On the Mats: Competition
I got asked a really interesting question on a recent webinar we did, and it got asked: Should you be looking at what your competition is doing? Great question – let’s go and find out…
Hi all, Nathan McDonald for another On the Mats episode, and today we’re going to talk about: should you be stalking your competition? Should you be worried about what they’re doing? Should you be worried that they could be stealing your clients or customers? Should you be worried that they’re copying exactly what you do? Well, you know what I say? I say you don’t; you don’t worry too much about what’s happening with your competition. Why is that? Because you spend all the time trying to keep up with them rather than trying to lead them. And it’s really interesting – do you think you are capable of leading the competition? Absolutely. One of our customers here – what we did working with them as their business instructor, we built something into their website. We built a calculator – how to get an online quote really quickly. Now this was about 4 years ago. You know what? Within a year, 3 of their competition in the area literally copied them, almost word-for-word, their online calculator. So effectively, they’re leading, always leading. They’re always in front; they’re always innovating. They’re always uploading something else on their website. They’re not really worried about what their competition is doing. They’re the ones leading. So one of the things that you want to have a look at is, with your competition, is: are you leading or are you following? And you need to answer that. If you’re following, you need to ask the question: how do I end up leading? Because once you answer that question, you don’t really need to worry about the competition. Is your competition underselling you? Are they selling the same products for less? Well, you know what? They may be. You may have to adjust your prices; you may have to go do that research. You know? That’s fine, but what is it that you may give extra? Do your customers know that you may give X, Y and Z extra with your products, where your competition doesn’t? How do you highlight those points?
I believe you shouldn’t be stalking your competition. I believe you need to be aware, but you need to be an industry leader. You need to be leading in what’s happening in your industry. So guys, don’t worry about stalking your competition; make sure they’re stalking you. That’s what you want to do, and you want to do that by being a leader.
Guys, if you want to find out any more about this, we help business owners all the time become leaders in their industry. Our business instructors really, really work closely to ensure that’s happening. So guys, if you want to find out any more information, click the link below, join us on all those social media platforms and all of that, share this video around, and we’re looking forward to talking to you soon.
My name is Nathan McDonald, I’m an Aussie, my message is global, and my passion is business. Have a great day guys!