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How to beat your competitors

Imagine that the Government went out and said that from now on and forever, it's prohibited for any other than your company to sell X (what you sell). Would you say:

1. No, we can't do that. We want to continue to work in tough competition.
2.  Great, where do we sign?

I would like to respond to both 1 and 2, it depends on what day you ask me, but most often, I would chose option number 1 because it's actually beneficial in several ways:

Why competition is good for customers:
1. Businesses stay awake and do better.
2. Customers are better off because they get more choices and better treatment.

Why competition is good for your business:
1. Competition increases the ambient awareness of what you are selling (even your competitors' ads give you orders).
2. Competition gives you the opportunity to see other perspectives of what you sell (your competitor's perspective).
3. Your competitor can teach you new things about the industry if you study what they do.
4. You notice what happens to the market directly if some competitors suddenly expand and others disappear.
5. You work harder and get better at what you do.
6. Competition will help you create the necessary changes to keep you alert and active all the time.
7. You can buy your competitor's company or team up with them (or sell your business to them).

So yes, I have to say that competition is healthy, but I don’t rejoice over it every day (the way you should do in order not to appear mean-spirited).

About the author

Stefan Ekberg has worked in marketing for small business for 20 years and has written around 30 books on how small business owners can market themselves with limited resources. . In 2012 Stefan was nominated as Entrepreneur of the Year in Stockholm.

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Every week some 230,000 prescribers gets his free newsletter about 5 minute marketing.

"The 5 minute marketer" - the book
You run a small business and you want to get ahead of the competition, but how can you give resources to marketing when you're short on time and the budget is tight? The solution is here! The 5-Minute Marketer is packed with 395 tried-and-tested ways to market your business in 5 minutes or less.