Competition is good

Are you like many businesses – afraid of competition? a bit of ostrich in the sand about your competition?

Stop that now! Competition is good. Competition means there is a market. Competiton challenges us to be better.

True life story.

Back in the dot com days, I worked for a startup developing ‘bleeding edge’ technology. One day in a management strategy session, the VP of Business Development said: “We have no competition”. My heart sank and then I got mad. “Of course we have competition. See these companies. They are doing what we are doing. Their offer is hardware and ours is software but we do the same thing. We need to pivot our offer to compete with the hardware solution and convince customers that software is better”

And so we did. I redefined our product offering and our marketing messages. And suddenly we were being noticed and talked about and prospects called. And we made an impact on the market and were successful. And almost 20 years later, the company is still doing well because we built a corporate culture that said “of course there is competition and competition is good”

Watch the Competition for your own success

Do you know your competition? Do you know their strengths and weaknesses? Do you know your strengths and weaknesses versus the competition?

This is competitive analysis, a classic marketing tool. Answering these questions honestly and brutally will make your business stronger and your offering stronger and your marketing stronger.

Why aren’t you doing this?