Here are 11 ways some of the most successful entrepreneurs think about competition.
Do What Your Competitors Don’t Do: Be different
Your business is different today, tomorrow and everyday. Different times call for different measures. Different actions, different attitudes and different set of approaches are required for different circumstances. “Just get back to basics” is a common phrase to say, but this is NOT business as usual. This is naive thinking and has proven to be failure. You have banks backing up on loan amounts, customers more resistant to make decisions, no-cost-easy-credit has disappeared, unemployment numbers are going through the roof, and bad news combined with a lack of consumer confidence flood the minds of everyone.
I truly believe that the BIGGEST mistake companies and entrepreneurs can make is looking around to see who else is in the running for number one.
You know what I spend my time on instead? My people and my team, where we’re going, what the next big thing we’re going to CRUSH is. I spend time on making myself unbelievable at everything I do.
Competition is good. It turns you into a killer. It helps you judge progress. It shows that other people value the space you are in. Your competitors are also your potential acquirers.
Position strengths to weaknesses.
Even if your competitor has a better product and is willing to sell it at a lower price, you can still win. Every competing company has weak points — places where your brand can outperform. Things like domestic customer service or extended guarantees on a product can go a long way if done right.
Your job is to find these points and exploit them in your marketing and presentations. Let your prospective customers know why these selling points are important and why it makes your brand a better choice.
For 40 hours a week competition is awfully stiff but after that, there’s very little competition.
BEING PREPARED FOR COMPETITION
If you stay ready, then you don’t ever have to get ready. A competitor is always just around the corner. When something becomes more profitable, or cheaper, there will always be competition. Netflix went up against Blockbuster and effectively took them out. They created a crisis for the aging turnkey business, something they were not expecting, simply because they failed to anticipate. The lesson? Anticipating competition is the only way divert a devastating fall.
You can’t look at the competition and say you’re going to do it better. You have to look at the competition and say you’re going to do it differently.
I can ensure you that the conviction and meaning when you are doing anything will GUARANTEE you to outlast anyone who’s doing it for an opportunity.
There have been numerous AppSumo competitors over the 2+ years we’ve been working on the business. A fair amount have folded and gone to the deadpool. Why you ask?
They saw a fad and figured they could “easily” put out a deal and get people to buy.
It is very easy to do that once BUT can you do that for 365 days a year. That’s where it gets hard and most people give up.
Tell Competitors to Bring It On
It’s better for all of us — for the future of our world.
Number one, cash is king… number two, communicate… number three, buy or bury the competition.
Control your expenses better than your competition.
This is where you can always find the competitive advantage. You can make a lot of different mistakes and still recover if you run an efficient operation. Or you can be brilliant and still go out of business if you’re too inefficient.