Never Fear the Competition
Never Fear the Competition
There’s sometimes a mindset that if there’s competition in a field, it’s a bad thing and you should worry if there is. But this is a wrong mindset. Competition is good for you and it’s good for your business.
If you’re building a business, especially online, you should never fear the competition. When there’s competition in any niche, it only means that there’s an audience for that product or service.
It means there’s potential for your business to grow just like your competitor’s has. If there’s no competition, it means it’s either a new field or, it means there’s no market for it and past endeavors may have failed.
When there’s competition in an area you’re interested in, it means that someone else has opened the door for your business. An audience has already been introduced to a similar service or product.
This is considered a “warm customer” versus a “cold customer” which is someone who’s never had any introduction or experience to the service or product so they’re a harder sell.
Instead of fearing the competition, network with them. Doing this is a way for you to make more money and it can also help establish your business. You can promote each other and both of you win.
By joining hands with the competition, you’ll increase your knowledge by learning from their experience or methods. Don’t be afraid that they’re going to take all the customers. There are plenty of people who’ll want what you’re offering and will choose you over the competition – or buy from many of you.
When you learn from or join with your competition, you create a kind of professional courtesy, and even if they’re selling the same product that you are, you’ll both still benefit from cross promoting and other ventures.
For example, you might decide to work together to create a product. Or you might offer something like two courses that complement each other. Sometimes working with the competition can open doors for you to have access to tools that you wouldn’t normally be able to use without their help.
Working with a competitor can increase your business opportunities rather than limiting them. Plus, in the process, you may be able to learn things from them that you decide to implement in your own business.
One thing that some entrepreneurs get caught up in is comparing themselves to the competition. They then fear that their business will fall short, and they’ll end up not doing as well financially or not being as successful.
But customers don’t always choose a business with the same criteria you’re using to compare yourself. Each person has a different preference and there will be plenty who’ll choose your business over the competitors’ - even if the product or service has no difference in quality or value.