Business People Club

Search All Topics !

Have You Thanked Your Competitors Lately?

0 like 0 dislike
233 views
by GreedyPig
Competition in the business world is often viewed as a negative thing, but it doesn't have to be. Competition can benefit you, your competitor, and especially your customer!

Let's look at some of the ways in which competitors can help you:

They prevent you from becoming lazy and overly comfortable in your business practices. It's easy to feel confident and relaxed in your business if you have a unique product that everyone wants. You don't feel any pressure to better yourself or your product. Everyone wants it, so it must be good as it is, right? Then one day another company comes along that begins offering similar products that are just a little bit better than yours. Uh-oh! Now you feel the pressure to perform. You don't want to lose your customers, so you need to continuously improve your product and your level of customer service. You now need to give your customers a stronger reason to keep coming back to you.

They encourage you to be more creative. So, now you're not the only one selling purple-polka-dotted purses anymore. What can you do? Develop more products! Stretch your imagination. Come up with some unique ideas that will either improve upon your existing products or design new ones. Come up with a line of new accessories, new color schemes, new sizes and styles. Don't try to copy what your competitors are doing, do something different and unique. Express your own creativity.

They help you to stretch out of your comfort zones. Perhaps you have a solid customer base and haven't had to invest much in promoting your company until now. But the attention is slowly beginning to drift away from you. Now you need to work a little harder at your level of visibility. You can advertise some sales or special promotions, get more involved with your local community, or donate a portion of sales to a worthy cause. Become as visible as you can in your community. Whether you have an online business or a brick and mortar one, you need to remain in your customers' minds. Put yourself and your company out there whenever you can. Be noticeable, be memorable.

They force you to charge reasonable prices. This sounds like a bad thing, but really it's not. Think of yourself as a consumer. Aren't you always looking for good value for your money? Of course you are. And so are your customers! While it's great to be earning a lot of money for your products, you also want to be fair to your customers if you want them to come back again. No one likes to feel like they're being over-charged or ripped off. You may need to explore different suppliers and materials in order to keep your prices in line, but your customers will thank you for it by returning again and again.

Joint ventures. These can be extremely profitable for both parties, if they're done right. Perhaps you and your competitor can offer discounts to the other's customers and do some cross-promotion for each other. Promote your competitor's purses and she will promote your scarves and shoes. Swap ads in each other's newsletters. Think of some ways in which both of you could work together to benefit yourselves, as well as your customers. Build each other up, rather than trying to tear each other down.

These concepts become a little more challenging when applied to distributors who work for the same company, but it's still possible to find ways to work together in growing your businesses. Perhaps you can co-host a home-business seminar and share in the product sales and recruits. Share the costs of advertising in a prominent publication and split the responses. Or each of you can target different markets and give referrals to each other. Working together will ultimately result in more sales for your company, which will benefit both of you also!

Competition can seem threatening at times, but the truth is, there is room for all of us! Just think about the popular burger places in the world today. I can think of at least 4 or 5 well-known ones, including the two most popular that are usually found within blocks of each other in any city -- or sometimes right next door to each other! These companies earn billions of dollars a year. Look at how these companies keep encouraging each other to do better. In their competition, they are creating menus that have items for only $1, new value meal combinations, new sandwiches and salads, later hours and more. It's benefitting the consumer by giving them more choices and better value for their money, and it's benefitting the burger places by earning them more money. It's a win-win situation all around.

So the next time you see one of your competitors, smile, wave and say, "THANKS!"

Please log in or register to reply to this post.

Related posts

0 like 0 dislike
0 comments 186 views
Have You Thanked Your Competitors Lately?

Competition in the business world is often viewed as a negative thing, but it doesn't have to be. Competition can benefit you, your ... see one of your competitors, smile, wave and say, "THANKS!"

by Slayerk
0 like 0 dislike
0 comments 218 views
Key Employees can and will leave your Business, are you prepared?

Very few businesses can claim to be prepared for the loss of key employees. Quite often it is an unexpected and unplanned for ... of the problems that occur when key employees leave your business.

by nicejone
0 like 0 dislike
0 comments 433 views
Can a factoring company help you grow your business?

Sooner or later, every business will need financing to grow. Most owners will try to qualify for venture capital or angel ... company will be able to offer alternatives to traditional financing.

image
by VirtualAssassin
0 like 0 dislike
1 Comment 252 views
Can a factoring company help you grow your business?

Can a factoring company help you grow your business?

by TwinNut
0 like 0 dislike
0 comments 187 views
Have questions ? - join forums !!

Search engines are the keys to the vast knowledgebase distributed over the web. Agreed. At the same time it is also true that ... forum and post your question and wait for a flood of replies!!

by GreedySmile
0 like 0 dislike
1 Comment 244 views
is it good idea to have 50/50 equity business partnership ?

is it good idea to have 50/50 equity business partnership ?

by BumblingBee
0 like 0 dislike
1 Comment 218 views
0 like 0 dislike
0 comments 703 views
17 Important Points To Consider Before You Hire A Law Marketing Consultant

As we fast approach the new year, many firms are preparing to launch their 2006 marketing efforts. If you're thinking about hiring a ... only a few, you may be reading comments from his in-laws.

by PlaySeal
0 like 0 dislike
0 comments 458 views
8 Ways to Avoid Litigation When You Sell a Business

Based on recent litigation storm clouds, business owners planning exit strategies better batten down their legal hatches. As a ... to minimize your litigation risks and reap the benefits later.

image
by TwinNut
0 like 0 dislike
0 comments 210 views
4 Reasons Why You Need Testimonials to Sell More

The other day I was writing a sales brochure for a West Coast manufacturer. As I got to what I'll call the proof section of ... , the door to repeat sales swings wide open. (c) 2005 Neil Sagebiel

image
by HarmlessRose
0 like 0 dislike
0 comments 215 views
8 Great Interview questions to help you find the right Candidate

1) Do you have written goals you want to accomplish and if so, tell me about them? You are looking for indications of maturity, ... you're ready to take the next step with this person. Good luck

by BumblingBee
0 like 0 dislike
0 comments 183 views
Business Tools to Help You Run a Successful Business

When setting up a business, even the best prepared among us will struggle to do everything and remember everything. It is very unlikely ... to get the right tools will pay off time and time again.

by VirtualAssassin
0 like 0 dislike
0 comments 226 views
Top 6 Reasons You Need a Website

Some business owners struggle with the idea of starting a business website. Why do you really need a website? Well, there are several ... you actually have one and see the benefits you get from it.

by Scorpeon
0 like 0 dislike
0 comments 515 views
Business Planning Help: Finding The Help That You Need

Business planning help is help that is structured to help your business in any way that you need it. It can help you ... Get focused and get motivated to finding and implementing your business plan.

image
by HarmlessRose
0 like 0 dislike
0 comments 202 views
Franchising Information You Can't Live Without

Franchise businesses can be very lucrative. Perhaps you're thinking of starting a franchise business in your area or another type of ... business and also which type of business will work for you.

by Mosquiche
0 like 0 dislike
1 Comment 283 views
0 like 0 dislike
1 Comment 237 views
How to Inform Employees When You Sell a Business?

How to Inform Employees When You Sell a Business?

by Octopixy
0 like 0 dislike
1 Comment 234 views
0 like 0 dislike
0 comments 646 views
Plant a Seed and Watch Your Business Grow

Do you have all the business you could possibly want or need? If you're like me, you're still growing your business. Marketing ... into action...and watch your business grow by leaps and bounds!

by nicejone
0 like 0 dislike
0 comments 850 views
10 Incredible Ways To Sell Your Products Now

1. Make your reader visualize they have already bought your product in your ad. Tell them what results they have gotten and how ... and gain your readers trust to buy your products or services.

image
by Richard S.
0 like 0 dislike
0 comments 226 views
6 Tips for Keeping Your Cool When Customers Get Hot

1. Be assertive - not aggressive or passive. My definition of assertion is simple: "Say what you mean, mean what you say, and ... tips will position you to keep your cool when customers get hot!

image
by Slayerk
0 like 0 dislike
0 comments 245 views
7 Ways To Advertise Your Business For Free

. Free directories: directories are perfect for customers that are searching for a particular topic. What's great about them is ... for a recipe swapping group when you are advertising shaving cream.

image
by ShowDolphin
0 like 0 dislike
0 comments 269 views
10 Ways To Ensure Your Flyer Avoids The Bin

Flyers are an excellent marketing tool to promote a club night or event. They are commonly used for student promotions throughout the country. You ... wonders. 10. Er, try not to stand near a bin.

image
by BeautifulWolf
0 like 0 dislike
0 comments 273 views
66 Ways To Promote Your product or Services

Some guru sells his program because he has 60 ways of marketing. One Dentist was asked about his marketing he said he had 100 ways and ... . It will be at least 2 pages with a lot of information.

image
by PositiveVoid
0 like 0 dislike
0 comments 228 views
3 Ways To Protect Your Customers

Customer security is one of the prime considerations of any retail outlet today. Whilst implementing key marketing strategies in order to ... the more likely they are to spend money in your store.

image
by SwiftHeroine
0 like 0 dislike
0 comments 186 views
10 Effective Ways To Reduce Your Business Costs

1. Barter If you have a business you should be bartering goods and services with other businesses. You should try to trade for something before ... quality. Don't just be satisfied with a few. ----

image
by Sassassin
0 like 0 dislike
0 comments 200 views
7 Simple Steps to Get More Out of Your Day

Let's face it - time is probably our greatest resource. We never seem to have enough of it and it seems to pass so quickly. Well we ... easiest way to more out of your day and more out of your life.

image
by MysteryWasp
0 like 0 dislike
0 comments 198 views
Five Steps to Create a Budget for your Small Business

How I hate budgets! Every time an accountant told me to put together a budget for my company, my response was - When ... Have systems in place to increase revenue and decrease expenses as necessary.

by UncleRhino
0 like 0 dislike
0 comments 208 views
Benefits of Incorporating Your Own Business

If you have a small business or starting one in the near future, it is important to look into the benefits of incorporation ... small business or are thinking of creating once, look into corporations.

by Octopuppy
0 like 0 dislike
0 comments 195 views
Warehousing - Your options

An efficient business requires efficient warehousing. It can often be the most profit-consuming element if not organised properly ... Contract Services as your product line becomes more established.

by GiftedWrecker
0 like 0 dislike
0 comments 918 views
New company? Boost your credibility and trust!

It is very hard to be "the new guy in the block", since in most of your interactions you will have to try leave good first ... try to look big. Try to serve customers the best way you can!

by Explorer
0 like 0 dislike
0 comments 438 views
10 ways to get links to your site

Getting links to your site increases traffic and boosts your rankings in the search engines queries. Here are the 10 methods I ... keep buying them to maintain your higher page rank and rankings.

by nicejone
0 like 0 dislike
0 comments 163 views
Ignite Your Massage Therapy Business

Everybody would love to make lots of money quickly, working from home, and only doing a few hours of work per week. I've spent ... . Many of them have started to make money just days after buying!

by LovableStorm
0 like 0 dislike
0 comments 165 views
Five Ways to Make Your Organization Innovative

Creative ideas are what turn ordinary companies into market leaders. These companies see the end result first and then build ... . James Feldman is a motivational speaker and business consultant.

by Cybora
0 like 0 dislike
0 comments 208 views
Thinking of selling your company?

Your decision to sell: Making the decision to sell your company is a tough one. However, when you decide to do so, make sure it's a ... is too much money at stake, and you don't get a second chance.

image
by FoolishJaguar
0 like 0 dislike
0 comments 931 views
Facing Your Daily Stresses And Anxieties In The Business World

Everybody deals with anxieties and stresses in the business world. As a result, here is a list of techniques that a person can use to ... be in the long run at your job and other business endeavors.

image
by Oystrich
0 like 0 dislike
0 comments 270 views
A Franchise - Your own business, but include support and guidance

Many people dream of running their own business and of giving up the day job. Most of these ambitious individuals only have the most ... less, and a McDonald's franchise could cost you a cool $250K.

image
by Octopixy
0 like 0 dislike
0 comments 879 views
Quiz Yourself About Your Moneymaking Abilities

Some of us become very rich. They began very humbly and today they are amongst the richest in the world. Many of us try many ... where required. Success, rather very big success is waiting for you.

image
by Wallaby
0 like 0 dislike
0 comments 193 views
Quiz - The Ego Of Your Team Member

A team is formed to achieve a goal, and for that all the team members have to combine and pool their abilities to achieve ... results. Quiz your team about all these aspects and you will win.

image
by OpinionOwl
0 like 0 dislike
0 comments 883 views
Ways to expand your business

Email marketing is an effective way of reaching out to your target audience. It is a cost effective and time effective tool of ... spam mails. The standard parameters are followed to avoid spam mails.

by Knighthawk
0 like 0 dislike
1 Comment 580 views
0 like 0 dislike
1 Comment 281 views
How to automate your business with autoresponders?

How to automate your business with autoresponders?

by PlushSeal
0 like 0 dislike
1 Comment 233 views
How can corporate events help your business?

How can corporate events help your business?

by MysteryWasp
0 like 0 dislike
1 Comment 221 views
How to Convert leads into clients and boost your sales?

How to Convert leads into clients and boost your sales?

by LoyalChief
0 like 0 dislike
1 Comment 250 views
How Not To Expose Your Company's Secrets?

How Not To Expose Your Company's Secrets ?

by ForceSoldier
Connect with us:
...