Three Ways To Deal With Business Competition.
Now, don't you just hate competition?
Now, if you are just starting out, you are probably
competing with companies and businesses that are
more established, that have more resources,
they have been around longer, or if you are the leader
in your sector, in your industry, in your category,
chances are you also have new companies coming
into your industry trying to take market share from you,
trying to take customers from you, right?
They offer different types of products.
In business, we cannot avoid it.
We are dealing with competition everyday.
So today I want to share with you some
of my unique perspectives when it comes to dealing
with competition, and just the way I view competition.
First of all, the competition that you think
is your competition is not your only competition.
What do I mean by that?
Think about if, let's say you run a local gym membership.
Right, you run a local gym and you sell gym memberships,
and you think you are competing
with other gyms in your area.
I could tell you that simply is not true.
If that's the way that you look at the market,
chances are you're gonna lose because you underestimate
your amount of competitions that you have.
Because keep in mind, the customers that you're selling to,
they only have so much disposable income that they can spend
so it's not just between choosing your gym versus other gym.
It's also choosing spend money with you, spend money
in fitness, investing in their own health, right,
versus spending money maybe at krispy donut,
right, or Netflix.
You have to look at it that way
because they've only got so much money.
If you want them to spend money with your business,
you cannot just think about I'm just competing
with other gyms.
That's a bare minimum, right?
That's who you're competing with.
So way number one, how do you compete?
Number one, keep your friends close
and keep your competitions closer.
Here's what I do, I study my competitions.
I probably know my competition better
than they know themselves, right?
I study them, I buy from them, right?
I talk to their people.
I want to know what they're doing, what they're gonna do,
and how they're doing it.
What are some of the best practices?
So I study, I'm on their email list,
I look at if they have videos, if they have social media,
I follow their stuff.
You have to know 'cause how are you gonna beat someone
if you don't know what they're doing?
It's very dangerous 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's some things you could learn
from your competitions, so don't be so arrogant and say,
there's nothing I can learn from them.
No, I learn a lot from my competition,
so that's a great thing about capitalism, right?
That you could learn from other people, you could learn
from your competitions if they are successful,
if they're getting ahead, if they are getting customers.
There is something that they are doing, chances are,
that you are not doing.
It could also be they are providing a better service,
a better experience, they're selling a better product,
they've got a better team.
Whatever it might be, competitions challenge you
to be better.
They challenge you to not get complacent.
So it's not such a bad thing.
So don't be so afraid if they put us out of business.
Don't be so afraid of that.
If they put us out of business,
there's something wrong with us, right?
We are not keeping up, right?
We are not delivering value, enough value to the marketplace
or solving the customer's problems the way
that they want to be solved, so that's way number one.
Way number two, and that is we want to study
the competitions, at the same time don't focus on them.
Now, you may be thinking, Dan, I thought you just said
keep your friends close and keep your competitions closer,
doesn't that contradict with what you shared with me
in point one?
No, study them, get to know them, know them inside and out,
know their strategy, know their market,
know 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.
At the same time, you focus a majority of your attention
focusing on how do I add more value to my customers?
How could I add more value than anybody else?
That's the key, right?
Focus on your customers.
So we study the competitions, but our attention, our focus,
our energy, we spend that on how can we help our customers?
How can we fulfill their needs better?
You know, sometimes I have my entrepreneurs, my executive,
my CEO friends, they come to me and they visit me
and they see what I do and sometimes they'll get a,
like a day in behind-the-scenes
and I show them some things that I do.
Usually, the universal response is oh,
I can't do what you do, right?
Oh my goodness, like how prolific you are and how much
you get done, like how do you even do this, right?
Like you have like multiple clones that are running around
and to get this much done because the way I see it is this
that if someone can easily copy what you do,
then you're not very good at what you do.
Like I could tell people, and I share a lot
of my best practices on YouTube, and a lot of people ask me,
well aren't you afraid that people know your secrets
and how you run your business?
I said, well, here's what I do, go ahead and try it.
It's like Michael Jordan.
Well, here's how I slam dunk and here's how I, you know,
play basketball, you go ahead and try to be Michael Jordan.
You can't, so you start focusing on the focusing
on the customers and also focusing on your skills.
What do you need to do, who do you need to be
to deliver more value to the marketplace than anybody else?
And that's how you grow.
Number three, think long-term, not short-term.
Instead of competing with your competitors
on just one product or a campaign
'cause sometimes you see that.
You see this in business a lot.
The competition is, say, selling a certain product
at a certain price point and they do some kind
of promotion discount and 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 are stronger, they are faster,
they have more resources, they have more capital,
but yet over the years I've won many, many, many,
many battles, and the key 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,
and I'm never the fastest, not the strongest,
not the fastest, 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 10 years to win this war.
That's the way I see it, I could wait, 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 would you do differently?
If you're now competing long game, right,
you're thinking long-term, what would you do differently?
And you wait, and you ask yourself how could I make sure
I stick around?
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.
Let me give you a bonus number four.
Also, sometimes if your competition is serving
the same market that you're serving right now, well instead
of competing, why not profit from your competition?
That's right, profit from your competition.
Maybe you offer a complimentary product
to the same customer base.
Well, instead of competing, if you're thinking
from an abundance mindset, why not partner up
and form some kind of a strategic alliance,
some kind of joint ventures?
You see a lot of big companies they do that all the time.
Co-branding, collaborate, strategic alliance.
Why not do that and actually make more money for you
and for your competition?
And then your customers in the marketplace
they get more value and they get better results.
What's the problem with that?
Like I collaborate with other people all the time.
So if it's the right fit, you can't do a good deal
with a bad partner, but assuming it's the right fit,
same core values, and the product's complementary
and it is something that will help your customers,
absolutely you could do that as well.
So those are the three ways, no actually four ways
to deal with business competition.
If you have more questions, make sure you comment below.
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