Why You Shouldn't Be Afraid Of Competition

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3 Tips To Stand Out From The Competition

If you're reading this, chances are you're in business. And if you're in business, you have competitors.  There are bound to be other businesses in close proximity vying for the same customers. They may be nipping at your heels, or they may be miles ahead, but either way, they're there. And that's a good thing.

Competition is healthy. It keeps us on our toes and forces us to constantly innovate and improve.

Here are a few tips on how to deal with your competition:

1. Take a look at the other guys

Take some time to research your competitors and find out what they're all about. What are their strengths and weaknesses? What do they offer that you don't?

The saying goes that you can have any two of the following three things: cheap, fast, or high quality. But you can't have all three. That's because there is always a tradeoff between these three factors. If you want something to be cheap, then it probably won't be high quality. And if you want something to be high quality, then it probably won't be fast.

TIP: Don't focus on the same area as your closest competitors. If the other guys have a better price or a higher quality product, then you need to be strategic. You need to decide what your strength is and talk about it over and over again.

2. Know your strengths

Companies should carefully consider what they are good at and what their customers value before choosing what to compete on. If a company is not the low-cost leader, it can still succeed by providing better value in other ways.

It’s Good to Be Better, But It’s Better to Be Different.~Sally Hogshead

Are you worried that your competitor is better than you? The truth is "better" is subjective. You could be better by being the fastest, but someone else could be better by providing a higher quality product or service, even if it is slower. "Better" depends on what your customers care about the most.

FASTER: Can you offer home-delivery or do you have a way of making your products faster than everyone else?

EASY: Make it SUPER convenient for people to buy you. You could offer a monthly subscription service, home delivery, or an easy-to-use e-commerce website.

QUALITY: Instead of trying to compete on quality, think about how you could offer the most value. Maybe you could have beautiful packaging or use 100% organic feed.

PRICE: You could consider lowering your price, but there is a risk with this. You would have to triple check that you are covering all your costs and making a profit.

TIP: Ask your current customers why they choose your product. You might discover a strength you don't even realize you have.

3. Do something unique

One of the best ways to stand out from your competition is to offer something unique. This could be a creative product, service, or even just a different way of doing things. For example, if all your competition sell pasteurized milk, sell your milk unpasteurized.

Being unique gives you an advantage because you are the only one with your particular set of skills, experiences, and perspectives. When you are able to leverage your uniqueness, you are able to create value that nobody else can. 

Don't be afraid to get creative. If your competition is doing something one way, try doing it another way. Sometimes, the best way to beat your competition is to do things differently.

Think about it this way: if everyone in your industry is offering the same thing, it's going to be hard to stand out. But if you're offering something different – something unique – then you'll be the one who stands out. And that's how you attract customers and grow your business.

Don't be afraid of your competitors. Embrace them and use them to push you to create a unique product or service that will make your business thrive.

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Within just three months, you will learn all skills you need to market your products and services to the people that are ready, willing, and able to buy!

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