I often hear from clients, “I am not sure how to compete with Amazon and the Big Box Stores”
I believe there are plenty of customers for everyone. You can and will attract those that are supposed to purchase from you but what should you do?
Does your competitive nature sometimes get the best of you? Understandable we are competitive people by nature, and competition can be a positive behavior, it motivates you to succeed. However, putting all that energy into your competition can be unhealthy for your business and for you as the business owner mental state. I learned this first hand and have created my
4 tips to outperform your competition:
1. Don’t be so focused on your competition that you lose sight of your goals and objectives. Instead focus on what differentiates you and your business, focus on those traits and you will soon see the competition doesn’t seem that big of a threat.
2. Define your ideal customers, your audience, be specific, and learn to create your marketing messages to speak to them. Who can you help the most, who most likely wants to buy from you? Speak their language in all you do.
3. Don’t let competition be the boss of you. I am learning that all things are not as they seem. You might be so focused on how well your perceived idea of how well your competition is doing and that brings your morale and energy down. Truth is, unless you have an insider tip, you have no idea how they are really doing or how much money they are really spending to attract clients. Ignore the noise, and don’t let a saturated market stop you from growing your business.
4. It is important to be aware of your competition, learn from them, if they are smart they are learning from you. Yes I just contradicted myself from tip number 1, but did you noticed I said be AWARE not FOCUSED on your competition. Two completely different aspects of a competitive analysis for your business. Know what they are doing, but remember to stay in your lane and focus on your own driving.
One of my 6 pillars to Build a Better Business is to help you create a competitive analysis, why do we do this to make sure we are maximizing all opportunities for you and also that you are pricing yourself to maximize profits. Interested in learning more? email Jen at Jen@nextwavebusinesscoaching.com