Competition is good for your business. In fact, a healthy rivalry challenges you to work smarter with the resources you have.
Successful businesses thrive under competitive pressures. Competition should not be seen as an obstacle, instead it should be seen as an opportunity.
In fact, competition can make your business more successful.
Here are ten ways you can use to get the most out of your competition:
- Avoid complacency: consistently work out your business goals. To do this, you need to be committed to increase your business standards.
- Build your brand: make it your mission to stand out as the leading authority in your domain of expertise.
- Develop self-awareness: understand your strengths and weaknesses. Use your superpowers to create unique value propositions to customers. Understand your shortcomings and find ways to overcome them.
- Be ready to differentiate your brand: competitors will consistently try to offer something better (service, product quality or marketing). Differentiate your brand with the goal of creating tremendous value for your customers.
- Exploit trends in your industry: competition signals strong consumer demand. This is an opportunity to promote an emerging trend that will get customers and the media excited about your work.
- Form partnership with like-minded businesses: exchange technology and tools with related businesses that are not in direct competition with you. Cross promote each other’s products and services and collaborate to expand your overall market segment.
- Learn from your competition: watch your competitors carefully. Actively learn how they manage and grow their operations so you can apply some of those lessons to your business.
- Narrow down your niche or market segment: Someone will always be better than you at something, and that is OK. Focus on making your customers happy in a niche you are most likely to have the competitive edge.
- Plan long-term: challenge yourself to accomplish more. Focus also on your long-term to remain competitive and in the business.
- Prioritize customers need: focus your energy more on becoming a customer-centric organization. This way, you’ll build customers loyalty.
On a final note, you are often your biggest competitor. You should not completely ignore your competition but the biggest battle happens within your organization. Essentially, you are your own biggest threat.
The ultimate focus should therefore be on your business and meeting the needs of your customers. At the end of the day, it is your customers – not your competitors – who has the power to make or break your business.