Eliminating your competition is the easiest way to increase your chances of business success. And I don’t mean literally eliminate them, in the sense of doing something “bad” to them.
When I say eliminate, I mean … take them out of your prospect’s consideration set for your product or service category. Make it so your prospects ONLY think of your business, product or service when they are contemplating making a purchase. That way you get their business, instead of your competition making the sale.
What this means is if you sell widgets, you want your prospects to only think of your widgets when they are thinking of buying widgets. This is pretty easy to do if your business is not in a competitive industry.
But let’s suppose there are all kinds of businesses selling what you are selling, or filling the same consumer or business need you are filling.
How can you make sure your prospects ONLY think of you — and therefore only BUY from you — and not all those other companies?
Answer: By thoroughly understanding those competing businesses and then doing one of two things:
(1) Finding a position in the category you can own.
This will separate you from all the other businesses and will make you uniquely qualified in the eyes of your prospect to fill their need.
This usually requires finding a specific market niche you can focus on, or finding a specific product or service attribute or benefit, that is of value to your prospects, that none of your competitors can claim or are currently promoting.
This puts you in a class of your own and virtually eliminates the competition. No one does exactly what you do. Or in the quite the way you do it.
(2) By turning your competitors into “co-opitors.”
What the heck is a “co-opitor?” It is a competitor that you turn into a partner or a cooperator. Are there businesses or individuals with whom you could partner, with the idea of referring business to each other?