First, I most admit I don’t watch boxing or mixed martial arts. The field of battle where I wage WAR is called business. That said, understand that developing the warrior mindset is required to thrive in this cut throat world. Hell it’s required to just survive anymore.
You need to develop thick skin and the ability to bounce back when you get hit hard and the mental strength to make decisions when you are exhausted. Learn the lesson most miss from mistakes and failures. You must watch the fight replay blow by blow in your mind and reflect and determine what jabs worked and what hooks didn’t, did you keep moving like the corner man told you, were you ducking blows and did you land enough good shots?
You have probably read some articles about the walk softly approach to winning in business but at the end of the day, ask yourself, how has that worked out for you. Face it, you are here the learn how to beat the competition into submission, right? Put them in a chock hold so tight their business can never regain the title.
How to Beat the Competition into Submission
Beat the Competition into Submission – Prep for the Fight of Your Life
When you are ready take the fight to your competition head on, here are the five most common made mistakes:
Beat the Competition – Train Hard
Focus everyday on becoming the champion in your field. Don’t worry about what the other guy is doing, competition is for amateurs, domination is for the real champions of industry. Think Amazon, Apple and the like.
Beat the Competition – The Rope a Dope
Position strengths to weaknesses.
Even if your competitor has a better product and is willing to sell it at a lower price, you can still win. Every competing company has weak points — places where your brand can outperform. Things like domestic customer service or extended guarantees on a product can go a long way if done right.
Your job is to find these points and exploit them in your marketing and presentations. Let your prospective customers know why these selling points are important and why it makes your brand a better choice.
Beat the Competition – The Sleeper Hold
This is about maximizing value and minimizing waste. Value refers to features a customer wants to pay for while waste essentially is everything else.
This means you must be in constant contact with your clients and understand why they’re buying your product. Ask them how you can enhance it. Any additional features your product offers — no matter how attractive — should be dropped if your clients don’t want them.
Beat the Competition – Fight for the Title
Don’t be Afraid to go after larger clients.
Larger clients can often result in more business and increased revenues, which means more resources for marketing and hiring new employees. But large clients can also be easier to service than smaller companies. It’s a strange phenomenon, but smaller companies sometimes need more hand holding and have more service issues than middle-market companies with established systems.
Additionally, larger clients can give your company credibility when meeting with other potential prospects.
But don’t worry if the idea of approaching a larger company scares you. Your smaller size should be an advantage since it allows you to move faster and continually think outside of the box. Also position the idea that a change in vendor will inject a sense of freshness into the project its working on.
Beat the Competition – Get a Coach
Get a Coach – Master your conversion metrics.
I’m surprised how many entrepreneurs don’t know the critical numbers that can either make or break their business. Here are a few of the basics that every startup should be tracking:
- ACV (Average Customer Value). This refers to how much money the average customer spends with you over a given period of time.
- CPA (cost per acquisition). This is your cost every time you acquire a new client.
- ROI (return on investment) on marketing campaigns.
- Break even. This is the volume of sales you need to cover the cost of making sales.
Beat the Competition into Submission
“Nothing is impossible. Blockbuster never anticipated Netflix as competition. Garmin never anticipated that soon everyone would have GPS in the their pocket. “
About the Author:
Josh Thurman is a marketing and sales consultant specializing in lead generation and conversion optimization. Since 2013 Josh has helped hundreds of local business owners and teams increase their sales revenue, launch new offers and dominate their market place using proven methods.