How to compete successfully in a crowded marketplace

I’d like to take a moment, to talk to you about your competitors – even if you think you don’t have any!

I have always been an advocate of moving away from the direct competition model of business. My model is about developing a business, which is very different from what’s currently available in your industry and a perfect fit for your niche – those people who want exactly what you are offering. You become the only choice for a select group. It’s a rewarding and highly profitable way to grow a successful business.

More than one type of competition

However, even with my business model, I have to be aware of the other areas of competition. Whilst many people think they have just one type of competitor, they have many. Ask most small business owners about their competition and they will tell you about businesses offering a similar service to their prospective customers or clients, as they do. That’s just one of the challenges you are competing against.

For example:

• You are competing against ignorance, the fact that prospective clients just don’t know how good you are yet.
• You are competing against laziness, because it’s easier for people to stay with their current provider.
• You are competing against invisibility, because people seldom look past the 1st page of search engine results.

Rising to the challenge

To market your business successfully, you need to address all the areas of competition. You need a marketing strategy, to ensure people know how good you are, before they buy from you or hire you. You need a marketing strategy, to make it easier for them to switch to you than to stay with their current, under performing provider. You need a marketing strategy, to increase your visibility to prospective clients and customers.

Those are just a few of the areas of competition, which you need to address if you want to grow a successful business. Of course, when you address the competitive challenges I gave in those 3 examples, you also solve the initial competition challenge, set by those companies competing against you.