Too many business owners get hung up on their competition and waste their precious time and energy because they don’t approach competition with the right mindset.
I’ll tell you how I compete with other businesses…
I don’t. I find a space that’s my own and completely dominate it.
But look…I don’t expect you to immediately grasp that and start behaving that way. So much of our society teaches us that competition is a good thing – that it’s “fair” or that it separates the strong from the weak, all kinds of BS like that.
Personally, I believe there’s enough for everybody if we all just stay focused and work hard.
Still, I know competition can be scary thing for you, so today I want to tweak your mindset and free you from all that unnecessary worry.
To do that, we’ve got to change the way you think and talk about competition.
Copying = Losing
First thing you need to know is that if you’re copying your competition, you’re already losing.
Because if your competition is doing anything that’s worth copying, that means by the time you implement it they already have a head start on you. The best you can ever hope for is to do the second best version of whatever they are doing.
Besides, if you want to build a massively successful business, you need to think and act like a LEADER, not a follower.
You should be a taking it upon yourself as an entrepreneur to use all your human capabilities at maximum power. You need maximum discipline, maximum energy, maximum passion, but also maximum creativity.
Coming up with new ideas is not that hard. Testing new ideas isn’t even that hard if you do it right.
The only hard part is having the courage to try something new, to be open to the possibility of failure and be ready to learn as you go.
So many leaders in the world, even the super successful ones, are not that much smarter, stronger, or more talented than anyone else. The only thing that separates them is that they dare to lead. They push forward, CREATE, and take extreme ownership of both their wins and losses.
Don’t be a copier – be a leader!
Model Success Sideways
Everything I just said about leadership and creativity is true…
So you absolutely can and should model success…but there’s a way to do that without falling into the trap of being a copycat.
Here’s what you need to do: borrow ideas from other markets or other industries. Model success sideways.
That’s what I do all the time. In fact, part of why my own franchise, Fit Body Boot Camp, is so successful is that every month I make sure to research the top 3 most successful franchises in the world and try to figure out why they succeed.
Notice I just said “franchises” there. I don’t even care what industry they are in – I just look to see who is growing the fastest and making the most money. Subway, for example, has consistently been one of those top three.
In fact, a lot of my best ideas have come from other industries. Anytime a good idea works in one place, there’s a solid chance it will work somewhere else too.
Pay Attention to Failures
The other half of my process is to study 3 failing franchises each month. Again, they don’t strictly have to be in my industry, but for this part I definitely do pay attention to other fitness franchises.
See, I don’t let the success of other businesses distract me, because I have a plan for my own business and it will work because I’ll just keep grinding it out, learning, and adapting.
But when other businesses fail, I pay attention, because that’s my chance to get some free education. I can learn from someone else’s deadly mistake without having to go through all the trouble myself.
The truth is, failure is never a matter of outside circumstances.
I mean shoot, look at what happened during the automobile revolution. That was one of the most disruptive technologies in history, and yet the smart businesses survived.
There were several companies specializing in horse drawn carriage parts who adapted to work in automobile parts. Those are the very companies who should have disappeared, in theory, but instead they adapted.
There are many reasons why a business CAN fail…but never a reason why it MUST fail.
So when you see another business failing, pay attention to spot the opportunities they were missing. Look to see the weaknesses they’ve been ignoring, and use that knowledge to strengthen and defend your own business.
Do What Your Competition Won’t
Now here you might be thinking “Hang on Bedros, I never decided on purpose to compete with anybody. I just keep getting copycats because my business is doing well. How do I stop them from stealing my clients?”
First off: don’t panic. Copy cats are a sign that you’re doing something right. And yes, you might lose a few clients to them in the short-term, but you’ll get them back in the long-term (or just get better clients).
The truth is, there’s only one way to deal with copy cats, and that is to love your clients more and give them a better service than anyone else will.
Now obviously that needs to include the best training and results in town…
But there’s a lot of little things outside of training you can do to prove to your clients that you care about them more.
Start with the really simple stuff – make sure you know every client’s name, and use a little notepad to keep track of upcoming personal events they mention in conversation. Respond to these events in person or over text and email when the event comes up.
If they go on vacation, ask to hear more about it.
If they’re going through a loss, offer your condolences.
And of course, remember birthdays.
These things may sound simple, and yet 99% of businesses never bother with this stuff, even though it makes a WORLD of difference to a client.
Remember…we all have a basic need to be seen and heard. Most people don’t get enough of that in their daily lives. If you can provide that, you can earn their extreme loyalty (and also make another person happy and feel good personally!)
Of course, you can take these same ideas and scale them up for greater and greater results. Throw parties for your clients. Give them gifts. You’ll have to make room in your budget, of course, but remember that your ROI here is client loyalty and enthusiastic referrals.
Going above and beyond for your community is worth it in a business sense (and of course a personal sense too). It’s the one thing 99% of business owners won’t do, so make sure that YOU do it and put yourself in that category of one.
Committed to your success,