Why Competition Should be Viewed as a Non-Existence in Your Business (and Your Personal Life!)
Since the beginning of human interaction of exchanging value/currency for goods and services, competition has been an ever-present staple of any and every type of business environment. We’ve been taught in schools and programmed in general to consider our competition in any type of business. The subject of competition is so omni-present and so integrated in every morsel of business, that it is a constant consideration and influence in our handling of our business. We don’t even think twice NOT to think about it. We would be ridiculed if we didn’t consider competition…pure blasphemy.
But why should that be the norm? In fact, it doesn’t have to be. In my entire professional career, while I’ve been aware of my competitors, I have literally never cared one iota about them. And I truly mean that. I’ve always conducted business in a way where I am so customer-centric and so value-added that competition becomes a completely irrelevant consideration, a non-entity. The way to view competitors is that they don’t matter at all if you’re handling your business the right way. In other words, if I believe I am truly managing business in the best way and most right way possible, where I am completely differentiating myself from the competition and providing the most value to my customers, then I will ALWAYS have meaningful market share in my niche space of potential clients. I couldn’t care less what my competitors are doing. In fact, I never even mention them in my discussions with my clients. I choose to take the uber-confident position that I am simply the best provider to my clients in my niche market because I deliver at a 100% consistency.
My perspective on competition is that if I’m offering everything to my clients for a value that they deem appropriate and fair, I should never lose them as a client. However, I’m not naïve enough to think that I shouldn’t continue to innovate and stay ahead of the market. In addition to serving my clients well, above and beyond my competition, I must also continue to look ahead, be proactive and take risks on innovation and changes in ways of conducting business.
So in other words, you should only be in competition with yourself. If and when you lose a client, it’s usually for one of two reasons: (1) you have breached your value-added commitment or (2) your client has been temporarily seduced by a below-market value point by your competition. If it is the first reason, you need to immediately identify the error of your ways and rectify the matter as quickly as possible. You have to employ a meaningful win-back strategy that your client will see as being genuine and contrite. If it is the second reason, stay close to your client and monitor the situation. Typically, it is a short-lived seduction that fades out.
Similarly and philosophically, when it comes to your personal life, you should only be in competition with yourself as well. In fact, unlike in the business world, life is NOT about competition. It is about being the best version of yourself and continuing to work on it on a daily basis. Not keeping up with the Joneses is the correct path. In fact, forgetting that the Joneses even exist is the Zen perspective to internalize and uphold.
Even in a competitive environment, such as sports, the best and most legendary athletes of all time have always been the ones that never cared who else was on the battlefield. They were simply laser-focused on evolving into the best athletes possible, the ones left standing victorious on that field.
So while in business you can’t completely forget about the existence of competition, you can still do so in a way where you are uber-focused on yourself and your business, thereby setting yourself significantly apart and staying ahead of the competition. In life, just simply being your best self is enough.