People are going to believe want they want to believe…unfortunately it usually is against standard business and marketing practices, which have been working for decades.
Smart business professionals use competition to their advantage…they always would rather compete in a market with competition than a market with no competition…Why? Because their competition drives business to them and teaches them want works and what does not work, without them having to spend a dime!
Everybody is trying to find that one market…that one niche where nobody else is marketing to or in…So they can clean-up and retire in a day.
This is true in the internet-marketing world and in the offline business world.
Within my marketing consulting business I am always asked a question something like this: "Where can I market where none of my competition is, so I can be the only player in town and control the market?"
My answer is always the same: "Competition is good for your business you want competition, it's how we learn what works and more importantly does not".
However, my client always follows up with a statement like this: "But, I want to put my competition out of business".
My answer is always the same: "If you put your competition out of business then you will have to double or even triple your advertising budget and time to get the same lead flow and sales closes you're presently getting".
…As a marketing & business development professional, (I run a marketing & business development-consulting firm) Competition is good for your business. Yes competition is good for your business!
Competition does some of the following for your business if you listen:
¨Drives qualified leads that were not closed by the competition to our business.
¨Shows us where to advertise.
¨shows us the demographics that work best for our products
¨Shows us were not to advertise (extremely important).
¨Teaches us how our prospects like to be communicated to.
¨Teaches us how our prospects like to be marketed to.
¨Teaches us how our prospects like to be sold to.
¨Teaches us the price ranges our prospects like to buy in.
¨finds new markets to go into
¨finds affiliates & jv partners
¨And so on…
So the next time you are complaining about your competition…stop, listen to what they are saying and how they do their busines...Then:
- Copy what they do well
- Reverse what they do poorly
- Advertise where they do and pick up all of the low hanging fruit(closes) that they failed to get
- Be thankful for them…because your competition is the best form of advertising market research that you can have.
When you are able to understand and control your competition...you then can start to control a niche. When you control a niche your in control of your business instead of the market and the competition. Giving you control of your business.
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