Do you ever creep on your business competition online, look at their Facebook page, maybe their Instagram profile and even their website?
If you do it, admit to it (no shame!) and put me in the comments below.
When you start a business, one of the things that we all do is look at our competition and see how we stack up against them. It’s natural, we’ve been told that they are our competition so we have to monitor and compare to succeed, right?
Well, maybe not. Between having my own business and helping other businesses grow, I’ve seen what works, and what doesn’t, when it comes to thriving despite your competition.
There are three ways that we can beat our competition when it comes to business.
Stop caring about what they are doing.
We spend way too much time as business owners and business managers caring about what our competition is doing instead of working on the strategies for our own business. Every business has different goals, different strategies, they have different teams, all of that kind of stuff.
So when you are comparing your business to your competitions, you are comparing apples to oranges because you have your own business. You know what your goals are and you should have a strategy that matches those goals, not a strategy to just repeat and copy what your competition is doing. So the first way to beat your competition is to stop caring about what they’re doing and instead focusing on what you are doing, your goals and your customers and clients.
Know, and share your brand personality
What does that mean? It means that people buy from people. People buy stories. You need to be sharing your brand, your story, and your personality. A lot of times, people buy, not because it’s the best product or the cheapest price, but it’s because they like, know and trust who they are buying from. So make sure that you know your brand personality and that you are sharing it with your customers and clients. No longer do people just buy because it’s the best product or the lowest price. They buy because they like, know and trust who they are purchasing from or working with.
Make sure that you’re making it about your customer, not your business.
Oftentimes, I look at business websites and it’s all about we do this the best, we do this, we do this, we do this instead of making it about their customer. We understand your pain points, your wants, and desires and we can help you get there. Right? That’s the biggest thing that I think is missing for most businesses is that we talk way too much about ourselves and our business instead of showing our customers and clients that we understand them, that we understand their pain points, we understand their wants and desires and we know how to get them from their pain points to their wants and desires and to solve their problems. You need to make it more about your customers and clients and less about you.
Now, a little bonus tip.
The worst thing that you can do to beat your competition is to try to beat them on price and be the lowest price in your industry.
The reason why this doesn’t work really well is that there can literally only be one business who offers the lowest price and do you really wanna be the Walmart or the Amazon of your industry? Probably not. So, make sure that you aren’t focusing on price, but instead of focusing on providing value for your customers and clients, showing them your personality because again, people buy from those who they like, know and trust, not just because it’s the lowest price out there.
All right, if you want to learn more about how to beat your competition to get more sales in your business, I’ve put together a free challenge and you can access it at annakonchar.com/freechallenge. This free challenge is gonna help you reset your mindset around your business and make sure that you are focusing on the things that are going to drive your business, sales, and profit.
Until next time… stay ambitious.