have more clients to assure a permanent office?

Client type success. Did the competition hire a recent retiree from the client sector who was well-known and respected? Did they make a firm commitment to this client type several years back and work assiduously to be visible to key decision-makers in the sector… again, by working in professional and local organizations, presenting at conferences, sponsoring golf tournaments involving the client targets, etc.?

Practice area success. Did the competition hire a rainmaker from the practice area who was well known and respected? Did they make a firm commitment to this practice area several years back and work assiduously to be visible to key decision-makers who procure those services… again, by working in professional and local organizations, presenting at conferences, sponsoring golf tournaments involving those in the practice area, etc.?

When you win a “new” opportunity (new locale, new client type, new practice area for your firm), you should explore how your competition got to the present stage of success. Shrewd observation of their methods and your own success examples can lead you to similar strategies.

PSMJ's complimentary e-book Successful Financial Management provides a clear and concise overview, direct from our architecture and engineering industry experts, of the complex subject of financial management…the ultimate determinant of your firm’s success of failure.  

You also might be interested in these related posts:

10 Financial Commandments

10 Good Business Practices for Firm Success

Marketing: Your Best Strategic Weapon