The COVID-19 pandemic presents extreme challenges to businesses and the competitive landscape will be a hot bed of innovation, quick pivots, divestments and acquisitions as businesses devise new models to recover growth.
Businesses need to understand where their products and services fit within the new marketplace, and emerging competitors can quickly usurp incumbents when their offering is better suited to the changing market demands.
Assess the emerging competitor landscape As businesses consider embedding a hybrid working model, they have access to a pool of global talent who offer skills, insights, and competitive innovations. Having access to such resources will enable competitors to broaden their service and product offering, create compelling brand propositions and enable access to new markets. It is therefore essential to consider the adaptations which your
current competitors are considering, along with assessing the new and emerging competitors on the horizon.
Maintaining your existing competitive edge requires businesses to exemplify their strengths and differences – whether it be price, quality, or customer service – and clearly articulate their superiority over other brands.