Overall based on our own experience compared to what @TheBlackEnterprise is actually about, you should not be focusing so much on your competition as much as focusing on those in your industry who are already winning! We are not saying to not be aware of them, but when you focus too hard, you begin to compare and in many cases start to move backwards. You also begin to lose sight of your actual potential growth and the information/analytics that you already have on hand. Early on, a lot of businesses fail because they forget how to use the information they spent so much time obtaining. Not only that, they fail to understand that even if you are in competition with someone, your audience could still be completely different. Don’t worry so much about trying to beat the competition, but in your own growth. Once you are able to achieve success in your own market with your own audience, your focus will change to how to obtain a market that you may not be reaching. You will already have success and instead of competing, you are taking on a new challenge that you can handle.
If you made it this far, we know that you’re thinking, “What!?”, but you have got to understand that when trying to simply compete before your success, you are actually competing with yourself. Adjust your mindset, watch your analytics, pay attention to your customer and re-engage them. Instantly you will be able to multiply your growth. Plus, it will get rid of the unnecessary stress and anxiety that might be holding you back right now.
Studying other Small upcoming competition limits you to just that!
Think of it this way. Have you ever seen a news story or heard about a person driving on a road by themselves in the middle of nowhere crashed into a telephone pole? Someone in the middle of the desert somewhere crashes into a pole. Infinite room and infinite possibilities but are stopped by a single pole. This is because they are focused on it. The person becomes so engulfed with focusing on the one thing that can stop them, that it’s EXACTLY what happens.
Your focus will guide you into the outcome that you are focused on. Subliminally if you are trying to compete with another small upcoming business then that is where you will always be competing. Stop training yourself to focus on the competition and put that energy into what your business is doing. Focus on the success of your business and when you want to see how well your market or niche or doing, find your own information and waste no time comparing your business to another one that is trying to make it. Focus on your success and you will make it so. Do you think high performing CEO’s are focusing on the competition? No way, they now have a team that crunches those numbers and even then, it’s presented in data form.
Studying Those Who are Winning!
First, you ARE a winner. Let’s start there. You just have got some work to do! You’re more than likely a business owner right now or are considering it & that means you have already visualized your win. Let’s focus on that and figure out how to get there! The key to becoming an industry leader is to innovate faster than anyone else in your space, definitely if you are a creator/innovator/designer. The key is to study leaders that are already in your niche. Adopt strategies from them. Learn how to get the information you need. Take pieces from those leaders that fit your puzzle. All information does not need to be good information and doesn’t have to be use-able. That’s why you need to know which parts you need.
Take Subway for example. For the longest time (not that anyone remembers now) Subway was just known for making sandwiches. Nothing special there. If you wanted a cold cut sandwich, you probably went to Subway (maybe). Then suddenly, Subway was the ‘Healthy’ fast food alternative. Eat at Subway and lose weight was the new thing. Subway had studied the fitness realm and made it their way to sell. Subway took the pieces from another industry and it made them the fastest growing Sandwich company on the planet. Even though I may disagree with the contents of a Subway sandwich or if it’s ‘healthy’ or not. Even with the negative press, when some people think cold cut healthy sandwich. Subway is now associated with that.
Learning from the Losses
Studying the losing side of any industry could be tricky and not the same as studying your own failures. These are lessons that someone else has learned and that you can learn from. This is without the dread of losing money and/or the business altogether. What would be a better example than Quizno’s. In comparison to Subway, Quizno’s is another fast food sandwich shop that in my opinion is far better than Subway, but did NOT or do not have the same success. How does something like this happen?
Well…. marketing. Marketing has to be where it went wrong. Subway set itself apart by becoming the healthy alternative, opened their market space, created a whole new demographic, and gave you what used to be a relatable person that showed results. Subway became its own entity. Let’s not even mention, *cue’s music* “$5 foot Loooooooongs”. We can’t even remember if Quizno’s did any marketing after that. Even if you never tried them or don’t know who they are, you have no reason to try them at this point besides this article & maybe word of mouth.
So what could we say we learned from this? Well, to start you can acknowledge that Quizno’s uses REAL ingredients. Even though it would look like they are taking shots at Subway, they would actually be playing on their strengths. This would have given them a unique selling point and separated them from their competition. These are the types of things that you could use to separate yourself. Definitely if you are in a category that is saturated. Saturated category’s does not mean that you can’t find your space, it means that you DO have to find your space and how you fit in it.
At the end of the day it is up to you to market your product and it’s benefits for your customer. Pay attention to who your customer is and lean towards that. Your customer is compelled to buy from you rather than your competition for a reason, and you must revisit that reasoning to excel. Any failures should take you back to your core principals and will ensure your success.