Too much Competition?

29/08/2011 by Ann.

One of the things that freaks entrepreneurs out more than anything else is  competition.

It brings out all the ‘What if’ statements such as:

What if they are better than me?

What if there aren’t enough customers to go round?

What if my clients go to my competitors instead?

What if they are cheaper than me?

You get my drift!

So let’s bust all those myths once and for all:

1.      What if they are better than me?

How do you know and why do you care? Focus on your target market and do all the things you need to do to help you grow yourself and your business; attend training courses, get a coach, get business advice. Keep learning!

2.      What if there aren’t enough customers to go around?

I live in Alton, Hampshire.  When I first moved here many years ago we had no big supermarket then, eighteen years ago we got one. Now we have two new ones about to be built with other major supermarkets lining up to get into the town and, believe me, the population hasn’t grown very much in the past eighteen years.

Consider coffee shops: how many of those have sprung up near you in recent years? Did it stop at one of the major chains?  I thought not! Your ideal customers will stick with you if you are supplying what they want. I always go to my local Italian coffee shop as I love the staff and the atmosphere as well as the coffee (OK, I really mean the cakes!)

3. What if my clients go to my competitors instead?

Then all that means is that they are not the right clients for you! Focus on targeting people who you really want to work with and accept nothing less. Sure sometimes people move on, but this could be because they need something different from what you have to offer and that is fine; if you sell  Ford cars and your customer decides it is time to upgrade to an Aston Martin, then you are not the car supplier for them. People change all the time, so this frees up space for someone else to come into your life and give you their business.

4. What if they are cheaper than me?

What if they are? People who buy on price alone are always changing suppliers so they are not the kind of customers you want! They tend to be demanding and always asking you for a discount. Let someone else deal with them. Price your goods and services based on quality and value. Focus on people who value what you have to offer enough to pay you for it, because they can see the benefits they are going to get from coming to you.

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