Why You Shouldn’t Worry About Competitors
Let’s be honest for a sec; some of us get the heebie-jeebies just thinking about our competition. If you spend half of your workday worrying about being overtaken by your competition, then you’re mistaken and you need to get your priorities straight. The truth is competition is overrated; it shouldn’t dictate the direction of your company.
Don’t believe us? Here are 3 reasons why competition shouldn’t bother you:
1. Competition is a huge distraction
Obsessing on what your competition is doing or not doing is a huge waste of time and big distraction that can obliterate your ability to be productive. Keeping an eye on your competition constantly is not only distracting you but everyone else in the company.
While a little competition is good for business, overdoing it can eating into valuable time that you could have used to spruce up your workplace and serve the customer better. As a business owner, you must realize that obsessing on competition passing along your fears to your staff.
2. You’re letting someone else set the pace
Just like in a marathon, if you let competition set the pace, you’re going to lose terribly in the end. You don’t want the competition to dictate how you change your products. In other words, focusing on competition gives them an immense amount of power over your business. Instead of saying that your sales are down compared to retailer Y, you should be comparing your quarter to quarter or year over year sales results. The whole thing can turn into a cat-and-mouse chase, with you on the losing end.
3. Competition limits your growth
Let’s be honest; do you want to set your ten-year strategic plan based on what your rivals are doing? They could suddenly pivot to a different industry, get out of business or become a partner. When that happens, you will have to go back to the drawing board – square zero
What to focus on instead of competition?
4. Deliver More Value to your Customers
Instead of focusing on your adversary, you should pay more attention to what your customers want. What to do to offer more value to your target market?
- Put your A players on the job: offer customer service that that will knock your target audience socks off.
- Delight your customers with gifts, freebies, discounts, and steal-deals
- Provide them with content they love – useful tips, ideas, tricks, and tutorials that make everyday life easier
- Personalize your marketing strategies, from email to social media
5. Tackle Complacency
Complacency is your business’s enemy numero uno. If you become complacent, your customers will walk out of the door, your business model will become outdated, and technology will kick you out of business. That’s a big no-no. So, instead of watching your competition, you should be focused on continued excellence, taking your business to the next level. In fact, fighting complacency is your best weapon against your competition.
6. Revamp your products
If you want to continue wowing your customers, you want to innovate continuously.