Competition, the driving factor whether a business comes out on top or at the bottom. Whether you are a start-up, business owner or veteran, you need to know how to deal with competitors in business. The way I see it, competitors are everywhere and they are here to stay.
After being a business owner for over 2 and half years, I’ve learned how to handle the competition. I know firsthand how important it is to pay attention to businesses in your field but also to not make them your priority.
You don’t want to be completely ignorant to your competition. You should channel your energy into your own entrepreneurial tasks above everything else.
How can Competition help you drive sales?
Ever heard the popular saying ‘Never underestimate your opponent’? The same holds true for business. I have a general idea of who my competitors are, where they are, where they’re going and how fast they are going to get there. Other than that, I make sure I don’t lose sleep over them.
At my organization, Image Boosters, I try not to worry too much about having competitors in the digital marketing space. It took me a while to find a balance between turning a deaf ear to competition and focusing too much on them.
In 2017, I had been in business a couple of years and was getting the hand of entrepreneurship. The ‘ignore the competition’ philosophy nearly cost me my business. I was so focused on getting clients that I ignored what my competition was doing and how I could leverage on that to drive sales. It is very essential to give your customers a good reason to come to you rather than a rival. Your unique selling proposition should tap into what customers want and it should be clear and obvious. No one should ever have to ask what makes you different from your competitions.
Make the competition your best friend
Sometimes you have to face your worst enemy, talking with competition might be just the stepping stone for your business. You need to know about your competition, so don’t be afraid to reach out to other business owners in your industry. Be very courteous, even if the competition is not. If you are like me, you might even gain some friends out of a healthy rivalry.
Benefits of friendly competition
In business, it is very advisable you have a little friendly competition. In fact, they are of high advantage. But how can competition be a good thing?
It keeps you from getting self-satisfied
In my experience, competition keeps you on your toes; you must always be on the alert. That constant alertness helps you provide superior services and unique solutions for your customers. You can’t get lazy with your business operations because your competition definitely won’t get tired.
For example, cyclists tend to finish with faster times when there is a competitor on their heels. You can’t lag behind during the race if you want to win. Leverage on your competition, let them help you produce top-notch results and your sells would be sky-rocketing.
Friendly competitors help each other
By positioning yourself as a friendly competitor, you can learn from established businesses in your industry. Some veteran business owners don’t mind offering advice to newbie’s in their field. Feel out your first introductions to see who is willing to for a relationship.
After you have established a relationship with some competitors, you can create a mutually beneficial arrangement. For example, you can both collaborate on projects. By joining forces with your competition, both of you can reap the rewards.