Competition on Anything is Good
“Competition on anything is good, because it makes everybody better” - Eddy Cue
In every walk of life, and in every business, competition is everywhere. As a business owner it is important to know how to deal with competitors but also how to not let them effect what you are doing and steer you off course.
Although the first train of thought is you should just ignore your competition, you should never do this.
It’s important to research what your competitors are doing so you can:
Keep on top of current trends
Adapt to new competitors who may have better products
Keep your pricing in line
Understand your market
However you should not dwell on what they are doing. It is often hard to ignore all the noise created from competitors especially given the world of Social Media we live in.
Here are my Top Tips to help you overcome your anxieties and also to make sure you see competition as healthy and an opportunity to grow your business:
1. Understand your Market - Identify all your competitors and analyse their strengths and weaknesses. Get to know customer needs and why certain customers might use your competition.
2. Innovate and Differentiate - Once you know what your competitors are doing you can improve your products and services to provide unique value that sets your business apart. Find your USP and emphasise this in all your Marketing. Also, don’t be afraid to innovate and bring to market something truly unique that will really put you on the map. Maybe this is a new product range or new service that nobody else is doing.
3. Build Strong Relationships - People buy from People. It’s one of the oldest sayings in the book but it’s true. Make sure you develop strong relationships with your customers as loyal happy customers are less likely to switch to your competitors.
4. Use Technology - keep ahead of the curve and use technology to offer a better service - streamline operations, improve efficiency and improve communication as this will allow give your customers a better experience when dealing with you.
5. Adapt to change - keep adapting to market changes and business changes. Standing still will leave you behind and make your business stagnate.
6. Focus on Quality - this goes without saying but make your product and service the very best it can be.
7. Competitive Pricing - Don’t just offer cheaper prices than your competitors as this will make you a busy fool but knowing where your price sits is important. Know your value and price knowing your offer a quality product and service. If you are offering a Rolls Royce charge for a Rolls Royce and make sure you shout about the amazing value you represent.
I hope this has helped you to know how to use competition to your advantage and to play to your strengths.
If you would like more advice on this topic please do get in touch.
