A great manager once taught us a great lesson about competition. As soon as a competitor enters the marketplace, do all you can to know them. Study their business strategy. Learn their business model intimately. Do your best to get inside their heads.
We’ve talked before about making sure not to run from your competition. We really mean this. Competition should never be that scary monster hiding in a dark corner. View them as partners not a threat. Instead of fear, learn how to use your competition to your advantage. Whether you’re a startup, small company or part of a larger initiative, here’s a few tricks on how to achieve total competitor zen:
Don’t Be Afraid to Define Your Business.
A new competitor can do wonders for your ability to define your business as a contrast to another approach. What do you do better than this other company? Where do you excel? Where can you improve? Don’t play dirty. Just tell the world why you do what you do better than the rest. When the market landscape shifts, so should your strategy. Keep it flexible.
Get on Your Game.
Just as some healthy competition can make your strengths apparent, it can also give you new insight on where you might improve. Is your competitor doing better than you in some aspect of your business? This can be a great opportunity to clarify your weaknesses and sharpen your skills.
Who are your customers? How are you going to reach them? How are you going to keep your competitors from winning over your clients? Having competition can help you hone in on who you’re trying to reach and figure out how to reach them. Strive for customer loyalty–it will be one of your best long term assets.
Now, who’s your competition?
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