Hmm, seems a bit extreme doesn’t it? After all, isn’t there plenty of room for us all in the market place? Whatever our service or our product? Do we really need to “crush” the competition, “grind them into the ground” or “kill them off”?
I don’t think so, and here’s why –
- COMPETITION IS GOOD FOR BUSINESS
Yes it is. Competition keeps us on our toes, it is a reminder not to be complacent about the quality of our product and of our service. It reminds us that the consumer has a choice where to spend their money – and if we want them to spend it with us, we had better darn well be worthy. Yes, competition keeps us focussed on our ideal customer – how better can we serve them, how can we make a better version of our product, how can we keep them coming back and referring their friends and family to us?
Without competition, it’s easy to coast along.
- WE CAN”T BE EVERYTHING TO EVERYONE.
Have you ever met that irritating client that rubs you up the wrong way? The one that you try to avoid, if they turn up or call? Wouldn’t your life be better if they went somewhere else? Yes it would. We naturally work better with some people than others. Some people are a delight, they appreciate what we do, they love our products and have no problem paying…..others constantly criticize, always want a “deal”, and make our heart sink. These are the people that should be buying from your competition – because there is someone for everyone. Refer them on – make your life better, and concentrate on those customers who make your heart happy.
Competition is BAD when
- YOU OBSESS ABOUT THE COMPETITION
If you are spending all our time focussed on what the “other guy” is doing, you are not focussed on your own business. A few years ago, when my husband was a couple of years in to one of his most successful businesses, a ‘competitor” started selling a copy of my husband’s product. It was a patent infringement, and the competitor was taken to court, and the court case won. However the time, money and energy spent on this process, was at the expense of the business. It seemed a hollow victory. From that time, instead of worrying what the competition is doing, we spend our time making sure that our products are the best they can be, and our customer service is second to none.
- YOU TRY TO COMPETE ON THEIR TERMS
Some businesses compete on price. Others on quality, or convenience. Let’s take Walmart for example. They compete on price. They certainly don’t compete on customer service. If you have ever been in Walmart and tried to find an assistant, you will know exactly what I mean. But Walmart has a policy – they provide cheap products in vast warehouses that are convenient for their customers. They don’t care about customer service. If they employed loads of assistants to improve their customer service, they would have to raise prices – it would be in direct opposition to their business model. If they receive hundreds of complaints every week about their customer service – then their policy is working. AND they don’t care what the competition is doing.
So pick your business model and stick to it. Don’t be swayed by the competition. If your product is high quality, and you provide great service – don’t try to slash prices and under cut the competition.
So, just use the hose for the garden – if you stay true to yourself, your product and your business model – your customers will be loyal, and the competition will take care of itself.
