You're Thinking About Competition All Wrong

You’re Thinking About Competition All Wrong

If you shiver at the word competition, – think again. The more competition you have in your niche, the better it is for you in building your business and promoting your product.

When you see lots of competition in your niche, it means that many people are buying in that niche. That’s not a bad thing for you.

It is nice to have valid competition; it pushes you to do better. Gianni Versace Click To Tweet

There are some reasons why you may need to change your thinking about competition.

It gets your adrenaline pumping. If you’re building a business and have several other marketers on your heels who are winning contests, promoting like crazy, it’s a great way to get energized!

A good challenge never hurt anyone – and even if the competition is ahead for a moment, you can make a comeback by getting yourself motivated.

Let them make the mistakes. By keeping an eye on your competition, you can find out what works – and what doesn’t – for them. It’s a great way to adjust your own efforts so you don’t have to spin your wheels on something that’s been tried and is obviously unsuccessful.

Perhaps a promotion or launch from the competition is unsuccessful, but you think you can make it better by tweaking and adding your own touches to the idea. Make sure you don’t plagiarize. It doesn’t matter that they got the idea first – if you can improve on it, so much the better – as long as your stuff is 100% unique.

Competition helps you work and spend smarter. By observing others, you can monitor your own business to see where time and money can be saved. Some of their improvements may be great and some better left alone.

The competition may have spent money over something that seemed like a good idea at the time, but falls flat in actual implementation.

Competition helps you know your target market. By watching the competition, you’ll be better able to zero in on your ideal customer rather than reaching far and wide to find an audience.

You’ll find ways to relate to an audience that your competition may have missed along the way and be able to better narrow down your customer base. When your time and efforts are more precise, you reap larger rewards.

Apart from the obvious learning from the competition what works and what doesn’t, you can establish relationships with them that let you share the rewards. Joint ventures, interviews, product reviews and social media sites are great ways to establish working relationships with other marketers and give and take to both your advantages.

Whatever you do, don’t criticise your competition or other companies. You may like to take a look at a previous post for my thoughts on that. Criticising Other Companies – Is It Fair?

I hope you got some value from todays post You’re Thinking About Competition All Wrong. If you did then please feel free to leave me a comment below.