Has an 800-pound gorilla entered your market? Are you concerned? We all know when a huge player enters a market, they come in with a bang and launch an extensive advertising campaign. And, yes, their pockets are deep – but fear not.
While the entrance of any new top competitor in your market is something to monitor, we have some data to help quell those worries. Our recent research shows that overall leads with cj Media clients do not decline after the entrance of this giant into the market. In fact, they continue to rise in the years after their arrival.
Specifically, we looked at average leads of several markets of various sizes, in which a firm we will identify as “M&M” is a top spender. We then recorded the average weekly leads from the year prior to M&M’s entrance and compared that to the average weekly leads over the next four years.
What we found is promising: leads continue to increase year-over-year, despite the gorilla’s entrance.
Combined Average Weekly leads: Pre & Post M&M
But you may still be thinking, “What about the increased competition and potential loss of market share?” Sure, these are valid concerns, but what if we told you that competition can actually be a good thing?
BENEFITS OF COMPETITION
It may sound counter-intuitive, but increased competition in your market, especially by a big player like M&M, can be a force for good. Here are a couple of reasons why.
- Competition expands your reach: When a giant like M&M enters your market, it can actually help to increase overall awareness of personal injury law firms in your area. This can lead to more potential clients seeking out your services.
- Competition drives innovation: Having strong competition in your market compels you to stay on your toes and develop creative and innovative ways to differentiate yourself—something your team at cj is always focused on. This can lead to better services, more efficient processes, and happier clients.
DIFFERENTIATING YOUR FIRM
Now that we see how competition can be beneficial, what are some ways in which your firm can leverage the presence of a giant in your market?
- Focus on your unique value proposition: Instead of focusing on competing with a huge player head-on, focus on the things that make your firm unique and stand out from the competition. This could be a unique approach to client service, a unique fee structure, or a track record of successful cases. Highlighting what makes your firm unique can help potential clients see what sets your firm apart from the competition, and, ultimately, choose you.
- Leverage community involvement: A great way to build your brand and reputation is by getting involved in your local community. This could include sponsoring local events, volunteering for local charitable organizations, or even hosting informational seminars for community members. Local involvement not only builds a positive reputation, but it also establishes trust among community members. This, in turn, could give your firm a leg-up when competing with larger firms who may not have a strong local presence.
Above all else, remember that your team at cj is constantly monitoring not only new competitors, but we’re also keeping an eye on your leads and making strategic adjustments whenever warranted.
This quote summarizes it nicely: “Competition, if viewed as an opportunity, not as a threat, helps you propel towards a positive direction.” And remember, when it comes to an imposing 800-pound gorilla, our data shows that leads continue to rise in the years after the entrance of a giant.
Not a cj Media client and want to know more?
Contact us at firstname.lastname@example.org to learn how we can help you with your media strategies and get you the most for your advertising buck.