Not All Competitors Are Obvious. Some Are Hiding In Plain Sight

Ask a professional who they think their competitors are, and more likely than not they'll give you the name of a person working at the same type of firm they are working at, doing the same type of work they are doing, at roughly the same price they are charging.

The difference between the two is almost zero. Hence why they are seen as competitors.

But Direct Competitors is just one of the 5 types of competitor you are likely to see everyday. So for this BD Tips Wednesday post I thought I would provide a high-level overview of the five different types of competitors you face.

1. Clients

"What, how can my client be a competitor?"

I'm here to tell you that the biggest threat to your practice comes from inside your client’s own organisation. Many are bringing work in-house: building internal legal, strategy, risk, or procurement teams that reduce reliance on external firms. This shift is particularly relevant when clients feel they can do the work more cheaply, quickly, or with more control.

2. Internal

"What, how can my partners be a competitor?"

In most professional firms, internal competition is real. Different partners, practice areas or office locations all pursue the same client opportunities. If you’re not aligned internally - not integrated financially , if teams operate in silos or fail to collaborate then you face the very real risk of losing work to your own colleagues, or confusing the client altogether.

3. Emerging

This is the fast-moving, disruptive category. Think AI tools, self-service platforms, or outsourced providers that offer faster, cheaper or more scalable solutions.

These competitors often come from outside your traditional industry, but they’re changing client expectations. If clients can get a task done more efficiently elsewhere, they’ll switch, even if it means rethinking long-standing relationships.

4. Indirect

Indirect competitors solve the same client problems, but through a different model or lens. For example, instead of engaging a law firm, a client might choose to use an Alternative Legal Service Provider (ALSP), or a technology platform that automates compliance.

Indirect competitors may not be as visible to you. Even when they are visible, they are often dismissed out of hand. But the indirect competitor segment is the fastest growing competitor segment and are currently eroding your share of wallet without you even knowing it!

5. Direct Competitors

These are your classic competitors, the most obvious group of competitor. As I stated at the start, they are typically firms that offer the same services, to the same clients, at the same price-point. You see them in tender processes, on legal or consulting panels, or mentioned in conversations with your clients.

They’re easy to identify and often the benchmark for pricing, marketing and your business development strategy.

And, they are the least of your worries as they also are unknowingly facing the challenges of four other competitor types!

Wrapping it up

Competition today is more than just the firm across the street. It’s anyone, or anything, that takes budget, attention or loyalty away from your offering.

By broadening your view of the competitive landscape, you can respond more strategically and build offerings that truly stand out.

So next time don’t just ask: “Who’s our competition?”,

Instead ask:

“Who else is solving our client’s problems and how can we do it better?”

Need Help With Your Business Development?

Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.

Using Competitor Intelligence Analysis (CIA) to Strengthen Your Business Development Strategy

Competitor Intelligence Analysis (CIA) is the structured process of collecting, analysing, and utilising data about your competitors. It involves understanding what your competitors are doing, how the market is evolving, and how your business can stay ahead. CIA supports strategic decision-making by uncovering new opportunities, identifying risks and helping you maintain a competitive advantage.

In today’s competitive business environment, integrating CIA into your business development strategy is not just beneficial—it’s essential. But remember, like any tool, it should be used wisely and not obsessively.

In this BD Tips Wednesday post, I take a high-level look at how CIA works and how it can elevate your growth efforts.

The 3 Core Components of Competitor Intelligence Analysis (CIA)

CIA consists of three interconnected stages that form the backbone of an effective business development strategy:

1. Data Collection

Gather insights from diverse sources to build a complete picture of the competitive landscape, including:

• Publicly available documents (e.g., financial statements, press releases)

• Industry publications and market research reports

• Digital platforms such as news websites, social media and online reviews

• Surveys, interviews and direct customer feedback

• Field observations from trade shows or competitor site visits

2. Data Analysis

Transform raw data into actionable insights by:

• Identifying trends, patterns and market signals

• Assessing competitor strengths, weaknesses and strategic moves

• Anticipating shifts in market dynamics and customer behavior

3. Strategic Decision-Making

Leverage insights to guide your business strategy:

• Develop more effective business development and marketing plans

• Optimise pricing strategies to remain competitive

• Identify opportunities for market expansion or product diversification

Why Is Competitor Intelligence Important for Business Development?

Incorporating CIA into your business development strategy offers significant benefits:

• Gain Deep Insight into Competitors: Understand their tactics, vulnerabilities and competitive positioning.

• Predict Market Shifts: Stay proactive by identifying emerging trends and potential disruptions early.

• Improve Decision-Making: Make informed, data-driven choices that reduce guesswork and increase success rates.

• Identify Unique Advantages: Uncover gaps in the market or leverage your strengths to stand out.

Top CIA Tools and Techniques

To effectively analyse your competitive environment, utilise proven CIA tools such as:

• SWOT Analysis – Evaluate your company’s internal capabilities and external challenges.

• Benchmarking – Compare your performance metrics with top industry players.

• Predictive Analytics & Simulation – Use data modeling to forecast market behavior and test strategic scenarios.

Bringing It All Together

When effectively implemented, Competitor Intelligence Analysis empowers your organization to:

• Navigate market uncertainty with confidence

• Outperform competitors by anticipating their moves

• Impress clients and prospects with well-informed, strategic decisions

So, ask yourself: Have you integrated CIA into your business development strategy? If not, now’s the perfect time to start.

Need Help With Your Business Development?

Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.

Standing Out From The Crowd

In professional services, we often talk about "standing out from the crowd". But the truth is, more often than not, we are in the centre of the crowd! So for this BD Tips Wednesday post I thought I would share with you what my daughters' call the '3R Test' when considering/deciding whether a differentiator really is a differentiator and helps that business truly standout from its competition.

Is it Respectful?

The first test is: Is it respectful? Here, what we mean is: Is it honest/true?

More often then not, professional services firms set themselves out as being different to their competitors with motherhood statements and hyperbole. Stress test the point, and it quickly falls apart.

By way of example, how many professional services firms state that they are "client centric"? Do a Google search and I suspect you'll get a lot of hits!

Now, leaving side the issue for one second if saying such a statement really differentiates you or makes you another in the pack, a broader question arises: 'Are they being respectful to their clients in saying this?'

Is it Responsible?

A responsible point of difference is one that actually matters to your customers - not you. By having this point of difference, are you trying to make a difference to your clients lives/business, or are you merely trying to standout from the crowd so your business can win more work?

If it is the latter, i.e. you are only trying to win more work and don't really care about the customer, then this is NOT a responsible point of difference and therefore is not a true differentiator.

An example here would be a claim that your firm provided an 'efficient' services (note, not effective, which would be different). The questions that arise here are: (a) is this actually true?, and (b) who gains from these efficiencies - you or the customer?

Because, assume your claim is actually true, if you - the service provider - are the net winner from the efficient service delivery - at the cost of the overall service delivery to the customer - then it is not a responsible differentiator, and therefore it is not a genuine point of difference!

Is it Resilient?

Is the point of difference resilient? Will it stand being stress-tested - by your customers and competition? Will it survive your competition's attempts to copy it (if it really is a point of difference)?

In short, will your point of difference stand the test of time?

Further Reading

• The importance of being seen as a Thought Leader

• The Visibility Gap

• Why CVs Still Matter

Need Help With Your Business Development?

Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.

Knowing Your Point Of Difference

I often hear partners and business development managers tell me that it is hard, if not impossible, to tell the point of difference (POD) between what their firm offers with what their competitor firms are offering.

With this in mind, for this BD Tips Wednesday I thought I would share with you two tools that I use that should help you not only know what/where your POD is, but also how you can be maximizing the value from that POD.

Step 1: Feature Comparison Table

Step 1 is to complete a Feature Comparison Table.

Here, you need to write down a list of products that both your firm and your competitors offer.

The 'products' here can be:

• 'Services': such as tax, equity/debt capital markets, or mergers & acquisitions.

• 'Geographic': such as offices in all the major capital cities.

• 'People': such as the number of partners/senior associates you have in each office.

What you are looking for is a table that looks something line this:

Step 2: Client Value Matrix

Step 2 is to complete a Client Value Matrix.

Here, you need to keep the same 'products' you had in Step 1, but you then need to ascertain/determine if your client or target client values this product (I would suggest you use a 1-10 scale here).

The matrix should look something like this:

Bringing it all together

Once you have completed Steps 1 and 2, overlay the results of Step 2 on Step 1 and you not only have a POV, but you also a Client Value Matrix.

Here's the kicker, do this right and you'll know what your client/target values, as well as how you differ from your competitors and QED you can charge a premium - otherwise known as 'value pricing'.

If you have stuck with me this far, here's a TIP:

Use these tools with the tool I suggested in 'Resell before you Cross-sell' and you will have a bag of tools that will go long way to helping you standout from your competitors.

Need Help With Your Business Development?

Get in touch if you want to talk about any of this. We also offer a very affordable BD Audit and Training package.

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