How to Deal with Competition According to Joseph Vessecchia
Competition exists in every industry, with companies trying to win new business and generate more sales. But successful companies don’t shy away from competition, they embrace it. Instead of complaining about businesses stealing their work, they use it to their advantage. Joseph Vessecchia is a life-long salesman who understands the intricacies of competition, and he took the time to outline some of his best advice on dealing with competitors.
Know Your Competition
To compete with other businesses, you must conduct market research to understand who they are. To compete with other businesses, you must conduct market research to understand who they are. Identifying competitors is important; however, Joseph Vessecchia claims that figuring out how their business works is equally as important. If another business offers a solution to a problem that you’re helping people overcome, study what they are providing and how they are doing so. See how it differs from your method and identify areas you can improve.
Don’t Ignore the Competition Either
After researching your competitors, use the information and keep finding out more. And even if there is little competition, never ignore it. This will only allow them to get ahead and beat you. Stay up to date with their business. Subscribe to their email lists, follow their marketing and sales techniques. If they are making sales, that means customers like their products. Find out why customers go back to them and what they are doing.
Reacting to The Competition
When a company releases a new product, their competitors often release a similar product in response. They aren’t necessarily copying the first product. They are competing for the business. If they didn’t react, they would continue to sell an old product while their competition sells a new product and potentially lose business. In fact, that is why it is important to stay up-to-date with your competitors’ ideas and products.
Friendly Competition Can Be A Good Thing
Having other businesses in your industry offering the same services and products isn’t always a bad thing. Competition keeps you on your feet and motivates you to stay ahead of your competitors instead of falling into comfortable habits. Also, you can learn from your competitors, especially if you’re new in the industry. What better way to learn your business than to study those doing it successfully.
While it may seem OK to stay away from other business owners, forming relationships with them can be beneficial to learning the business.
Don’t Play Dirty
You can become friends with other business owners, which means competing businesses can actually exist in the same industry. In many businesses, there’s enough money to go around for everyone, so there is no need to resort to dirty tricks that can harm your reputation and lead to a failing business.
If a competitor plays dirty, resist the urge to retaliate because this can instantly hurt your customer service. Also, customers will eventually catch on to dirty tricks, and when they do, if you’re the business playing fair, they’ll come to you.
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