In order to be innovative, you are able to look for opportunities in already existing products and businesses, yet you must have this one little extra something, which will make the big difference and will distinguish your business from the rest. This extra push can be the foundation of a game-changing product and even a timeless brand.
There are many, many, similar (not to say almost same) products and brands on the market, yet some of them are doing better than others. Of course, here everything matters – the niche, the market size, the price, the quality and so on. But as a startup founder you should know that your business depends on your ability to provide unique solutions and valuable products and services to your users and clients. Quit obsessing about the competition and concentrate on your startup vision.
When it comes to small businesses, you are most likely to not be able to see the competition clearly, but you should always be aware of them and must know that they are out there. But instead of obsessing over your competition, you should concentrate on your business and here you can find three steps that will help you to do so.
Focus on the right things. Keep your sight on the things that really matter in your business. Stop obsessing over looking at the other players’ field when the real game is happening in your own and you will manage to see every situation more realistically. You can’t leave behind your core values and start doing something just because you MUST follow and keep up with the competition. Don’t let them set the course of action inside YOUR OWN COMPANY!
Respect your competition. We all know (and often become part of comparing) the life-long big brand competition. In order to succeed in being better than your competition, firstly you must respect them. Why? Because if they are your threat on the market, they are good. Their weaknesses are your strengths and their strengths can be your lessons. Do not hate your competition, accept their existence, their success, but never let this affect your growth.
Quit doing what they do. If something works for them, this does not mean that it will work for you. Anyway, you can’t use the “copy-paste” method in business. Be unique and rely on improvement, innovation and your business vision and you will never again have to worry about the competition. Separate facts from assumptions and relay on real data when it comes to keeping an eye on the competition and soon you will feel much calmer about everything that is related to them.
Research your competitors, keep an eye on them, but never make your business decisions only because they are doing something in a certain way. Believe in the uniqueness of your product, business model and strategy, plan according to your vision and you will never have to worry about what your competition is doing.
