Top 3 clever ways to deal with business competition

Three Ways To Deal With Business Competition so don’t fail and keep your business rolling and expanding.

1. Keep your buddies close and keep your rivals closer.

Keep your buddies close and keep your rival(s) closer. Stay tuned; I will let you know what I do to get beyond my competition.

It’s very critical in business to think that, well, I don’t need to know what they’re doing, I just need to do my own thing, right?

Well, but there are some things you could learn from your competitions, so don’t be so arrogant and say, there’s nothing I can learn from them. I learn a lot from my competition, so that’s a great thing about business, right?

You could learn from other people, you could learn from your competitors if they are successful, if they’re getting ahead, if they are reaching customers. There is something that they are doing; probabilities are that you are not doing.

It could also be they are providing a more reliable service, a more satisfying experience; they’re trading a better outcome, they’ve got a more immeasurable team. Whatever it might be, competitions challenge you to be better.

Here’s what I do, I study my competitions. I seemingly know my competition better than they know themselves. I read them; I buy from them, I talk to their people.

I want to know what they’re doing, what they’re going to do, and how they’re doing it. What are some of the best practices? So I study, I’m on their email list, I follow their stuff. You have to know because how are you going to beat someone if you don’t know what they’re doing?

2. Study competitions while not focusing on them.

Now, you may be thinking, “I thought you just said keep your buddies close and keep your rival(s) closer, doesn’t that contradict with what you shared with me point one?”

No, study them, get to know them, know them inside and out, learn their tactics, know their market, understand how they’re serving their customers, get their products, or spend some money with them, right?

Because you get the best education that you could get, the same time you focus a majority of your attention on how do I add more value to my customers? How could I add more value than anybody else? That’s the key. Focus on your customers.

So we study the competitions, but our attention, our focus, our energy, we spend that on how we can help our customers. How can we fulfill their needs better? You start focusing on the customers and also focusing on your skills. What do you need to do, who do you need to deliver more value to the marketplace than anybody else? And that’s how you grow.

3. Think long-term, not short-term.

You see this in business a lot the competition is, say, selling a particular product at a specific price point and they do some kind of promotion discount. They lower their prices, and then you feel like, “Oh my God, I need to compete there; otherwise, I’m gonna lose,” right?

Instead of being very reactive, think a little bit long-term. Over the years, I have competed with so many people, so many enemies and opponents. They were more robust; they were faster, they have more resources, they had more capital, but yet over the years, I’ve won many, many, many, many battles.

The answer to that is I think long-term, maybe I’ll lose the battle as long as I win the war that’s okay, so when I’m looking it from that perspective, I know that maybe I’m not the fastest, not the strongest, but I always have more staying power because I know for most people they lose focus.

They get distracted, that’s okay. I’m not trying to beat you in two weeks. I’m not trying to beat you in one year. I could wait ten years to win this war. That’s the way I see it; I could stay, I got time. So when you think of it from that perspective, the way you make decisions, you look at it differently.

You’re not so rushed, and you’re not making decisions that are just you’re reacting, right? You are instead of thinking it, planning it, being more strategic. So think long-term and not short-term, and ask yourself what you would do differently? How could I make sure I have enough endurance to last longer in this game? And you know if you can last longer, you have that staying power, and you innovate, you’ll win. It’s just only a matter of time.

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Cheers,

Susan.