So you asked me about your competitors rising, and that they are undercutting your usual selling price that you are being affected by their existence – What do you do?
If you have a lousy idea, no one will copy. The fact you have competitors means your idea is of substance, and that’s flattery more than anything else. Also, how long do you expect your business to not have competitors at all if it makes you money, of course other people wants to also make money. No one really has original ideas anymore, so do you think your idea is the only one of its kind, do not think you are the first person to think and own your idea. It’s possible that someone have thought and even executed the idea before you – and you could just be someone else’s competitor.
You need to learn to love competitors because their existence actually compliment your existence! Let me explain.
1. They contribute to creating a trend and demand within the society. The more people are selling something similar, the more people are after the products and the more demand is established. Like the example of the foodcourt scenario I highlighted in my video.
2. They are your perfect learning resource. Your competitors are in the exact same trade and industry, so to learn what they are exercising to make it, is to simply go to their website or business pages to learn the strategies they have been adopting to do well in the market.
3. They keep you on your toes. Some business people get complacent too easily, you keep serving the same circle of customers without investing time, money and effort to enlarge your customer base. You are too comfortable selling the same thing, you are not researching to develop new range, better products etc. With the presence of someone else competing with you, you get more aware and wary naturally of the quality of your products, packaging, promotions and will try more effort to actually find more customers.
4. If you get along with your competitors, even better. When you run out of raw material which is needed to fulfil an order, you can buy off your competitors who probably stocked up!
Welcome competitors. Trust me, without them, you will be OUT of business. The only tough part is that, they will make you work harder for your business at a pace you are not ready to, but at the end of it, you learn so much more because you are more desperate to do better. Thanks to them!
1. Better marketing strategies. Be ready to invest some funds into ads, marketing videos, better designed collaterals, proper branding and website.
2. Collaborations and partnerships. Offer to sell wholesale or supply to other business, retailers etc.
3. Learning and self develop as a business owner. Be up to date with the latest social media marketing techniques, better accounting skills, plan budget well, learn to write proposals to win more businesses.
Start loving your competitors. 😀