Do you spend a lot of time worrying what your competition is doing? Do you toss and turn at night wondering if they have some secret weapon up their sleeve? That customers will run away in droves because of their latest promotion or product release?
If so, here’s a simple but powerful thought for you to ponder:
Every minute you spend worrying about your competition is a minute you take away from serving your customers.
Think about that for a second. What will make your customers happier? You worrying about what the guys down the street are doing, or you putting your full attention and focus on serving their needs in your own unique way?
Excessive focus on your competition can have a lot of detrimental effects on your business, such as:
- Losing sleep = poor efficiency & affected judgement
- Increased stress = poor sales & service
- Reacting to your competition = changing from a leader to a follower
Out of these things, the third is the most dangerous. The first two usually have a short term effect and are fairly easy to remedy. However the decisions you make as a result of the third can over a period of time have a negative impact on your brand and business overall. If you start creating sales, products and promotions in reaction to your competition, then essentially you’ve given them the leadership position – because they are now dictating the direction your business is headed. Even if you do the exact opposite of what they do, the fact is that the initial drive to do it came from them, and not you. You’re just an un-copy-cat.
There is only one true source of uniqueness. And that’s inside of you and your team. It’s the one place from where ideas, thoughts and actions stem from that cannot be duplicated by anybody else. Maybe you and your team feel strongly about something, or see a true opportunity to make a difference in the world? Using that passion and energy will connect you with true creativity and gives your ideas authenticity and power. When you create an idea because you care about something, your idea becomes charged with the positive energy surrounding those thoughts. This energy will flow through everything that touches the idea. But when you create because you are anxious, stressed and angry about what somebody else is doing, the idea is charged with negative energy and has the potential to do more harm than good, assuming it goes anywhere at all.
Once you learn how to listen to that guiding voice within, “the competition” really becomes irrelevant. Of course you need to be aware of what they are doing, but you no longer need to worry about it. Instead, you can spend more of your time focusing on serving your customers in your own unique way. And excellent customer service has never led a business to failure, has it?