Eliminating your competition is the simplest way to extend your chances of business success. and I don’t mean literally eliminate them, within the sense of doing something “bad” to them.
When I say eliminate, I mean to take them out of your prospect’s or customer’s mindset for your product or service category. Make it so, that your prospects ONLY consider your business, product or service once they are contemplating making a sale. That way you get their business, rather than your competition making the sale.
How are you able to confirm your prospects ONLY consider you – and thus only BUY from you – and not all those other companies?
Answer: By thoroughly understanding those competing businesses and then doing one among two things:
#1. Finding an edge in your category you own.
This will separate you from all the opposite businesses and can guide you to uniquely qualified within the eyes of your prospect to fill their need. This usually requires finding a particular market niche you specialise in or finding a selected product or service attribute or benefit, that’s useful to your prospects, that none of your competitors can claim or are currently promoting.
This puts you in a very class of your own and virtually eliminates the competition. Nobody does exactly what you are doing or the quite the way you are doing it.
#2. By turning your competitors into “co-opitors.”
What the heck is a “co-opitor?” It’s a competitor that you simply become a partner or a co-operator. Are there businesses or individuals with whom you can partner, with the thought of referring business to each other?
For example, a Health & Wellness coach could partner with a Health Club or a Gym. All these practitioners are selling improved health and well-being, but they will even be positioned as complementary services.
Or, let’s say you’re an internet site designer and you opt to focus totally on working with small businesses (a market niche). You will create a partnership with another website designer who has decided to specialise in large corporations.
If you both comply with only combat business that matches your identified niche, and to refer business outside your niche to the partner, you both win.
There is not a business out there that can’t effectively use one among these two strategies to significantly reduce their competition. So find out which strategy fits your business best, and make it a priority to eliminate your competition this year.
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Founder & Principal Consultant
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