Why should you stop worrying about your competitors?
Whatever field of activity you choose, you will always have competitors.
Traditionally, competition can be divided into two categories: direct and indirect competition.
For example, if your product is unique, you may not have direct competitors. The first iPhone, just like the first computer, had no analogs on the market.
This is the basis for the development of indirect competition. All alternatives to your product are indirect competitors.
If you think you have no competition, think again: what alternatives, even indirect ones, are there for your product? It becomes obvious that you can't get away from the competition. Should I be so worried about this?
- Are they stealing my clients?
- Do they know the secret to run a successful business?
- Are they creating a new product that no one suspects?
All of these questions can be confusing. Agree, with your thoughts you can destroy what you have been trying to build for so long. Thinking about competition like this is counterproductive for you.
Stop worrying about your competitors' earnings
Imagine the situation: you accidentally found out that your competitor is making $100 million, while your maximum earnings are approaching $1 million. How can this information change your business? Answer: You still need to try every day to make your company more successful, no matter where your competitors are, so stop trying to figure out how many employees they have or how much income they bring in. Consider the high performance of your competitors as a motivation to achieve better results.
Don't price based on competitors' prices
This is one of the most common mistakes in e-Commerce, which we wrote about in a previous article. Your competitors' prices should not be your guide to setting your prices. What others offer has nothing to do with your value proposition. Pricing should be based on the value your product provides to the customer.
Don't try to control everything
Control what you can control. Worrying about competitors means wasting time on things that are out of your control. You can spend a lot of time analyzing your competitors and trying to figure out how to beat them. Instead, focus on your team, product, values.
This does not mean that you should not be interested in what is happening around you. Direct all the information received to your development. Start change with your company, focus on building a successful business, and attract new customers.
Don't compare yourself to the giants in the market
Whether you are just starting in business or working on a new startup, don't compare yourself to those who have already established themselves in a similar business. Since their results may seem too high for you and there is a risk of unjustified expectations. Find the strength and patience in yourself to develop what you have. You have to start somewhere. And your future depends on it very much. Be proactive, be different, be unique! No one can take your success from you. You need to create it yourself.
Focus on your victories, not someone else's
Very often we tend to compare our failures with someone else's successes. If something doesn’t work out for you, you try to find a problem around you, it’s too easy to compare your difficulties and failures with someone else’s success.
Social media is a good example of misperception. Always remember that someone's perfect Instagram feed is not a true representation of reality. Social networks often reflect how you want to see your life, and not how it is (big difference).
Therefore, it is so important to celebrate your results and the victories that you managed to achieve. Let competition be a strong driver for your company's growth. Don't let fear get in the way of your progress.