Strategies for Eliminating Your Competition
Eliminating your competition is not always necessary. In fact, it’s usually not necessary at all. If you have a good product or service and know how to market it effectively, then you don’t need to eliminate your competition.
Your best chance of success is to eliminate your competition. I don’t mean to eliminate them in the literal sense of doing something “bad” for them. I am referring to… removing them from your prospect’s list of considerations for your product or services category. Your prospects should only think about your business, product, or service when considering making a purchase. This will ensure that you win their business and not your competitors. This means that if you sell widgets, your prospects should only think about your widgets when they consider buying widgets. If your business isn’t in a competitive market, this is easy to do.
Let’s say there are many businesses that sell the same product or fulfill the same business or consumer need as you do. How do you ensure your prospects think only of you and BUY ONLY from you? Answer: Understanding the competing businesses is key. Then, do one of these two things:
(1) Find a position within the category that you are qualified to own. This will set you apart from other businesses and make you unique in your prospect’s eyes to fulfill their needs. Finding a niche market or a benefit that your prospects can use is a good way to do this. This will put you in a different league and eliminate all competition. You are the only one who does what you do. Or the same way that you do it.
(2) Turning your competitors into “coopitors”. What is that? It’s a competitor you make a partner or a cooperator. Do you know of any businesses or individuals that you could partner with, in the hope of referring customers to each other? A wellness coach might partner with a weight-watchers clinic, a gym, or a massage therapist. These practitioners all promote better health and well-being, but they also have the potential to be offered as complementary services. Let’s say that you are a web designer and decide to work exclusively with small businesses (a niche market). A partnership could be formed with another web designer who is more interested in large corporations. Both of you will win if you agree to take only business from the niche you have identified and to refer any business to your partner that is not in your area. This allows you to partner with businesses that are similar to yours by identifying niches by geographical area or size, as well as the type and type of clients they serve. You can also partner with businesses that serve similar customer needs by agreeing to cooperate to get customers. These strategies can be used to reduce competition by virtually any business. Decide which strategy is best for your company and make it your priority to eliminate your competitors this year. Keep Your Ideas and Plans to Yourself.
Don’t share your ideas and plans with the world.
Don’t share them with your competitors. And never ever share them with anyone who might use them against you.
Don’t let your guard down, even when you’re talking to someone you think is a friend, family member or colleague—even if they say they want to help you out by sharing an idea that might be helpful to you as well (and vice versa). This advice applies especially if this person has some sort of background in business and/or marketing—the kind of person who has access to valuable information about how businesses work and how they can be taken down without anyone noticing until it’s too late!
Do Not Try to Copy Your Competition.
One of the biggest mistakes you can make is to try to copy your competitor’s product. If you do this, you will be following them and it will be easy for them to see what you are doing. Instead, focus on improving your own product or service and adding unique features that no one else has. This way, you’ll be able to stand out from the crowd!
Sometimes there is an element of fear involved when trying something new: “What if it doesn’t work?” or “What if my customers don’t like it?” These thoughts are valid but must not stop us from pushing forward in order to succeed as entrepreneurs! If someone else is doing something different than I am (and they’re succeeding), then I should try something new too!
Learn Everything You Can About Your Competitors.
To eliminate your competition, you need to learn everything you can about them. Here’s why:
- Know their strengths and weaknesses. Knowing what your competitors’ strengths and weaknesses are will help you define your own strategy for competing with them. For example, if it’s clear that one of your competitors has a stronger marketing team than the other, then this information will help inform the decisions that you make about how much effort to put into marketing and advertising when launching a new product or service.
- Know what they’re doing right now. It might be tempting to assume that since your company is not currently at war with anyone, there is no need for research on competitors’ activities—but this assumption would be incorrect! If there is any chance whatsoever that one of your current clients could become a competitor in the future (and this is often true), then it’s important for you to know what they’re doing right now so that when they do become competitors later on down the line, they won’t be able to gain any leverage over us by claiming “We’ve been working with each other for years!”
Stay Focused on Providing GOOD Products and Services.
You are not your competitor. You are not your competition. You are yourself, and you have to focus on what you do well, because that’s what brings in customers, who will bring in revenue that can be used to improve your product or service even more.
You should never worry about what other people are doing; if they’re doing something right, then copy them! But don’t worry about the things they might be doing wrong; focus on what you do right first instead of trying to fix all their problems at once before getting started on yours.
Do Not Use Price as a Competitive Tool.
Price is a way to get customers, but it’s not a way to keep them. So don’t use price as your competitive advantage; focus on the quality of your product or service instead.
If you’re the cheapest, you’ll always be at risk of losing customers to those who are cheaper. That’s why Wal-Mart, for instance, has been forced to lower its prices over and over again in order to remain competitive with other stores such as Target and K-Mart (which have also lowered their own prices).
In fact, if we look at any industry whatsoever—whether it’s car salesmen or cake decorators—we can see that this rule applies across the board: when one competitor lowers their prices because another competitor has done so first (or for any other reason), every single person who shops around is likely going find someone else who will give them better terms than either party ever would’ve agreed upon before there was competition between them both!
Give Them the Silent Treatment.
Give Them the Silent Treatment
This is a classic move that many of us use to deal with difficult people in our daily life. For example, if you have an obnoxious neighbor who likes to blast music and smoke pot all day long, you might just pretend they don’t exist. This tactic can be quite effective in eliminating your competition—if done right:
- Don’t talk to them under any circumstances. Don’t answer the phone when they call; don’t answer the door if they knock; don’t even acknowledge that they exist (at least not within earshot). You may also need to avoid communicating with your staff so that no one will give away any information about what’s going on between you two companies.
- Use this time wisely! If you’re unable to avoid talking at all times due to unavoidable situations like meetings or events where both parties are present, use this opportunity as a way of keeping tabs on what’s happening within their company and how it affects yours. Pay attention during meetings; make note of any important details discussed by either side; pay attention during presentations/speeches given by employees from other companies–and always remember these things when evaluating new opportunities for yourself!
Do Not Be Afraid of Starting Over.
If you are not happy with your product or service and want to start over, there is nothing wrong with that. In fact, it’s a good idea to take time away from the market so that when you come back with a new product or service, people will have forgotten about their previous experience with you and they will be impressed by what you have produced.
If someone has a bad experience selling their house (a process which can be very stressful), they may not want to go through it again for years afterward. On the other hand, if someone buys a new car every year because they like driving something different every time, then there is no point in letting them know how unreliable those cars are likely to become after just two years’ worth of driving; rather than trying once more at making another sale during this period (or possibly even sooner), simply wait until after their next purchase before contacting them again–and make sure that whatever message comes across clearly conveys how much better this next option will be!
If you have a good product or service, you do not have to eliminate your competition
If you have a good product or service, you do not have to eliminate your competition.
This is an important concept for entrepreneurs to grasp because it can save you a lot of time and money. If you are constantly worried about what your competition is doing, then chances are that this will distract you from focusing on improving your own product/service.
Instead of worrying about what they are doing, focus on yourself by improving your offer continuously so that people keep coming back to buy from you instead of them!
We hope you enjoyed this article on eliminating your competition! While we do not recommend trying to eliminate your competitors, it’s important to understand how they operate and how you can avoid falling victim to them. It is also critical that you focus on providing an outstanding product or service for your customers because price should not be a competitive tool.