How to deal with competitors and turn competition into growth?
Focus on yourself! Focus on your own strengths and unique selling points to build loyalty beyond just price. By emphasising what sets your business apart from competitors, you can create a stronger connection with your customers and a loyal customer base that remains committed to your business.
Befriend competitors
Be Ethical
Collaborate
Mentorship
Help Others
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Befriend competitors
Engaging in casual conversations with competitors at industry events can offer an opportunity to learn about industry trends and connect with potential customers. Attending these events can also provide valuable insights into your industry, helping to build your reputation as someone invested in its success.
Be Ethical
In business today, it's important to maintain positive relationships with competitors. Rather than speaking negatively, we should focus on building positive relationships, which demonstrates professionalism and respect. This approach can open us up to new opportunities and potential partnerships, leading to mutually beneficial outcomes and industry growth.
Collaborate
Collaborating with your competitors can be a highly effective strategy for elevating your business. In fact, up to 74% of brands report occasionally partnering with their competitors to build both brands together. By working together, businesses can share resources, knowledge, and expertise, while also expanding their reach and visibility in the market.
Mentorship
Seek advice and support from someone with more experience in the same line of business. They can provide valuable knowledge, encouragement, connections, constructive feedback, and relevant experience to help you succeed.
Help Others
Mentoring new players in the industry can strengthen your knowledge, expand your network, help you receive recognition, establish your leadership skills, and even provide you with new perspectives.
To deal with competition, businesses should focus on their own strengths, build positive relationships with competitors, collaborate, seek mentorship, and help others. By emphasising unique selling points, attending industry events, and maintaining ethical practices, businesses can build a loyal customer base and expand their reach in the market.
