You Don’t Beat Them…
Summary
- You don't need to defeat competitors directly in business. It's rare to put someone out of business.
- Instead, focus on your growth and expansion.
- For example, if the dry cleaner across the street cuts their hours from 24 to 23, you win by opening 20 more locations.
- In capitalism, the goal is to grow so big that your competitors can't keep up or even be seen in your shadow.
Video
How To Take Action
I would suggest implementing a few simple but high-value strategies to grow your business, even if you have limited resources.
1. Focus on Consistency and Reliability:
Make sure your customers can always rely on you. If your competitor adjusts their hours, maintain yours or ensure that your availability is better. This doesn't cost much and wins customer loyalty.
2. Improve Your Customer Service:
Good customer service doesn't require a huge budget but can significantly impact your reputation. Train your team to be friendly, efficient, and solution-focused.
3. Expand Your Offerings:
Look for ways to add value without significant investment. For example, if you own a dry cleaner, consider offering minor tailoring services or next-day delivery. Small additions can give you an edge.
4. Utilize Free or Low-Cost Marketing:
Leverage social media to highlight special promotions or customer testimonials. Engaging with your community through local events can also raise awareness and build a loyal customer base.
5. Systematize Your Operations:
Create simple, repeatable processes for daily tasks to save time and reduce errors. Consistent operational standards improve efficiency and customer satisfaction.
6. Keep an Eye on Competitors but Focus on Your Goals:
Don't get obsessed with what the competition is doing; instead, set clear goals for your growth. Have measurable targets, like increasing customer visits by a certain percentage each quarter.
By applying these strategies, you'll not only grow your business but also make it so robust that competitors find it hard to keep up. Remember, the goal is to be so outstanding that you cast a shadow big enough they can't compete.
Full Transcript
you don't beat people in business it's very rare that you actually put someone out of business what you do is you go scoreboard cool dry cleaner across the street that went from 24 to 23 hours great I'm going to open 20 more locations than you fight me because that's how you do it in capitalism you win by just growing and being bigger and beating them into submission by looking so big that they can't even be seen in your shadow
