21 Feb Understanding Your Competitive Environment
How to analyze your competition effectively
Let’s face the tough truth: the bankruptcy attorney market is highly competitive. In most areas, competition is fierce as attorneys fight over market share for bankruptcy filings. How can you effectively compete? It all begins by gaining a comprehensive understanding of your competition.
Specifically, here are some questions that you should answer and research to know your competition:
1. Who are your competitors?
Know how many attorneys practice bankruptcy in your area. Keep a list or spreadsheet of these law firms and their basic information, such as:
- Do they specialize in bankruptcy or practice other types of law as well?
- Where are they located?
- How large of a firm are they?
- How much brand recognition do they have?
- What are their prices for Chapter 7 and Chapter 13?
Doing this step will help you know which firms are your toughest competitors and how you can compete against them.
2. How are your competitors marketing themselves?
Not all attorneys market their services, and few market themselves effectively. Once you know who your competitors are, you should learn how they are marketing themselves. As you pay attention to your area, you will begin to learn the following:
- Are they using radio?
- Are they doing TV ads?
- Are they using billboards?
- Are they doing online advertising?
- How effective is their website?
Generally speaking, attorneys using radio, TV, and billboards are likely spending very aggressively on marketing. Knowing how your competitors are marketing themselves will help you adapt your own strategies.
3. How can you adapt your marketing strategy to adjust to your competition?
Once you know who your competitors are and how they are marketing, you can create a strategy to compete. Ask yourself these questions:
- Should I market in the same mediums (Ex: TV, online, billboards) as my competitors?
- Should I try and be a niche player in the market or strive for higher market share with more bankruptcy filings?
- Should I market my services conservatively or aggressively?
- How strong is my online presence and website?
- How much money should I invest in marketing?
- Should I adjust my prices to be more competitive?
In a market as competitive as bankruptcy, it is crucial to thoroughly understand your competition. While you cannot change other firms or their marketing efforts, you can use the information you gain in your competitive research to create your own marketing strategy that will help you compete and gain more clients.