Tweak Your Biz » Marketing » Love The Competition In Five Easy Steps

Love The Competition In Five Easy Steps

by Christina Giliberti on March 24th, 2011
11 Comments



I’ve come across many different reactions to competition: some sulk, some cry, some 
scream, some punch the wall (seen that happen twice), some calmly sit down, some make tea,
and some ….smile.

Now, you’re probably thinking, only the mad ones smile when they hear of the competition.
But you would be wrong. They are a very special breed of people, who:

  • Relish the challenge of learning about the new competition
  • Have 100% faith in their services/products/ability
  • Look forward to meeting the competition and listening to their take on the business
  • Understand that the competition keeps you on your toes

Here are the five steps to loving the competition:

Step one - Panic stage

When you first find out, try not to panic. Deeps breaths and tea are good around now.

Step two - Thinking stage (or maybe brooding)

Think about the situation. They are in the same field because it’s profitable. That’s good news for you. They have done their research and appreciate that there is business to be had. That also means, there’s more business for you.

Step three – Make yourself feel better

There’s plenty of business to go round. You have a vast selection of happy clients who have faith in your ability to deliver. They could jump to another service provider or supplier at any time, but they haven’t because you are already taking care of their needs.

Step four – Strategy stage

Now you’re thinking clearly, devise a strategy to assess the competition.

  • Analyse the marketplace, trends, consumer demand
  • Do a SWOT analysis

Check out their web presence:

  • Do they publish prices – how do they compare to your prices? Can you improve yours? What services/products are they offering – how do they differ from yours?
  • Are there opportunities for your business among them? What skills do they have? Are they the same or different from yours. Or are there some skills you should look to invest in? Do they offer a service that you could sell to your own clients?
  • Where are they located? Are they local or international? Would they be providing a service nearby or on the other side of the country?
  • How do they promote their business, products and ideas? Does something amazing catch your eye that could try? Does their idea prompt a new one for you?
  • What business strategy are they using? Does it work better/worse than yours? Should you research alternative strategies?

Step five – Meet, make friends and learn

It’s now or never! Give them a call or contact them online. Find out about them and arrange to meet. You may already have friends or networking buddies in common.

When you do interact, be curious, professional and friendly. You could end up partners, or joining forces for projects, or recommending each other, or even trading business ideas.

How do you react to competition? Are any of your closest friends, competitors? Has a competition become a partner, friend or referrer?Any stories?



Category: customer, market research, Marketing Strategy, online marketing, The Fours Ps

Tags: , , , , , , , , , , ,

The Author:

Christina is a complete geek, hence a perfect web + online marketing consultant. After ten years working with Premier Recruitment Group, LA Fitness, Monarch Airlines, Thomson Travel and a host of other companies, she now owns CG Online Marketing (www.cgonlinemarketing.com) in Ireland and is an associate of the Ahain Group. She's qualified in most things online such as web server management, digital design, Google Analytics and SEO. Specialties: Social Media Marketing, SEO / PPC,Google analytics (qualified in GA IQ) Web trends + insights, Data segmentation and targeting, Customer Behavior analysis, Digital design, Writing, Ethical marketing Green marketing / Sustainable tourism and Hotel + travel online marketing http://www.cgonlinemarketing.com

Read more and connect »

Add Your Comment

  • http://www.tweakyourbiz.com Niall Devitt

    Hi Christina, I love step five! that’s where it’s at for me just now. I really think that small biz needs to think collaboration rather than competition. If you take a small twon, for instance. It makes a lot of sense for all businesses in an area who target tourists/passers by joining forces in an effort to get more people to visit the area. Online/Social Media is the tool in this regards. Wouldn’t it be great if all businesses pooled their resources to create a online presence as to why you should visit. Together, we can always be greater than the sum of our parts.

  • Satheesh Vattem

    Nice post Christina. I have personally worked with a few companies who approach competition just like how you suggested. In fact we used to do a competitive analysis matrix as part of our standard business analysis which used to compare the offerings of the competition and decide on how their own offering should be based on the best of every one. The idea was why to reinvent the wheel when you can spend your energy on making ur offering better. And as u rightly pointed out when everybody continues to learn from the competition this way, all the businesses will eventually prosper. I also second the collaboration part although I feel that collaboration is more trickier and hence needs to be managed better

  • CBSS

    Easy steps to overcome fears of competition. You have summarised marketing management very effectively.

  • http://www.encouragingexcellence.ie/ Mairu00e9ad Kelly

    I love this post Tina. I’ve always said that competiton is good, it encourages you to play at your best all the time. I have worked with some of my competiton and there are others that I haven’t yet might do in the future. Getting stressed and panicky is only going to affect you which will take from your own performance ability and is a complete waste of energy, better to analysis them the ways you suggested in steps 2-5 above.

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    Hello Niall,nnI thought you might! We are making a bold step forward and responding to market changes in the industry. Collaboration is opportunist activity and one I completely believe will grow and become vitally important. Partnerships and group discussion floursih online. Facebook groups, Wiki’s etc are all a welcome place to brainstorm without taking a step. It would be wonderful to see more companies adopt this approach. We’ve felt first-hand the benefits, and they have much to gain.nCheers for the comments!

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    Why thank you very much CBSS. I wrote it because that was me. I had to overcome my fears of dwelling on the negatives of competition. But it doesn’t have to be all negative. I mind-mapped all the postitives and they far outweighed the negatives. We have a natural response to focus on the bad things…it’s in our nature. But we are the drivers of our minds and we can change our perceptions. Competition has always been apparent (unless a monopoly). We manage it by thinking clearly with plan and considering how we can use it!n

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    Hi Satheesh,nI undertake competive analysis for clients for all online projects. Its an excellent way of keeping track of what your competition are doing. You can even sign up to email and follow their activity via RSS feeds, FB and Twitter to monitor. I found Hitwise Competitor Intelligence to be a fantastic tool (not available in Ireland) – you can benchmark against competitors and gain access to their website stats and onlien activity. As you say, no point reinventing the wheel – secondary research is about using information readily available and adjusting for your needs. Same applies to competitive analysis. nnGlad that you are a collaboration champion. It is tricky, but well worth the effort!nnTake care and thanks for the comments.

  • http://www.cgonlinemarketing.com/ Christina Giliberti

    Hello Mairead,nnO’yes indeed. Its a benchmark and indicator of where you could/should be. Stress is a negative feedback loop emotion – Its feeds itself. Taking a structured approach gives you greater concentration and is much more effective. nnHappy to note that you are partnering with the competition!

  • Mel Ashworth

    I couldn’t agree more Christina, competetion is healthy and,as you said, there is plenty of business to go around. About 70% of our business results from referrals from other associates. We tend to network with people who specialise in an area that we don’t but whose clients are likely be interested in our services. In this way associates are able to add value to their client by introducing our services and it is very easy to secure the business that way. We do offer an attractive referral incentive but that works both ways so we look for work for our associates too. It’s a great model. If anyone wants to hear how it works feel free to call me on 01789 551 665 or email mel@firstclass-training.co.uk. Happy to share.

  • http://www.seefincoaching.com/blog Elaine Rogers

    Abundance, not scarcity!nnGreat post Christina, and very well laid out as a process. One of my best friends is in very very similar business to me (one of my areas) and it was she who mentored and advocated me many years ago, and she used those words exactly “There is plenty of business for everyone” . Those words have resonated with me over the years :)

  • http://www.benchmarkemail.com/email-marketing/html-email-templates email templates

    Definitely a positive way to look at competition! I do agree with you in that competition only makes you better. Researching what’s out there and what others are doing is the perfect way to constantly improve!

Related Posts


«
»