Martin Koss – thinking out loud…

“Do I Think About My Competitors?”
I believe there is always things worth knowing about what the competition is up to (in social media there are occasional opportunities presented by listening to what people are saying and how the ‘competitor’ is responding – or not) but some businesses get a bit obsessed with it.

Example: a few years ago I spent a lot of time with a double glazing firm and the MD was somewhat obsessed with ‘crushing the local competitor’ and my advice was constantly “stop obsessing with beating them – just be better than them – the marketplace will know you’re better”.

There’s room in all markets for the best, the worst, and every level in between and there’s a slice of every market that will go for the cheaper option (short-term minded) and a (hopefully bigger) slice that will lean toward the best (quality and value for money).

The best in any industry become the best by following many logical paths and procedures but up there is focusing primarily on producing and delivering “the best” they can. By doing so the business becomes known by reputation and promoted by natural “word of mouth” online and offline. Especially in our ‘new world’ where more people have a louder voice.

One of my fav bits of advice is “be aware of your competition’s strengths and weaknesses while focusing on being the Amazon of your industry – people will come back time and time again and they will recommend you“.

Originally posted as a comment
by martinkoss
on Chris Brogan using DISQUS.

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