competitionMany companies tend to only focus on their direct competitors. That is, other players in your market selling similar products. However, there are many forms of competition and if you ignore them your business can go south very quickly.
Different Solution to the Same Problem
Let’s say you sell bicycles. You’re not only competing with other businesses that sell bikes. You’re also competing with other ways to go from point A to point B, assuming that the main reason your customers buy bicycles is transportation. You need to show your potential customers why bicycles are better than cars and public transportation.
Handle Internally
Let’s say you offer office cleaning services. Your potential clients can decide that they want to clean their own offices instead of hiring you. You need to show them why having someone to clean their office for them so they can focus on running their businesses is a good idea.
Spend the Money on Something Else
When you sell to other businesses, they might choose to spend their budgets on something completely different. For example, if you’re a marketing consultant you need to show your potential clients why investing in marketing is more important than investing in getting a bigger office or buying new furniture.
Do Nothing
This one always seems to be overlooked by businesses. We get so caught up in how much we love the products and services we offer, we tend to forget that “doing nothing” is an option; and one many customers choose. In many respects “doing nothing” is your biggest competition. There is a physiological principle that states that people will do more to avoid a loss than they will to obtain a gain. You need to do a great job at showing your potential clients why staying where they are is dangerous and why they need to take action right now.