by Donna Toothaker
Not everyone who does what you do, is your competitor. Rather, you compete against those service providers that offer the same services, are equally reliable and charge prices similar to yours. When considering these similarities, of like minded individuals, your competitors shouldn’t seem so intimidating, after all. As a matter of fact, your competitors can play an important role in shaping your reputation in the industry and they can be a most valuable asset for your business.
Learn from ‘Them’
Your true competitors are efficient, diligent and attentive. The competition may go to great lengths to advertise your weaknesses. However, this is actually your opportunity to learn from the competition. They enforce discipline on you, that makes you search for ways to improve your products and services. Without the competition, you might become lax and inattentive to your customer.
Referral Sources
Treating the competition with respect goes a long way. The competition plays a role in the formation of your character, in the industry. They may actually be an excellent referral source for your business. When your competition is over-booked and can’t fulfill a particular customer request, your competitor may just refer you to their client. Your particular area of expertise may differ from your competition, and if faced with an inability to complete the type of job, it would make perfect sense for your competition to recommend you for the job.
Joint Ventures
Instead of competing with similar businesses, under the right circumstances, it may be in your best interest to partner with the competition. You are then expanding and growing your business together. Taking part in a joint venture is basically teaming up with one person, a group or business entity, in order to expand your business influence and to create a powerful market presence. Both parties contribute equity and share in the expenses and in the control in the business. Your joint venture can be for only one project or be an ongoing relationship. This is not a business merger, just a sharing. You can share assets, knowledge and markets. By jointly providing better products and services, you also share in higher profits!
Win-Win
When you point out the strengths of the competition and they do the same for you, good business relationships are formed. By building up your competitors, you are building up the entire industry, and that’s a win-win for all.
~Donna
Donna Toothaker is founder of www.1stva.com, the highly sought-after company that works with the top nutrition and fitness professionals in the country. 1st VA specializes in providing online marketing support and services to professional coaches and speakers who wish to effectively build or improve their online presence. To discover how 1st VA can help your business – visit “http://1stva.com”.
