Eliminating your business competition is the simplest method to increase your chances of business success. Now we don’t mean literally eliminate them, within the sense of doing something “bad” to them…
When we mention eliminating your business competition, we mean…take them out of your potential clients thought process when considering your product or service. Make it so your prospects ONLY consider your business, product or service once they’re contemplating making a purchase. Which will position your business to close the sale instead of a competitor.
What this means is that if you sell digital products, you’d like your prospects to only consider your digital products once they’re thinking of buying digital products. This is often pretty easy to take on if your business is within a competitive industry.
But let’s suppose there are all kinds of companies selling what you’re selling, or filling the same consumer or business need you’re filling.
How are you ready 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, then doing one of two things:
This will separate you from all the other businesses and may cause you to be uniquely qualified within the eyes of your prospect and fill their need.
This usually requires finding a specific market niche you’ll specialize in, or finding a specific 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 category of your own and virtually eliminates the business competition. This also means that nobody does exactly what you are doing OR within the way you’re doing it.
What the heck may be a “co-opitor?” It’s a competitor that you simply become a partner or a cooperator with. Are there businesses or individuals with whom you’ll partner with that you could refer business to each other?
For example, a wellness coach could partner with a weight watchers clinic or a spa or a massage therapist. All of these practitioners are selling improved health and well being, but they’re going to be positioned as complementary services.
Or, let’s say you’re a website designer and you decide to focus totally on working with small businesses (a market niche), you’ll create a partnership with another website designer who has decided to specialize in large corporations. “Insert shameless plug”…if you are in that category and would like to partner with us, you can reach us at our contact page and we would be more that happy to partner up!! Another place to find people to partner with are sites like Freelancer.com, Upwork.com, Fiverr.com or Meetup.com…be sure to build a relationship first before you ask for a referral.
If you both have a similar businesses or skills but service different niches, you can refer business outside of your niche to the partner, you both win!
You can also partner with other businesses in your exact business in different ways, by identifying niches, by geographic area served, or by size/kind of clients served.
And you’ll partner with businesses in several categories that fill a uniform customer need by agreeing to work together to help each other to get customers.
There is not a business out there that can’t effectively use one of these two strategies to significantly reduce their business competition. So determine which strategy fits your business best, and make it a priority to eliminate your competition this year.
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