There is no question that change is guaranteed. It will never go back to the way it was before. It does not matter if it is the economy, environment, technology or politics.
Understanding how your competition is responding to change
The value of studying your competition is obvious but what insight can you gain from looking outside of your own direct competitor and your own field?
Plenty of insight. Why?
Because what happens in other markets is often an indication of what will happen in your market. Sometimes this can give you enough time to prepare or to take advantage of it before your direct competitors are even away that the change is happening.
Take for example the ultimate big box retailers. A few years ago Home Depot opened a number of boutique stores. They would be big stores for any many other businesses but for them they were very small. And now both Walmart and Target are starting to focus on small downtown and small neighborhood stores.
If the biggest big box stores operating in the suburbs are scaling down and moving downtown, then there is a message. Several in fact but lets focus on just one message. Get closer to the customer. The customer wants what they want and where they want it. People are becoming less interested in going out of there way to get what they want even if it is a good deal. This is true when times are good or when the economy is down.
You can see the importance of what this shows. Internet based sales offers exactly what people are showing that they want. Competitive prices and convenience of service both without compromise.
The next move is up to you.