How Do I Handle Competitors?
While you’ve taken time and great care in defining everything about your business, it’s natural to expect that there will always be competitors. There will continually be rivals all around you. Do you go into battle with protective armor and weaponry?
Years ago, we were taught to be fierce when it came to potential, real or perceived competitors. These people were out to “steal your business”. Thankfully, business relationships have evolved to embrace a more positive and productive mindset. After decades, we still have a choice of Coke or Pepsi – one company did not eliminate the other.
Do You Shut Out and Shut Down the Competition?
You may initially want all the business for yourself, but can you handle all of the potential customers in your entire town? State? Country? Likely not. Are you intending to work 24/7? Every day of the week and month? I hope not.
Competition is necessary for a variety of reasons. It gives the people the power of choice. It keeps your business model sharp, and your actions focused on developing unique services for your best audience. It keeps your prices in tune with your target market and reflects what you’re able to provide and how you get it done.
Competition also makes you curious and keeps you flexible. What if your competition is offering something you’ve thought about doing? You can see it play out in someone else’s company and decide if you want to pursue it yourself.
Can I Develop Productive Relationships with Competitors?
First of all, welcome the curiosity and opportunity to forge a positive connection. Introduce yourself with genuine enthusiasm and leave negative thoughts behind. Let them know who you are, what you have in common, and that you’re open to finding ways to support each other.
If possible, meet in person, smile and shake their hand. Ask how they got started in the business and start to draw out the similarities and differences. Tell them a little about your own journey.
Some ways you can foster a mutually beneficial relationship is to
- Offer to cover each other’s services in case of extended illness or unavailability.
- Refer to each other when the client wants something you don’t do.
- Help out as a subcontractor for each other on really large projects.
- Share new industry-wide information that’s accessible to both of you.
As much as possible, discover the ways in which you’re very distinct, and recognize that as a positive.
Don’t Spill the Beans.
Now, let’s get real here – we don’t ever want to spill our secret sauce! If you have systems and processes in place, special offers, and unique ways of delivering customer happiness, you are more than welcome to keep that to yourself! The exact way you do business is proprietary information and no one’s business except your own.
Watch Out for Those Who Don’t Wish to Be Cooperative.
In the past, I’ve been in both types of relationships – the positive, open-minded ones; and the restrictive negative ones. Those who saw me as a rival shut me out and closed down the doors of opportunities. What a shame! Those who welcomed a peer friendship are relationships that thrived for years. If your competitor prefers rivalry to cooperation, respect that and walk away. Don’t play their reindeer games! Leave them be.
What If They Start Copying Me?
When they start offering services that you do, or targeting the people you do, recognize that they’re playing mind games that they will never really win. Focus on your own unique value, your own brand, your own business model. Cultivate those special relationships with your loyal customers. Ask clients what else can you to do serve them better? Watch the road ahead, stop glancing at the rear view mirror. The truth is that people will simply choose who they prefer, so worry about attracting your best new customers and don’t allow the competition to distract you.
How Can I Help You?
I work with small business owners to identify that one part of your business that isn’t doing that well and clarify what needs to happen to make your business profitable and help you feel that you’re living your best entrepreneurial life. Schedule a free session to see for yourself. https://calendly.com/susana-f/phone-consult