Your Competition Provides Much-Needed Motivation

A common misconception about competition is that the goal is to "beat" them. This couldn't be further from the truth. The goal should always be to improve ourselves and not worry so much about what others are doing. There's a quote in here somewhere, "The best competitors reveal our weaknesses." What does this mean? It means that by looking at how we compete with others, we can find ways to make our own product better than theirs.

Here's an example: Let's say you have a brick and mortar business that sells clothing. You're starting to see new competition pop up online with e-commerce businesses selling the same thing. Instead of worrying about what your competitor is doing, use this as motivation to update or improve aspects of your own product like customer experience (We both know that you are not going to win easily).

Ultimately that's what your customers are buying from you, the experience. When Folks buy an iPhone from an Apple Store. Do you think Apple is worried about how Amazon or any other online retailer sells their products?

Seeing your competitors being successful should be viewed as a learning opportunity. Generally to be a market leader you can do one of two things:

Create a new product -  Nike did this when they started making running shoes

or

Improve the product -  that is already on the market. It is well known that Apple were not the first folks to come up with an mp3 player. But they innovated already existing technology into a design that spoke the language of the consumer. Most people can't tell you why they like apple products apart from "easy to use" and "great quality".

They identify with the brand and because they believe in the same things.

Apple wants to be different, they want to be the market leader as a result, they design things with great care and attention. They don't look at other Computer manufacturers and start thinking, "We should do something like that" - because it is not consistent with their philosophy.

So, whether you are looking to create a new product or innovate an existing one, you need to understand why you are doing it.

and remember - "it could make money" is not a belief that makes waves in any industry.  Can any product make money? Sure... but it won't be something that people really remember.

Creating your Competitive edge is key.

What makes you unique and sets you apart from others.

YOUR STORY. Your Narrative. Why should people care?

Because you or your business is what people want to know more about.

"People buy from people".

YOU and your philosophy are the things that make the difference in the success of your business.

For example, I am (at the time of writing) a 35-year-old dad who works in management consulting and has a passion for helping others in online and offline environments.

I had an "Fuck this moment, and there has to be more to life than this."

Since then, I write articles like this one and make self-improvement courses so others can connect and realise they are not alone and they can achieve their dreams. I want to create a community of success-driven people who want to get more from life.

This message might not appeal to you.

And that's totally fine. This is what makes us unique.

Equally, you won't appeal to everyone either, but you want to appeal to the right folks. You want to appeal to your kind of people either personally or professionally. For some, it is the corporate type, or it could be no-nonsense entrepreneurs.

I don't look at my competition and think, "how can I beat them"?

I look at my competition and think, "how can I improve what I am doing".

So, don't let this negative thinking clout your judgement and create a me-too type of product.

Key takeaway: The goal should always be to improve ourselves and not worry so much about what others are doing.  Being clear on your philosophy and ensuring that it is a driving force of your business.  Ultimately that's what your customers are buying from you, the experience. When it comes to creating a competitive edge in business, understanding how to create an emotional connection with your customer is key.