Owning and running a business can be a stressful experience at times. One of the roots of that stress-tree taps into worrying about the competition. Hours are spent thinking about what our competitors are up to. Are they stealing your customers? Are they better at running a business? Are they innovating a new and smoother feature for our industry? But what you should keep in mind is that competition is one of the healthiest things for your businesses. It causes you to continually innovate and stay ahead of the curve. But too much focus won’t get you anywhere.
Understanding your competitors can be hugely beneficial for your business, especially as a start-up. You can take similar approaches that they use to get results with their audience, learn about what the consumers want and find voids in services that your business can fill. But at the same time, your time is limited and valuable, and you should focus on being an industry leader not just another option in your field.
It’s important to keep an eye out for what others are doing, but your success will come from expanding your brand, perfecting what you have to offer and your service. Focus on your company and clients and stop wasting time obsessing over the competition. Primarily focusing on the competition is going to make you spin your wheels and eventually kill your engine (business). I promise you. There are so many ways to look at it #1 doesn’t care what #2 is doing, Coke doesn’t think about Pepsi, no one punches down and the list goes on and on. If you haven’t noticed, successful companies focus on their product, always remember the grass is never greener, sometimes it is just spray paint.
We have all heard the term, “there’s plenty of fish in the sea”. That term also means the same for business in our industry. When it comes to digital marketing and any marketing for that matter, there is no shortage of business and most definitely enough to go around. If you are feeling intimidated by your competition, then you need to rework your plan and revise the product or service you are offering. Do what you do and focus on making it more streamlined, more efficient and keep it best in class, that will keep you from sinking your boat
Every marketplace is competitive to some extent and there are competitors of all sizes. You will never serve 100% of your target audience. Microsoft, Apple and Disney all have competition, and a competitive marketplace just means that there is a need for a solution. There is no way the biggest players in the game are solving every problem for everyone. There’s always a profitable niche for your business to discover within an industry. Maybe that niche is something your competition is missing. Finding that extra service is what will make you unique and stand out against the competition. The best marketing strategy is to have a good product.
Look at your competition as a launch pad for your own business. Value your competition and view them as a baseline building tool for your business. Keep in mind as you grow the competitors you have today will not always be a challenge. Focusing on your business will make them a distance memory in the very near future. As a business we will continue to serve our clients with the top-level service they deserve. Never stop growing!