How to Deal with Competition in Your Industry

TL;DR

Learn how to handle competition in your industry by focusing on your own business and finding ways to innovate, while also building a relationship with your competitors.

Transcript

How you doin? It’s Q & A Tuesday, that’s right. Today for Q & A Tuesday, Sarah from O-My-Raw writes: Q: “I’m launching a new raw-foods business and I only have one main competitor. I can’t seem to get her out of my mind.” Will she think I’m a fraud? Will she hate me? “I know that competition is good for business but how far do I take it? Do I intro... Read More

Key Insights

• ❓ Comparison Hangover is a normal feeling but shouldn't consume your focus or energy.
• 💨 Look beyond your main competitor and analyze the entire industry to find ways to innovate.
• 🤩 Differentiation is key to standing out in a crowded market.
• 🥺 Building a positive relationship with competitors can lead to collaboration and referral opportunities.
• 👋 Focus on making your own business the best it can be and don't waste time worrying about what your competition is doing.
• 🏛️ Attend industry events to network and build relationships with others in your field.
• 🤗 Be open to change and find ways to revolutionize your industry.

Questions & Answers

Q: How can I stop obsessing over my competition and focus on my own business?

The first step is to recognize the Comparison Hangover and understand that it distracts you from your own growth. Dedicate the majority of your time and energy to making your business the best it can be. Set goals, create a unique value proposition, and constantly innovate.

Q: Should I attend events or potlucks hosted by my competitor?

Attending events hosted by your competitor can be a great opportunity to network and build relationships with others in your industry. It shows that you are friendly and open to collaboration. However, make sure that attending these events doesn't take away too much time from working on your own business.

Q: How can I differentiate my business in a crowded market?

Look for gaps in the market and find innovative ways to address customer objections or frustrations. Think outside the box and consider how you can offer a unique solution or approach. Look at what's missing in the industry and create a business that fills that gap.

Q: Is it possible to have a friendly relationship with my competitor?

Absolutely! Competitors can become valuable colleagues and allies in the industry. Building a positive relationship with your competitor allows for potential collaboration and referral opportunities. There are plenty of clients to go around, so it's beneficial to support and help each other.

Summary & Key Takeaways

• The Comparison Hangover is a common feeling when starting a new business and seeing more successful competitors. The key is to focus on improving your own business and not obsess over your competition.

• Instead of just looking at your main competitor, look at the entire industry and find ways to innovate and differentiate your business from others.

• Building a relationship with your competitor can be beneficial as you can refer clients to each other and collaborate in the industry.