2 Ways to Eliminate Your Competition
As a serious entrepreneur you would definitely want to know how your competition is measuring up against your own success. Eliminating your competition is the easiest way to increase your chances of business success. 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. How can you make sure your prospects ONLY think of you — and therefore only BUY from you — and not all those other companies? It’s by thoroughly understanding those competing businesses and then doing one of two things:
When starting a business, the first step you will have to take is deciding on a niche. Find 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.
The second thing is turning your competitors into co-opitors! “Co-opitor?” is a competitor that you turn into a partner or a cooperator. Having a business partner can actually increase your profits and overall business success. Are there businesses or individuals with whom you could partner, with the idea of referring business to each other? For example, a wellness coach could partner with a weight watchers clinic or a health club or a massage therapist. All of these practitioners are selling improved health and well being, but they can also be positioned as complementary services. If you both agree to only take on business that fits your identified niche, and to refer business outside your niche to the partner, you both win.