Competition
is healthy
First off, take the
view that
‘competition is
healthy’ …two
companies can make
more noise than one
and having a
competitor may even
expand the size of
your market,
bringing in more
business for you.
That’s a fine start but how do you respond to the new kid on the block?
Make love,
not war
Think if there’s a
way you can embrace
each other. Is there
stuff you can do
together? This
doesn’t have to be a
full scale marriage
between your two
businesses - maybe
just a case of
swapping content,
sharing contacts, or
cross-promotion.
Define
yourself
There is nothing
more real to focus
the mind than
competition. Having
someone else appear
in your market will
cause you to clearly
define what you
offer. Once you’ve
identified the thing
that makes you
‘unique’, then
communicate this
well.
Be smart
Keep your wits about
you. Put yourself in
the shoes of your
competitor. If you
were them, what
would you do? Think
about it and then
out-smart them. Do
something better.
Not necessarily
bigger. Just better.
Enjoy it
…but keep your eye
on the customer
If you’ve
been operating
without competition,
then a healthy dose
of it could be a
welcome wake-up
call! It will have
you springing out of
bed in the morning,
excited by the
thought of how you
can improve on
yesterday.
Enjoy the experience of planning your strategy and sharing this with close and trusted friends and co-workers.
But don’t get so caught up in the competition that you forget about the customer. Remember, they now have somewhere else they can go!