Some people welcome competition and see it as an opportunity to improve their business. Others put on blinders, ignore the competition and are happy to run their business as usual. There are a few ways to learn about what works and doesn’t work for your competitors so you can create a business that’s all your own.
- Research your competition honestly. Never mislead competitors by pretending to be a client. Instead, set up a Google alert with your competitor’s name in quotes. Each time they’re in the news, you’ll receive an e-mail alert. Check out their Web site to learn more about their products, services and business philosophy.
- Introduce yourself to your competitors. Savvy business people know that there’s enough business for everyone. If a competitor is up to his or her eyeballs in clients, they may send a few clients your way. Or if you’re in different cities, you may be able to partner on different projects.
- Offer to pay for a competitor’s time. If a competitor is willing to offer you advice, be willing to pay for it. While they may not accept your offer, you’re making it clear to them that their time is valuable.
- Talk to people who are using a competitor’s products or services and find out what’s missing. Maybe your competitor is missing something that you could add to enhance your product or service. Consumers will always have a different view of your industry than you.
Take the time to research ways to grow your business, yet make it different from a competitor’s business. No one likes a copycat.
