Offense or defense?

Your business doesn’t operate in a void. Part of assessing the impact of a disruption is paying attention to how your competitors are faring during the crisis. The exercise requires that we play offense and defense.

Identify your strengths and market opportunities relative to your competitors and begin to capitalize on them. Do it today. Not next week. Not tomorrow. Not in 10 years.

Perhaps, you have a digital platform that is a cut above the rest of the industry. Now would be a great time to strut your stuff.

Here are some questions to help you assess your competitive landscape:

•  How are they doing across their marketing platforms?

• What marketing channels are they using?

• What campaign concepts are they prioritizing? (e.g. branding vs lead generation)

• Are they dialing back or doubling down on advertising?

If competitors are scaling back their marketing and advertising and you are well-positioned, it could be an opportunity to buy ads at cheaper rates.

The key is to move on opportunities while the competition is asleep.