When I first started my business, I have to admit I was afraid of the competition. Maybe you felt this way in the past or at this moment. Do you shy away from taking a good look at your competition and what they are plotting?
After all, why go through the turmoil of checking them out? All this looking and analyzing; it takes time, and we both know your time is in short supply. Yes, it takes time, but it will do a world of good for your small business, too!
If the competition is so large that getting on the same track is next to impossible, then don’t! Instead, learn from them and target a niche market based on better customer service and attractive elements that come from working with a small business.
Don’t pretend to be big if your office is located in the spare bedroom and your staff is your three kids.
Be proud of your small business status and emphasize the positive aspects of working with a real person instead of a large corporation. Take the lessons that apply and utilize them to create a great customer service experience or a better product.
What if the competition is another small business? If so, it’s even more important to understand what they are up to, what they are charging and how they are handling clients.
If you don’t know and understand these aspects of your competition, how will you know if you are competitive with them? Let’s not forget that you also want to be competition, too!
You want to give your target market a reason to do business with you by offering more and offering it better. As many branding experts have stated, “Be the solution!” In order to be the solution, you have to offer the best.
Make Nice with the Competition
Can you make friends with competitors? Yes, you can! In some situations, especially in the case of small business, competitors can share business. If you workload is piling up, contract the extra work out without losing the client.
Naturally, this entails working with a competitive business you can trust. It can be a great relationship when both sides share and learn from each other. Business doesn’t always need to be “cut throat” or all-out war.
Someone once told me that competition was healthy. At the time, I thought the person was nuts. I wouldn’t have minded having a corner of commerce all to myself. However, I can now see the wisdom in having competition.
It makes me better at what I do. It doesn’t allow me to be complacent. I keep learning, and I stay on the cutting edge. So don’t be afraid. Open your eyes and welcome your competition as an opportunity to have a better business and become a better entrepreneur!
Do you regularly spy on your competitors? Leave a comment below and let me know!
Thanks for reading,
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