What Is Your Philosophy On Competition?

16 replies
Some marketers are discouraged by competition. Other marketers have a huge abundance mindset and do not fear competition at all.

I'm curious...

What are your thoughts on competition? Is having an abundance mindset naive or justified? When you think competition how do you mentally approach it?
#competition #philosophy
  • Profile picture of the author Gene Pimentel
    Competition almost always means the market is great. You can easily overcome all competition by adding your own twist to the product or service being offered.

    Personally, if there is little competition, I avoid it and look for something to promote that has a lot of competition. There are exceptions, but that's the general road to profit.
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  • Profile picture of the author TheArticlePros
    I'm with Gene on this one. My mentor's always taught me to go where the competition is. It doesn't matter if it's in Google or NYC; if there's competition, there's a market.

    -- j
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  • Profile picture of the author Dragontech
    Originally Posted by Jon Penberthy View Post

    Competition means the market is hot! It's only a problem if you're offering the same as everyone else who is already well established in that market. Go above and beyond to provide high value, think outside the box and do all you can to out perform the competition and you will naturally gain authority over the them.

    Competition never puts me off...It drives me!
    Second that!

    For initiative people, fighting with strong competitors is exciting and encouraging, it just makes you learn more, try more, test more and find whatever ways to beat them (while appreciating them)
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    • Profile picture of the author Mikeyrooney
      My take: (learned from one of the legends)

      Take care of your customers and the competition will take care of themselves - Corey Ruhdl

      Signature

      Mikey
      Work in progress!!!!

      "I will do today what others are not willing to, so tomorrow I can live as others only dream about"

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  • Profile picture of the author PPC-Coach
    Competition actually lights a fire beneath my butt.

    I love it.

    There are a lot of different types of competitors out there. But it's 3 basic categories:

    1.) Leaders, these guys are always coming up with new things or revamping their existing product or service. These guys are tough to take market share away from since they're never complacent.

    2.) Followers, these guys just copy systems that already exist and put their own lipstick on them. Typically they don't last because they don't know how to innovate since they don't really understand their customers at all. They spend more time spying and copying competitors then being creative with their own unique offerings. That means they're typically last to market and have to compete on price alone.

    3.) Failures, these guys half ass it and are flashes in the pan. They never last and you can tell by the lack of quality of their product or service that they're just not going to be around for long.

    The other good part about competition is it means the end user gets a better product or service versus a niche that has none.

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    • Profile picture of the author MissTerraK
      Competition is never a bad thing, as a matter of fact, it is a catalyst to honing the skills you already posses and causing you to grow.

      Competition is like friction and friction produces energy.

      Terra
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    • Profile picture of the author andreasup
      Originally Posted by PPC-Coach View Post

      Competition actually lights a fire beneath my butt.

      I love it.

      There are a lot of different types of competitors out there. But it's 3 basic categories:

      1.) Leaders, these guys are always coming up with new things or revamping their existing product or service. These guys are tough to take market share away from since they're never complacent.

      2.) Followers, these guys just copy systems that already exist and put their own lipstick on them. Typically they don't last because they don't know how to innovate since they don't really understand their customers at all. They spend more time spying and copying competitors then being creative with their own unique offerings. That means they're typically last to market and have to compete on price alone.

      3.) Failures, these guys half ass it and are flashes in the pan. They never last and you can tell by the lack of quality of their product or service that they're just not going to be around for long.

      The other good part about competition is it means the end user gets a better product or service versus a niche that has none.

      Great comments.

      I totally agree with PPC Coach. This is a perfect snapshot of my experience with competition.

      The only thing I would add is that there are some competitors who are naive or underhanded, but they approach and try to be friends. Or they claim they want to work in harmony.

      In reality they are trying to steal your customers, pick your brain for ideas or just try to ride on your coat tails.

      I used to give everyone the benefit of the doubt, but have learned that you have to be careful when a competitor says they want to be friends or work together. That can be dangerous. At least it has been for me. Of course there are exceptions to every rule, but just saying. Keep your eyes open at all times.
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  • Profile picture of the author Velant
    I agree with Gene and Jary on this - but competition isn't the only indicator for potentially lucrative market. The other important thing (and I think it's even more important indicator than competition) is the volume of exisiting traffic.

    Ideally, you want to hit low competition & high traffic niches, but no matter what the competition is, existing traffic must be high for me to go for that.
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  • Profile picture of the author iuditg
    Competition means you work hard on your own product to sustain quality.
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    • Profile picture of the author myob
      [DELETED]
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      • Profile picture of the author Shaun OReilly
        The presence of competition is a good sign that a healthy
        market exists and of money is being made.

        I utlize my competition to quickly learn what's selling and
        how to make a better offer.

        Plus, some of the 'competitors' are actually potential JV
        partners.

        Dedicated to mutual success,

        Shaun
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        .

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        • Profile picture of the author Matt Duggan
          Yep, Gene said it.

          Unless a market is so over-saturated with every conceivable take on the information (no market is as far as I'm aware), then competition is great.

          To me, if I see people advertising in a marketplace already, I know it's a buoyant market as there are people making money in it.

          Just add your own take, or better still, do things better than the competition. If everyone's doing eBooks, create audio and video courses.

          Competition = Good
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  • Profile picture of the author Picspoon
    for the quality production Competition is necessary. if thesame thing is provided by different producers then customer will move towards the quality producers.
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  • Profile picture of the author jbsmith
    I look at it this way.

    1. Presence of competition is awesome...it means there are hungry buyers

    2. Competition tells you what the underlying challenge, desire or transformation people want in their lives enough that they will pay for it...again, this is invaluable information

    3. Competition will tell you how THEY have targeted that unmet desire and they are never perfect...so your job is to find the gap that will allow you to target the same underlying demand/desire in a compelling, new way.

    In a sense, you are targeting the same or similar desire but using your competitive research to understand a new way into the minds of your market...does that help?

    Jeff
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  • Profile picture of the author Royal41
    Compeition is a very good thing , if there will be no competition te quality will be disappear.
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  • Profile picture of the author Preeti
    Competition is great..that means, if it's working for others, then there's a chance for anybody else too!

    I think it also depends on your mindset. If you're aware (yet NOT focused) on your competition, you can definitely leverage this but some people can get so wrapped up in what their competitor is doing, it slows down their action and worse yet, just turns them right off.

    That's why I think it's important to know what's happening out in the market, but to keep focused on your own goals--there's more than enough for everybody!
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  • Profile picture of the author Joseph Robinson
    Banned
    I fear competition, and head for the hills whenever I see it.

    Not really, competition is a great driving force for improvement. It works especially well if you can find that one guy/girl to absolutely loathe; your rival. Just make sure that disdain stays in the business sense, not personal.
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