There is an old saying that says “experience is the best teacher,” but this isn’t always true. I believe that the experiences of others can be more instructive, particularly when it comes to outsourcing. Instead of thinking of “rival” companies as arch-enemies, you should consider what your competitors are teaching you as an opportunity to learn. Consider, for instance, the realm of digital marketing. Instead of spending your savings trying different methods of marketing through trial and error, avoid alternatives that your competition has already experimented with and failed. Do not take this as my telling you to “just copy everyone else’s homework!” There’s a line of distinction between plagiarism and inspiration which is what this piece will be discussing.
Identify the Differences between your business and your competitor
The process begins by realizing your mistakes and the things your competitors are doing better in. Examine what you are good at and where your weaknesses lie, then compare them to what other companies are becoming famous for, and then put your personal perspective on your own. Do they employ offshore workers through third-party firms? If so, what benefits do they provide which prompted them to choose this firm as a partner? You probably already know what your weaknesses are and which aspects of your business require greater attention, but you cannot find a solution to correct it or continue to ignore and minimize the issue. Are the issues with your tools, people or the process of execution? Analyze the issues within your business processes in depth and cross-check the issues with the performance of your competitors and then create your plan for how it is possible to enhance your processes and resolve your issues.
Even if you’re confident about how your company is doing, there’s always the possibility of improvement. If your competitors are posting promotional content on Facebook to increase their fan engagement, then make a post on Facebook also and put your business’s name on the map, however, you should do something unique to stand out including a joke that your competitors haven’t yet used add a pop culture or pop culture reference (like puns from a popular film or television show) or maybe make a video that is informative. What are the strategies your competitors are employing that you aren’t, and what’s the reason? Consider the elements that may hold you and your company back, or decisions you think are worthwhile, and formulate an action plan with better objectives in mind.
Be aware of their mistakes and Successes
Not all BPO firms are created equal. Certain competitors could have had bad experiences hiring offshore workers, but then decided to try again and find more suitable partners. You can learn many things about their processes and systems by looking at their preference for offshoring. What services do they prefer to outsource? Why? What elements of their overseas ventures didn’t work and what ones worked? What are they looking for in a BPO company? There are some things to think about before deciding in partnering with an outsourcing firm and making your competition’s successes and failures part of your investigation.
Make Connections and Reach Out
A great way to expand your business is to make friends from enemies. Instead of inciting hostility toward your rivals, make contact and create relationships that you can trust. This doesn’t mean you go around spouting business secrets to everyone who will listen but instead establish or join a social network of business owners to give advice and share your experiences. If you treat your competition as friends, you’re likely to gain from the mutual understanding between business and business and exchange trade strategies, share client databases, and establish long-lasting partnerships.
An excellent example is the most recent Twitter exchange between two gaming firms, Nintendo and Microsoft’s Xbox which won gamers across the world. Instead of competing in the market, Nintendo highlighted Minecraft’s cross-platform feature, stating that because it can be played with both devices, they could make something in tandem. This exchange became an excellent PR opportunity that both firms could benefit from, kind of like Nintendo’s olive branch to Xbox which continues to fall due to Sony’s PlayStation. When outsourcing is an option it is possible to extend the same kind of hand to your rivals and ask for their recommendations or advice on how to begin outsourcing.
It’s not one of the ways to copy. It is simply drawing inspiration from their experiences so you can start by comparing your own experience. Although outsourcing offers many advantages, such as reductions in labor costs if it’s done incorrectly it can cause even more harm to your business. If you’re looking for affordable personnel solutions without the worry of encountering hidden charges, take a look at our offerings or request an instant, free discovery call now!