Competition in business is a blessing, for without it, we wouldn’t be motivated to improve. – Nabil M Jamal
Business competition is a guarantee – especially once you start meeting with success. You have two choices when competitors start nipping at your heels – either focus and obsess over it, or focus on you – and being the best you that you can be.
Here are 5 Strategies To Annihilate Your Business Competition on 2015
1. Be First
I remember talking to Julie Cole from Mabels Labels a few years back – I asked how they had so successfully risen above their competition, time and time again. She said it straight. You have to be first to market. I have hung onto those words ever since.
It’s important to know what your competitors are up to, but it’s up to you to be innovative, to be different, to be the first to launch a marketing strategy, to be the first to bundle or price your products more efficiently for your customers… just be you and be first! If you are forever focused on your competitors all that time wasted- seething and fuming about them taking your clients – is time you could be spending attracting more of YOUR clients.
2. Be Different
Stand Apart From The Crowd. Someone else will offer similar products and services to you. Welcome to a thriving economy. As a small business owner, one thing that makes you eternally unique is… you! Nobody can replicate you and what you bring. And if you are easliy replicated – then it’s time to stop being a victim. Dust off those knees and go back to the drawing board – refocus your sales and your operational & marketing efforts to emphasize the unique customer experience that you offer.
If you are facing competition from a bigger brand, remember that there is something very unique and marketable about being a small business – that personal touch, your passion, your business values, your innovations… Use it to your advantage.
3. Be Hungrier
It dawned on me this morning as I was watching my son’s hockey game that the winning team had to want the puck more. They had to skate faster, push harder, and control the puck more in order to win. Business is no different. You have to want the sale more than your competitors. If your customers are leaving your business in droves, then it’s time to review your business strategy. There is a reason why they are leaving.
It’s time to get hungry and lean into the table. Identify what your customers are wanting that you aren’t providing. Look at all areas of your business – your location, your products, your staff, your brand, etc… Get on the phone and ask why they left your business. Use this market research to refocus your operations (brand, marketing, sales, communications, customer service, fulfilment) based on what your customers’ need, not on what the competition is doing.
4. Be More Focused
Focus your energy on identifying your ideal customer. Then develop and execute a plan to win your share of that niche. In choosing to attract customers who need and value your services, you will secure your market share despite competition.
Let your competitors waste their time and money on marketing campaigns targeting everybody. They will self- combust – or at least have wasted loads of money in the process. Your job is to offer your service or product to the perfect person at the right time for the right reasons. Drill down on your niche and focus on marketing to their needs and only their needs.
5. Be You
I’ve already told you above that you are the only person who can deliver your product or service in the way that you do. So, I dare you: get to know your competition.
You heard me. Get to know your competition so you can fill the void they are leaving.
- What are they doing differently?
- What are they good at?
- What are their weaknesses?
This important intel gives you an opportunity to step-in and step-up your game in these areas. Capitalize on your competitor’s weaknesses, create a path a profitable niche for your business.
Take a look at your competitor’s service offerings and even be a secret customer yourself.
So tell me, how are you going to annihilate your business competition in 2015? Leave me a comment outlining which of these strategies will serve you and your business the best in the new year.
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