In business, what is the no.1 thing that you can’t avoid but are inevitably facing it every day (unless you are in BNI 😅)?
Competition.
How do you compete with companies & businesses that are more established, more resourceful, have been around longer?
What about the new comers entering into the market, trying to take market share from you?
What’s worse, the competition that you think is your competition is not your ONLY competition. You are not just competing with those who offer similar products / services; you are competing on the disposable income of a consumer or the free cash flow of a business.
So, how do you compete?
- Keep your friends close and keep your competitors closer. Study your competitors, know them inside out, know them better than they know themselves. Learn from your competitors.
- Study your competitors but don’t focus on them. Focus on how to add more value to your customers, how to fulfil their needs better, how to add more values than anyone else on the market. If someone can easily copy what you do, then you are not very good at what you do.
- Think long-term. If you want to catch a big fish, you must throw a long line. Maybe I’ll lose the battle, as long as I win the war, that’s ok. Questions to ask yourself: How can I make sure I stick around? How can I make sure I last longer in this game?
- Profit from the competition. If you can’t beat them, join them. Instead of competing head-on, partnering up, offering something complementary, having a JV. Focus on delivering more value to your customers through collaboration, so long as it’s the right fit.