A couple of nights ago on the TV program MasterChef, three contestants won the right to come back into the competition.
From the looks on the faces of the other 7 competitors a few of them were taken by surprise and they were not very happy.
You could actually see a couple of the contestants have that worried look on their face and thinking “what do I do now”. As this happened last year I wondered how they could have been surprised that this occurred.
It should have been expected or at least considered that it might happen.
When marketing your products and services, competitors are a fact of life and just like in MasterChef you should not be taken by surprise.
The problem usually occurs when you haven’t considered that new competitors will enter and try to entice your customers away from your business. After they have launched it can be too late to take real action with your marketing that will make a difference.
So how can you make sure you are not taken by surprise? Here are a few tips to help you:
Talk to others
Whether it is your customers, suppliers or others in your market, someone always seems to know what is happening. If a competitor is going to enter your market then they will be talking to others before the launch. Make sure you keep close to those in the know.
Have listening posts
Online it seems businesses start talking about their plans and actions before launching. You can set up alerts for example so that when anyone starts talking you will be up to date on their progress.
Set up simple action plans
If you have been in the market a while and have experienced competitors launching, you do get a pretty good handle on what activities they will go with. Even if you are new to this you can brainstorm what they are likely to do such as offering good introductory deals or free sample.
Having a simple action plan in place ready to go is a lot easier to counter competitive launches than trying to do it after the launch.
Keep close to your key customers
This is an obvious one; however not all your customers will remain loyal when tempting offers are placed in front of them. Keeping close and in touch with them does make it tougher for new competitors to win them over.
While you need not be obsessed with your competitors nothing is worse than seeing all your hard work get dented because you were taken by surprise.
As we all learn from each, can you add any tips to the list. Or if you have a story about combating new competitors please share them.
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Hiya, Susan. I really like your MasterChef tie-in (though I don’t like the show). It rammed your point home beautifully.
The funniest thing about my adventures on social media is that I now see my copywriting competitors as friends! This is completely counterintuitive, but I’ve decided ‘the pie is infinite’.
Thus, when Sarah got a gig on my blog, I was genuinely delighted. I’m not sure how this will pay my mortgage, but I’m filled with confidence and trust that ‘the good you do comes back to you’.
Maybe not the best anecdote for this post, but there you go anyway. Best regards, P.
Hi Paul,
I must admit I not a big fan and watch it every now and then. Competitors can be friends but not always. For example I would not imagine Sarah trying to take your clients away from you. Others who you are not friends with are the ones I am talking about who deliberately target your clients.
Your goodwill I am sure will find its way back to you. Thanks for your insight.
Do Not Let Your Competitors Take You By Surprise…
When marketing your products and services, competitors are a fact of life and you should not be taken by surprise. The problem usually occurs when you haven’t considered that new competitors will enter and try to entice your customers away from your bu…
Susan,
Great info…and great choice of photo
I really like the advice about the issue of competitors trying to win over existing customers. It’s a 2-way street as we too try to win over the existing customers of others. We must be savvy. We must tempt the customers of others to come to us, yet we must jealously guard our own clients…and as you stated, keeping in close contact and giving them the feeling that they are important to us is the key!
Great post!
Yoni
Thanks Yoni. I enjoy picking the photos although it is hard at times just to get the right one.
I thought about the post when I received information from another company, trying to win my business and remembered I had not heard from my usual supplier in quite a while.
You are so right about making them feel important.