Trending
5 Simple Reasons To Not Worry About Your Competitors
Don’t Worry #1. — You can’t really control them, so why be obsessed with keeping them out?
It’s a losing proposition. Focus on what you CAN influence and control — YOUR own actions not someone else’s.
What can you control? Trying to keep your existing customers from leaving you.
Do your work on that.
Don’t Worry #2. — Worrying about them takes you away from the real important stuff.
It’s a diversion away from doing the critical work of sustaining a loyal base of customers.
Invest your scarce resources in strengthening customer loyalty.
Don’t Worry #3. — While you are trying to erect barriers to keep your competitors out, your customers are leaving.
The opportunity cost of trying to keep “the bad guys” out is the revenue and profit you now enjoy from current customers.
While you’re looking out for the hordes at your front doorstep, your most precious assets are sneaking out the back door because you’ve mistreated or ignored them.
Don’t Worry #4. — The textbooks aren’t always right.
I know it’s sexy to “do battle” with your competitors; academic principles tell us to erect barriers and divert the hungry enemy away from us.
But the textbooks aren’t always right.
Focus on your customer. Observe your competitor.
Don’t Worry #5. — It’s the wrong strategy. Focus on The WHO, not The THEM.
Apply your obsession to those customer groups that have displayed the potential to deliver your growth goals. Discover what they CRAVE (841). Deliver the unique VALUE they crave.
Competitors are NOT a target market, so why allocate resources to them? It’s the wrong strategy.
Focus on delivering value that your customers CARE (1427) about and observe what your competitors are doing.
Be customer led and competitor driven.
Related: Why Top Brands Give You Goosebumps — And How Yours Can Too