Ep. 86 - Stop Worrying About Business Competition

Many businesses are constantly concerned about what their competition is doing in order to stay relevant to their customers. Many entrepreneur programs, consultants, and coaches recommend doing a competitive analysis at startup and anytime during the lifecycle of the business. While there is some value to doing this, there is a danger from side tracking you from growing your business. 

Focusing too much on the competition can actually turn your attention away from your strengths, rob you of profits, adopt faulty marketing strategies, ad unneeded products/services, and turn you into a follower instead of a leader.

Learn from this mistake we’ve made as well as some major corporations so you never have to worry about the competition again. 

Key Takeaways:

• Competitive analysis bias’s you from focusing on your weakness not your strengths
• No one company can be all things to all people
• It could negatively impact how you price your product or service
• The market is big enough for everyone
• You don’t need all the customers just the right ones
• Focus on one thing and do it well
• If you focus on doing the best for your customers, you’ll stay ahead of the competition
• Focusing on the competition makes you a follower and not a leader
• Innovate don’t copy
• I intentionally do not analyze the competition in the beginning of engaging with a new client in a new industry
• Don’t worry so much about protecting I.P. if you’re constantly innovating
• Stay focused on your customer, get constant feedback, adapt and move forward