Trust in business, leads to incredible progress. All those marketing campaigns your competitor’s use are mostly to make them sound like something they are not. When your business is trustworthy, you don’t need to market as much.
Being honest cuts through the hype and because it’s so rare, your ideal customer runs towards you at 110km, with their arms wide open. Right behind them are all of their network who are begging to hear from a business that is a real — a business that is like you and me.
Don’t hate your dishonest competition: learn to love them from the bottom of your heart. See the love in your competition.
This scarcity mindset that you have to own 100% of the market in your first three years of operations is bulldust. There’s room for you and your competitors. It’s not a sprint; it’s a marathon to reach the unicorn status that is success/world domination.
Feeling like you’re drowning in competition is exactly that. Focusing on your competition 24/7 makes you feel like absolute garbage after a while. It stops you from having a good night sleep full of dreams that contain growth, prosperity, optimism and triumph towards your businesses mission.
I used to be that guy that couldn’t sleep because of competition. Every time someone brought out the same product that was cheaper than mine, I cracked it. I thought that business was so hard because there were so many people that wanted to cut my lunch.
What I forgot is that despite all the competition, people were still buying. Even if we weren’t the cheapest, it didn’t matter. Some people would find us and buy, and others wouldn’t.
The competition can only cut your lunch for so long. If you stick at it and not let the thoughts of their horrible shadows upset you, you’ll be soon making the lunches and cutting theirs.
No business wins 100% of the opportunities that are presented. There’s this lie that you have to be always winning to be successful. There’s this belief that some people have that says their business is unique and therefore it’s only normal that when they pitch, they will always win.
Again, this is total BS. Your business might have some unique strengths, but there’s always competition. Some deals you’ll win and some deals you won’t. You don’t need to win all the time to put food on the table and be successful.
I’m also competitive by nature and I’ve had to settle sometimes for the simple fact that I won’t win all the time. Sometimes losing a deal is only the beginning. The opportunities you lose are where all the lessons are.
When a competitor of yours has a major failure, you should be inspired. What I mean is that you should never want your own client base to suffer the same gunshot to the head. Instead of trash talking your competitors for their mistakes, use them as inspiration to not be like them.
Your competitors should form part of the reason why you exist. You should exist not to make the same dumb mistakes they do. You should exist so your customers have a better alternative. Having horrendous companies within the same industry has inspired many businesses like Uber and Airbnb.
Your competition is not the problem. They’re not the reason why you are losing sales. The real reason you are focused on your competition is because something is wrong with the way you are thinking. Your competitors can force you to sabotage your own success if you don’t stop focusing on them.