Forget your competition.
That got your attention, didn’t it? Sure, you need to keep tabs on what your competitors are doing. However, the problem with any competitive analysis - no matter how good or detailed - is that it’s largely reactive. By the time you get the data points, validate them, do the analysis and form an action plan - your rival has likely moved on to other things (and new competitors have emerged). Also - unless you’re dumpster diving or bugging the CEO’s phone - there’s a limit to how much information you can get anyway. And, knee-jerk panic reactions - “They cut their prices!” - are never a good idea. So, one key point I always make when doing sales training is, “If you know your customer well enough you can (almost) ignore the competition.”
Idea: instead of “competition” - think “collaboration.” Regardless whether you’re a sole proprietor, “Mom & Pop” small biz, entrepreneur start-up or global company - collaboration is a great way to instantly expand your capabilities, increase your market visibility, pounce on new opportunities, and pool resources for business development. Look at your market from your customers’ perspective. What combination of products and/or services can make their work/and personal lives easier? Now, how can you offer and promote those combinations to get (and keep) customers?
A few “life style” examples to jog your synapses:
Auto dealer + mechanic + oil changes + car wash + tire store + road service + mobile windshield repair + auto rental + auto insurance
Interior designer + home builder + DIY stores + moving companies + real estate agent
Real estate agent + moving company + pizza delivery coupons(day/week of move) + doughnut coupons (day of move) + landscape design consultation + interior design consultation (use what you have)
Your ideas?
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