Word Of the Week #32: Competition

April 21, 2009 by  

Competition: everyone trying to take your customers, guests and members away from you!

Do you know who your competition is? These days it seems like there are more and more competitors. I don’t think you need to be miles ahead of your competition, just a few steps.

What is Your Uniqueness?

What is Your Uniqueness?

Your customers, guests and members have so many options today. Is your customer base shrinking or growing? If it is shrinking, I suggest you find out who your competition is and what makes them better than you. If it is growing, I suggest you find out who your competition is and make sure they’re not stealing your ideas!

Every time a company finds a way to be unique and become an industry leader or set a standard, somebody out there is stealing those good ideas! Marriott hotels is a great example of that. They surveyed their customers back in the early ’90’s to find out what they wanted. Ironing boards and irons was at the top of the list. So, they put them in all of their properties. Today, you can find irons and ironing boards in every motel and hotel. Then came the Internet! You get my drift.

I suggest you spend the next week determining who your competition is. Go visit them, give them a call, find out what they are doing. What is their uniqueness? Where is the value? And how can you maintain your competitive edge and stay a few steps ahead?

Reader Responses

“Competition is sometimes a difficult one for me, because there are so many prospects out there that want me to compete on price alone, which is not an option. I am confident in the value of my skills, and have based my rates on what I need to be successful in business while offering fairness and value to my clients. I know that when it comes to my competition in other areas, it varies due to the specific skillsets and services we provide.  So, when it comes right down to it, the ultimate decision is based on customer service, and whether or not there is a fit between the client and myself. Because all VAs don’t usually try to be everything to everybody, we are often able to form great alliances to better serve our clients, which allows us to collaborate more than compete in many areas.” — Terry L. Green