by
Bill Dueease
Copyright © 2004
If youve been considering your competitors
as roadblocks, or hindrances, you 've been overlooking an important springboard
to success.
Business owners frequently consider their competition as the enemy. Many
focus on "beating the other guy" because thats how they
measure their successjust like in sports, where one side has to
beat the other to win. However, by focusing on beating the competition,
you will divert yourself from your real objectives: increasing profits,
gaining more time and gaining more control. Bottom line, you will succeed
at these goals only by improving yourself and your business, regardless
of the competition.
Lets look at how this can be done.
Phase 1: Face Your Competition
The first step in prospering because of competition is to identify
and analyze the Real Competition. Its frequently not
readily apparent. Sure, your business might have new and unique products
or services, but when the needs they actually fulfill are defined, youll
discover that many other types of products and/or services fulfill similar
(if not the same) ones.
The second step is to evaluate your competition thoroughlyto
know more about them than they or your potential customers do. You gain
considerable knowledge and power by doing this, which you will be able
to use during the next step.
Phase 2: Embrace Your
Competition
The next step is to embrace your competition. Thats right! In fact,
you want and need competition. Here are several of the reasons why:
Your potential customers need to compare.
They need to compare your business and your products and/or services to
someone or something in order to see and feel that your products and/or
services provide the best deal for them. Everything is relative, and comparison
in buying is a very natural thing.
You need your competition as a place to send
unwanted customers. That is . . .
1. You need to avoid and/or get relief from bad customer experiences.
You quite often spend too much time, money and effort on extremely demanding,
very price conscious, "unappeasable" customers, who almost always
produce no profits and sometimes create losses. Even worse, they distract
you from your best customers, who drift away in silence.
2. You might as well let your competitors enjoy these problem people.
Let your competitors deal with these unwanted troubling customers so they
will overlook the better oneswho might seek you out.
3. You show strength to customers when you dont fear competition.
Many potential customers will try to threaten you and your business with
"The Competition" as a negotiating tactic. Your confident understanding
of your competitors and of your desirable customers will allow you to
educate them to the real differences. This is how you can position your
business favorably.
You need to be pushed to continually improve.
Monopolies create terrible consequences.
Competition creates a desire to keep getting better. By not improving,
a business is not standing stillin reality its declining toward
its demise.
Your competitors will frequently teach you new
ways to succeed.
You will want to execute very profitable
programs that follow similar, if not identical, programs previously instituted
successfully by competitors. Does the term "re-engineering"
sound familiar? Japanese automakers dissected American and European cars
then took the best features and combined them into very desirable products
that filled many needs the other automakers failed to provide.
Your competitors will frequently supply you
business opportunities.
They may choose to ignore your potential
customers or interact offensively with them, or they may be incapable
of providing the benefits that your customers want.
Competitors will frequently open up markets
that did not exist before.
When they open up new markets to sell the
same type of products you do, you and your business can follow right on
in and prosper. Sound silly? Look how fast food restaurants feed off of
each other by congregating in certain areas, making it very easy for customers
to pick from a number of choices.
Phase 3: Position your business to provide a desirable
comparison.
Establish your business so that it will be much more desirable to your
target customers, when they compare you to your competitors. Use the knowledge
gained in the above steps to create a comparative edge in as many ways
as possible. Encourage your customers to compare, especially in the areas
where you have the favorable edge. This allows them to make a confident
decision to buy from your business because you appear to be better for
them than your competitors.
.
There are examples all around you of business owners thriving because
of their competition. One couple, for example, started a cleaning business
in the face of an overabundance of competitors and greatly prospered,
even with higher prices. They succeeded because they were the only business
to quickly answer the phone with a live friendly person to immediately
tend to customer requests. Their competition actually drove excellent
customers to them.
In another case, a development group created an extremely profitable new
ski resort by concentrating on providing warm, courteous and ever-increasing
benefits to their skiers. The existing ski areas considered themselves
the "only game in town" and were more focused on treating their
directors as semi-royalty, while they virtually ignored their paying customers.
The developers of the new resort feasted on the monopoly the others thought
they had.
Look at the fast food restaurants (McDonald's,
Burger King, Wendy's , etc.) They tend to locate their stores near one
another to feed off of each other, by capturing the hungry people who
are attracted to the area.
Conclusion!
By using your competition and what you learn from them, you can prosper
because you focus on improving your business and not on beating your competition.
Succeeding at business is not a Zero Sum Game. Your competitors do not
have to lose for you to win. You will win more often than not by using
your competition to your unique advantage.
Provided as an educational service by Bill
Dueease of The Coach Connection.
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