“I have been up against tough competition all my life. I wouldn’t know how to get along without it.” —Walt Disney.
Competitors can be a source of motivation: they give you a bar to hit and surpass. They can also be a source of creative inspiration.
Some competitors may have already figured out a solution to your problem (there’s no reason to reinvent the wheel if you don’t need to). Or, you may see something they’re doing and know how it can be done way better.
Learning what your competitors are doing and offering can help make your products, services, and marketing stand out.
Put It Into Practice
List five of your top competitors. Circle the one you believe that you compete with most directly.
Now, plan a time to visit their website or their brick-and-mortar store (if they have one). Then answer the following questions:
What makes their store and website stand out?
What are the similarities between their store and website and yours?
What are the differences between their store and website and yours?
What improvements can be made to their store and website?
How can you implement some of the strategies they are using?
What can you do that they are not doing?
Try looking at competition as more than an obstacle. Rather, see it as an opportunity. Competition can help you refine your business, helping you identify potential gaps in your offerings and paving the way for innovative solutions that set you apart.
Remember, competition isn’t just about outdoing others. It’s about bettering ourselves and sustainably growing our businesses.