The thought of entering a crowded market can be daunting. When another business/blog suddenly gains audience and traction, do you worry? When somebody else comes out with a very similar product to yours right before or right after yours, how do you feel about that? Does that army of freelancers out there all doing what you do make you sweat?
How do you handle competition?
Great question Michael, and it feels like a great time for me to share..
There are a few ways I find helpful, for looking at competition:
1) Awesome! Another player to the game, I'm sure they'll be a blast
2) Fantastic, someone else in my industry, I can feel we're both skilled and bring something to the table, perhaps we'll collaborate
3) Great! Something awkward in my life telling me its time to get creative, focus my energy, and grow.
Some ways I don't find helpful:
1) Oh god, its the beginning of the end
2) In THIS economy, this could finish us
3) Well, its ok there's someone new, I guess, I'm not *TOO* worried…hmm…
4) This is going to take soooo much time/money/energy to 'fix'
etc.
It really forces us to differentiate, doesn't it?
With attention, care and utter violence =)
And seriously your enemies are at times your best friends, for they will never betray your expectations and your competitors are your best allies for they will never let you stagnate =)
Great points, Edward. I think the fluid and abundant nature of the web makes for some really interesting “coopetition” dynamics. We're fools if we're not friendly with our “competition” and by teaming up with them, we essentially eliminate the competition and gain allies.
That's exactly the nature of joint ventures. Look at the success of Third Tribe Marketing for example.
Thanks for the tips, I will get a look at them.
A lot of people become jealous or possessive when they find out there is competition in their chosen market.
Truth is, I wouldn't enter a market where there is NO competition.
Competition is healthy and also serves to inform us that there is money to be made in your chosen market.
How do I handle competition?
Bring it on, we can actually help and compliment one another.
Agree entirely on this
Competition means there's an active market worth pursuing. I've seen time and again how newcomers can bust in and start taking market share, especially when established players lose sight of their positioning.
I agree with you. I'll allow link exchanges with my competition if they want to write articles or such. I believe in karma.
For my blog, I would consider that a good thing. I would probably just follow them just to see something interesting in a niche that I care about. If I found something particularly interesting, I might reach out and introduce myself. There are opportunities to guest post, cross promote and just expand your network in your niche.
For my business, it's slightly different. Because I have “disruptive” business (sorry for the buzzword), it's unlikely someone would come out with exactly what I'm doing. It might be similar, but I'm thinking I have the secret sauce. However, after I launch, there may be copycats and I will have to deal with that.
There is a Mixergy interview with Peldi, founder of Balsamiq where he talks about the “golden triangle/ticket” I don't remember exactly. But basically that your success as a business is made up of a lot of things: your product, your blog, your transparency, your customer service, etc. And the 37Signals guys also talk about having a POV. So I'd like to think that I could stand up even in the face of a copycat based on the other areas.
Amber I like your attitude, I think it will serve you well. There's also something to be said for the idea that not every customer is right for you and you should refer them to the competition because that way everyone wins.
Competition can be a scary thing. There is always going to be someone out there that can do it faster or cheaper or they have much more “flare”.
But then again, no one else does things exactly like you.
People aren't always looking for the fastest or cheapest or flashiest, what they are looking for is a good “fit.”
Your unique style and abilities is what is going to separate you from the competition and attract the business that fits you. So competition can actually benefit you in the fact that when your business doesn't find a fit with the other guys, they are more excited when they find you!
Fit is important and easier than ever to achieve… thanks to competition!
I always see those in the same market as people whom I can learn from. Here and there I see similar sites, and instead of worrying, I try to think “what are they not doing?” Then I take the answers to this question and make it into unique content.
That approach works very well, I've used it myself to great effect.
These are great questions ~ and I'm appreciating all the Comments too! As everyone's noted, competition is healthy and can serve as a channel for enhanced creativity and excellence. When I find myself 'worrying', 'sweating' or doubting myself as a result of another's efforts – I identify and define the source of my insecurity and seek to strengthen it to confidence (more information, step up promotion, update knowledge, etc.) ~ and/or I ask myself if I've positioned myself appropriately.
Sometimes I find myself standing on a Playing Field defined by others … but when I look critically and honestly at the big picture, I see that defining a Playing Field of my own does not necessarily necessitate leaving the game. And if it does, then perhaps it was time to craft something anew.
It seems there's a dynamic between competition and comparing ourselves to
others. We know comparing ourselves to others can get unhealthy, and yet the
whole notion of competition is one of comparison.
Thanks for sharing your perspective with us! And thank you bringing up
positioning—something more people need to pay serious attention to.
Competition seems like a good way to reevaluate yourself and develop new skills.
Pretty emulating in some way.
Depends also where it comes from.
Let's say in an already well knows business, that just the kind of things that happen.
If u used your true self and creativity to develop the market that suits you, well it's then very unlikely you'll encounter competition as good as you are already. Hence to important of giving importance to your fans, so they'll stick with you, not creating a new counter-like force against you.
Using creativity reduces competition is some way.
Of course there will always be these guys who liked your ideas and will try to develop it or improve it. What means?? If the idea was good, that's all that matters. Your idea was good then the next one will be more kick ass !!
Keep pushing forward, and money is not the emulating factor in most of cases.
Be the man, have the ideas, believe is it and put all the best of you.
You'll always run faster that bullets.
Bullets = Competition
I don't sweat at all. There's plenty of internet and readership to go around. I've actually made some pretty great alliances/contacts with bloggers and freelance writers. When that happens, never if, I try to send an email out with positive things to say about their point of view and welcome them to come see it from mine. Sometimes I get a response and sometimes I don't. I just look at it from the perspective that Financially Digital is in it for the long haul. And hey maybe they found an angle that I missed that I can use the next time around
Competition. I don't look at it. WAIT! I treat it the same as when I ran track. I don't ever, EVER look to the side, as it will spoil MY plan. If I don't have a clue what they are doing, I will most certainly do MY very best, and it will probably be original, which will attract my own specially made-to-order folks, which are my priorities. So, how do I keep abreast of whether or not someone has already covered a topic and/or done it well?
Of course, I searched my competition when I looked for my name, etc., checking the search engines, Technorati, Alexa, Clickbank etc. to make sure I'm not in a market that doesn't exist and that I'm not writing about something that's been said a hundred times. You have to look at a blog a bit (but not much) to go comment and I am starting on that now (you are NOT be a competitor, but, are necessary for more learning, and entertainment). If I start reading someone's about me, looking at the design, etc. I will start doubting. Gotta stay focused or I will chicken out!
Nathan pretty much said the rest of what I was thinking. I now look at a blog as the corner store. We need SO many blogs to help so many people that everyone's personality and unique talents and gifts will help their own little…neighborhood, if you will. There's enough market for everyone. Truly. And, if I don't get it right on this blog (the one I started last August isn't going to work) I will try, try again until I'm an expert!
Hi Michael! Wow! Such intelligent comments on this blog. I discovered you last fall when I started my quest, but, just haven't wanted to comment without me up and running—until, I read your post today about making an ebook, and now this one. You are truly remarkable. I almost scratched that word, and just realized your name!!!
Not many out there talk about the nitty-gritty of the ebook, etc. Those of us who are adept at filling in the blanks might have a problem with the actual publishing of such unless they read your article on this! It was the only modern post on the topic, and you're the only one that I went looking for and found this afternoon, who isn't trying to sell an ebook on that very important topic (YOU really should…keep the info out there you have already published for us penny-pinching-because-I have-to-do-everything-myself-read-between-the-lines-kind of people). Sell your ebook to those who can afford a 50 dollar ebook (not me, laid-off for over 2 years, living at my son's in a dusty dungeon doing without to build my little empire), but, can't afford a membership site (which is where I'm sure you can find all of the info). I don't know what I would do without this very PILLAR article of yours
Again, I enjoyed all of these comments. Thanks to you all!
With over six billion people on this planet, there is a significant customer base for nearly any business model, AND in nearly any business model, no matter how many competitors there are, it's likely that only a few are doing it well.
So my philosophy has always been to ask myself “can I do the same thing at least as well as the leading competitor, or maybe better?”…..If the answer is “yes”, I'll jump in (and welcome the competition for the same reasons as many of your other readers – good competition serves to make one better). If the answer is “no”, then I'll just become their Affiliate!
In a free economy, competition should be seen as some kind of motivator giving you new reasons to push what you do to the maximum limit. It sucks hearing people cry about their “too strong competitors” and such – in a business such as internet marketing, blogging etc. its free to everyone to give their best since you dont really need much capital to invest in order to stay competitive…
Well, I look at what they have. I look at the ways that I am better and look at ways they are better. I try to improve on areas to get better.
I like to look at the competition and see how they layout their site. Maybe it'll give me a good idea that I could try on my sites to make them better. It also helps me to be more motivated to make my sites rank higher.
I congratulated a competitor for getting onto page 1 on google for 'my' keywords once and got a good reply. Now we regularly email each other and have been able to help each other out on other projects.
Now I enjoy watchin google play around with both sites as they try to decide which is best (mine obviously!)
Competitors are people too…….mostly!
Cheers for now
Competition for me is like a stab on the back. They make things everything to hurt you. The sea is too crowded.
Not at all. One thing I've learned is that there's plenty of customers/clients for all of us. The web lets us all reach beyond our local region to the entire world. When I was just doing web design, how many clients could I handle in a year – 40, 50, maybe 60? That's not too many people in all honesty.
Now, as both a web designer and business/marketing coach, I still only work one-on-one with about 100 business owners each year – maybe a bit more. But I also now can work with groups. So let's say I can serve, on the top end, 2500 people a year through all my offers – and make the living I want. That's still a portion of a drop in the bucket of the world.
I think if you just stop and take a honest look at what you need to be successful as a freelancer, you'll be surprised about how few clients you need (or can handle) each year and make the living you want. Keeping that in perspective, for me at least, has changed how I look and work with competition. There's plenty of work out there for all of us.
Not at all. One thing I've learned is that there's plenty of customers/clients for all of us. The web lets us all reach beyond our local region to the entire world. When I was just doing web design, how many clients could I handle in a year – 40, 50, maybe 60? That's not too many people in all honesty.
Now, as both a web designer and business/marketing coach, I still only work one-on-one with about 100 business owners each year – maybe a bit more. But I also now can work with groups. So let's say I can serve, on the top end, 2500 people a year through all my offers – and make the living I want. That's still a portion of a drop in the bucket of the world.
I think if you just stop and take a honest look at what you need to be successful as a freelancer, you'll be surprised about how few clients you need (or can handle) each year and make the living you want. Keeping that in perspective, for me at least, has changed how I look and work with competition. There's plenty of work out there for all of us.
By coming up with something new. I gather the best ideas from other and try to add something new to it. Nowadays the key to success is being unique.
On bad days, I curse the competition: “May a pox of boils erupt on your blog!”
On a good day, the more the merrier.
But in general, competition means “downshift and accelerate.”
Competition should be a good thing because it reaffirms that your business model is good. But on a personal level, and as a long time business man, every time I see a new business in my market, it makes me shake and want to be ill. It's physiological. It's an age old reaction.
The modern way to deal with it is to work even harder. That's why, as a society we're all on the edge of our nerves and drink 3 cans of red bull a day.
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