Ep. 86 - Stop Worrying About Business Competition
Many businesses are constantly concerned about what their competition is doing in order to stay relevant to their customers. Many entrepreneur programs, consultants, and coaches recommend doing a competitive analysis at startup and anytime during the lifecycle of the business. While there is some value to doing this, there is a danger from side tracking you from growing your business.
Focusing too much on the competition can actually turn your attention away from your strengths, rob you of profits, adopt faulty marketing strategies, ad unneeded products/services, and turn you into a follower instead of a leader.
Learn from this mistake we’ve made as well as some major corporations so you never have to worry about the competition again.
Key Takeaways:
Competitive analysis bias’s you from focusing on your weakness not your strengths
No one company can be all things to all people
It could negatively impact how you price your product or service
The market is big enough for everyone
You don’t need all the customers just the right ones
Focus on one thing and do it well
If you focus on doing the best for your customers, you’ll stay ahead of the competition
Focusing on the competition makes you a follower and not a leader
Innovate don’t copy
I intentionally do not analyze the competition in the beginning of engaging with a new client in a new industry
Don’t worry so much about protecting I.P. if you’re constantly innovating
Stay focused on your customer, get constant feedback, adapt and move forward