Upside-Down Thinking by Patric Fransko
by Patric Fransko
December 6th, 2017

Put Your Blinders On

 Unfortunately, one of the things I see when dealing with so many clients across the U.S. is the preoccupation with what the competition is doing. While on the surface this may not seem like a bad idea, it can have a detrimental effect on your business. Have you ever paid attention to a race horse? They typically have blinders on to block their vision of the horses running beside them. These blinders allow them to focus on their race and not worry themselves with what the other horses around them may be doing.

Here are two reasons why you should “put your blinders on” when it comes to paying too much attention to your competitors.

  1. Play to your strengths – One of the biggest reasons not to pay too much attention to your competition is that their business is not exactly like yours. What is working for them may not work for you and vice versa. You need to be truly honest with yourself regarding what your business has the ability to do better than others, and go all-in on your strengths.

    An example of this might be an established business feeling the need to match prices with a start-up across town. There are many factors that can be at play in this situation, but I want to focus on just a couple. The first might be reputation. If you are the established shop, and have been in that town for 10+ years satisfying customers, that’s an advantage the new shop cannot match. Play to the strength of that reputation and stability of being established, if an issue arises. The second might be the skill of the installer. We all know that the greatest film can look terrible if not installed properly. Likewise, a mediocre film can look great if installed by a seasoned pro. Play to the strength of the skill level of your installers versus a new shop.

  2. Be proactive, not reactive – I often find when a shop begins paying too much attention to its competition that its overall strategy becomes reactive instead of being proactive. You decide to run a promotion because they are running a promotion. You advertise on a certain platform because you noticed they were advertising there.

    The problem with this is that you have no idea if these strategies are even working for them and for what reasons they may be using them. They may be running a promotion because they are strapped for cash and are just trying to get some work in the door. If you are booked 10 days out, does it make sense to match that price? They may be advertising in the local Value Pack Mailer because their uncle works for the company and put the pressure on. That may be money down the drain, and now you are following right behind them.

    I would encourage you to begin thinking about your business in a proactive way. How can you promote your business in a unique way? Use your past experience to forge your own strategy going forward rather than just being reactive to what someone else is doing. Who made them the expert?

 

I hope this brief article causes you to think about how you will promote your business in 2018 and beyond. While I think it is a good idea to be aware of what your competition might be up to, do not let it dictate your planning. You need to play to your unique strengths and design a proactive strategy for success.

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2 comments
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  1. Every industry is over traded in today world. Please don’t feel singled out.
    Some business people say competition is good for business because it exposes the industry and its product.

    I say” bullshit” we can do without them,they a pain in the butt. Who wants to share the cake ?

    One thing is for sure you need to know what your competitors strengths and weaknesses are.
    Once you understand your competitor you need to create a strategy to out play them. Sometimes completion is a ”wake up call” for us all because one can get complacent.

    Business is a science or its like playing chess.
    There are many ways to skin a cat.

    Now you better take up the challenge and come up with the goods to out smart these dudes.
    Good luck for the new year and if you want a few tips on how to side line them you can always give me a call.
    Leon Levy Klingshield South Africa

  2. Every industry is over traded in today world. Please don’t feel singled out.
    Some business people say competition is good for business because it exposes the industry and its product.

    I say” bullshit” we can do without them,they a pain in the butt. Who wants to share the cake ?

    One thing is for sure you need to know what your competitors strengths and weaknesses are.
    Once you understand your competitor you need to create a strategy to out play them. Sometimes completion is a ”wake up call” for us all because one can get complacent.

    Business is a science or its like playing chess.
    There are many ways to skin a cat.

    Now you better take up the challenge and come up with the goods to out smart these dudes.
    Good luck for the new year and if you want a few tips on how to side line them you can always give me a call.
    Leon Levy Klingshield South Africa

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