In the business world, one thing is inevitable; RIVALS. There will always be that new office in the block that does exactly what you do. Someone will try to take your client because they offer the same thing that you do. But the question is; how do you deal with competitors? How do you stay ahead of your game? Before we go into that, i will like to point out that competitors are important. They keep you from becoming complacent. Competitors motivate you to improve your services and offer the best to your customers. Rather than getting worried about them, you can use the situation to your advantage. Here are few points that can act as a guide:
- Don't ignore the competitor:
As a business owner, you can't afford to ignore your competitors. The reality is they are around and here to stay. Try ignoring them, and you might end up losing clients because they are offering better products and services. So number one rule, don't ignore the competitors.
- Be different:
As a business owner, you have to be different. Clients have to know there is something different about you. Give them a reason to patronize you. You don't have to do the same things they do, build a brand and stick to it. Concentrate on your area of specialization and be the best at it.
- Don't underestimate the competitors
When it comes to you, your competitors have one goal in mind: to beat you. They will come up with strategies and plans to stay ahead of you. Don't belittle the competitors. Startups most especially can come up with strategies that might knock you out of business. Don't underestimate your competitors.
- Build a relationship with them
As strange as that sounds, building a relationship with your competitors is actually good as you can learn a lot from your competitors. It’s not about spying on them but creating a friendly atmosphere that allows for sharing of business ideas. Even if the competitor is being rude, remain friendly. You might end up winning few friends in the process. They are not your enemies after all; they just have the idea as you did. You might find yourselves sharing clients and strategies. For those that have been in the business longer, you can learn from their mistakes and limitations. This can help you improve on yours. Some of them can even become your mentors. It’s all about communication. If you have a competitor that is all about playing dirty, don't act in the same manner. Be courteous anyway.
Some of these points might be hard to follow because you might encounter some competitors that are all out to pull you down by all means. Don't lose sleep over that. Be the best in your field. Don't ignore them but don't focus all your energy and resources into beating them. You are responsible for your customers so let their satisfaction be your motivation.