Scared of a Little Competition?
True story: I never played sports as a kid because I despised competition. I wanted to be the star and dominate whatever I was doing. If I were to compete, I needed to win or I wasn’t even going to try out.
My most powerful competitor throughout my career and up to this point was myself. My motivation was to be better than I was yesterday and to reach the highest rung of the corporate ladder possible.
When I first opened my business in 2019, I was very confident in my business model. I knew my area of expertise extremely well and I believed in my heart I would provide tremendous value to my clients and help small businesses get ahead through strategic marketing.
For a short time, I became consumed with fear of external competitors. My fear caused me to shrink back and become discouraged.
That fear did not last. Very soon I became focused on changing my mindset and began to realize that my success was in my own hands and I had the power to make or break up with the toxic thinking about my competitors.
\”Competition whose motive is merely to compete, to drive some other fellow out, never carries very far. The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.\” — Henry Ford
I began studying my competition, learning everything I could about who they were, what they offered and how my company was different. I was studying them not to copy them but to set myself apart. Instead of focusing on all the things they did better, I focused on my clients and what they needed and then set out to fulfill that need in a meaningful way.
It worked. My company’s success has come from focusing on the customer, not the competition.
Instead of fearing a competitor coming into your market, here are four steps you can take to focus on what really matters:
Dare to be Different.
It is good to take a healthy look at your competition so you can see how you can differentiate. Whether it is your product or service that needs to be differentiated or your marketing message, understanding your competition can be helpful as long as you are simply using the information as data to make your product or service stand out.
Focus on the Customer
I say this so often because it is one of the most important aspects of marketing. If we approach our product or service from the point of view of the customer, we will always succeed. We can think we have the best product in the world but if it doesn’t fill a need, desire or solve a problem for the customer, it does not matter.
Provide Value, Not Just a Better Price
I read a message from a local pressure washing business recently that said he would always give a better price than any of his competitors. The pressure-washing business is saturated because of the relatively low start-up costs, but it also means there is opportunity for someone reliable to shine. This business owner I mentioned does just that. He is a true professional and very skilled at the service he provides. So why should he commit to basing his value only on price? If you compete solely on price, it will always be a race to the bottom.
Don’t Become Complacent
Complacency is truly your worst enemy in business. Customer needs, the market and your environment change over time. In order to thrive in business your business model must be flexible and adaptable. Any time you spend lamenting about days gone by is time wasted. The time you spend worrying about the competitor that has moved in across the street is time you could be spending on coming up with your next great marketing campaign. Don’t let complacency get the best of you.
I know it’s difficult not to be concerned about competition. I spent too much time with this early on in my business. I learned that I needed to ignore my competition and focus on my clients and potential clients. What did they need and how was I going to fill that need in an exceptional way? That became my motivation and the rest fell into place.
If you’d like an assessment of your competitive strategy, contact us today.
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