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Should you worry about the competition? I'm afraid to scale

LifestyleGem

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Finding myself worrying about the competition, I have a few new ideas in the space that I'm in, and I'm afraid that the competition will copy it. Which has me thinking thoughts like... "Hmmm maybe I should make a separate site so they won't see it" and things to "hide" from the competitors.

How do you guys deal with competition?
Do you not do things in public view, hide etc, or do you think that's a fools game?

I feel like, being a new player to the space, that the competition is out to get me, a paranoid type of thing. I realize they can't just strike me down like lightening, but it sometimes feels that way. It's very intimidating, but I'm getting success with it.

Definitely have proved the concept. I have 2 main competitors. Which are already pretty well established with very fancy websites and SEO optimized to the hilt, one is using PBN's etc. Their adwords and bing ads are those full fledged ads with all the sub links and very authoritative.

In general they've established themselves REALLY well.... which makes me cautious... I've been able to get a few sales per day just from talking to people on forums and such (taking Andy's advice on helping people).

Trying to scale up :) but afraid to do it, partially because I'm not sure if I can "beat them". But I suppose there is space for 1 more business

Would love to hear your thoughts on the topic, so I can move forward accordingly :)
 

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Paul Weese

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I still struggle with checking out my competition. When I catch myself doing this, I have to remember that comparison takes the fun out of execution. Being focused on my plan is what keeps me sane and the cash flowing. There are enough customers and dollars for everyone to get what they want.
 

becks22

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So our business models are different so take everything I am going to write with a grain of salt. One of my current largest clients (bill them for about 150K a year) for my main business will be my main competitor in about a year.

I'm launching a new service and I will be competing directly with them (along with a few of my other small clients). I started a brand new LLC so they don't know the competitor that will be popping up is me and when the time comes for me to take their clients, that's probably when they will find out. I'm not worried, I know they are bigger than me now but not by much. They think I'm this tiny bug that needs them and their business so bad that they can push me around. I will continue to let them for now until I launch. Am I worried they will find out before I am ready for them-- absolutely but I'm doing what I can so that doesn't happen.

To be frank, they're stupid and I know they have horrible customer service. I know I will be better than them when the time comes. Although I don't like to compare, business is business. If I put out a superior service, I will have their clients. It just makes sense for the customers to come to me especially since I will have the expertise that they don't have.
 

Bearcorp

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Hide as much from the competition as possible, but don't let it come at the cost of growing your business/getting sales. There comes a point where you have to step on some toes. Step on them and get ready to knockout anyone that complains.
Spot on. As you grow, it won't just be competitors you have to worry about, all the people wanting to bite on an idea will have a go at it too. You'll step on toes you didn't know were there. None of them give a shit about you, not as a person or your business. So f**k them too. Back yourself in and get after it.
 

Dunkafelics

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Seth Godin makes a fundamental point in "The Dip" about mindset with regards to your business and the competition.

Basically, it goes something like this; "Either build your business to be the best in the world, the #1 position on the podium or don't bother starting."

So you've got a choice to make. You've come this far.

Are you going to be the best and use your competition as fuel to get to the top?

Or...

Are you going to pack up, go home and wait in the shadows for the next opportunity...

You've got this friend. Take that negative energy and steer it towards building the best business you can.
 

Kid

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Two things:

They will find out. SEO people almost always check their ranking regularly so as soon as you will get higher in google then they'll know.

They will copy you. Your job is to do something they can't copy.
 

cy-

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I have worked in sales for Scandinavian's biggest electronics retailer. Their annual revenue is approximately 5 billion USD. This company has A LOT of customers and huge market shares even though the competition is fierce.

But I learned a very important thing and it was quite an eye opener - their processes and how they do things are in many cases VERY ineffecient and requires a lot of manpower. Sure, they live off good sales people who can sell products with profits, since the competition is though, but they could save so much in e.g. salaries if they optimized a lot of their processes and they could generally give their customers a way easier time in a lot of cases.

I'm not saying this means you can compete with a huge business just like that, but it should tell you, that you can do things much more effectively than your competitor(s) and you should NOT expect your competitors to always have the most effecient processes, sales funnels, marketing strategies, customer retention rate etc. etc. They WILL have flaws and they WILL have vulnerabilities.

If you find these vulnerabilities and if it's something to do with the process of the customer, then there might be a hole for you right there. E.g. awful customer service or lacking of functionality for the product or whatever it might be.

Best of luck!
 

Bearcorp

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I have worked in sales for Scandinavian's biggest electronics retailer. Their annual revenue is approximately 5 billion USD. This company has A LOT of customers and huge market shares even though the competition is fierce.

But I learned a very important thing and it was quite an eye opener - their processes and how they do things are in many cases VERY ineffecient and requires a lot of manpower. Sure, they live off good sales people who can sell products with profits, since the competition is though, but they could save so much in e.g. salaries if they optimized a lot of their processes and they could generally give their customers a way easier time in a lot of cases.

I'm not saying this means you can compete with a huge business just like that, but it should tell you, that you can do things much more effectively than your competitor(s) and you should NOT expect your competitors to always have the most effecient processes, sales funnels, marketing strategies, customer retention rate etc. etc. They WILL have flaws and they WILL have vulnerabilities.

If you find these vulnerabilities and if it's something to do with the process of the customer, then there might be a hole for you right there. E.g. awful customer service or lacking of functionality for the product or whatever it might be.

Best of luck!
Great comment, this rings true for a lot of big businesses. The people in charge have no connection to the customer, only High level managers who are there to protect themselves before anything or anyone else.

My last job a few years ago was for a big manufacturer and I learnt an incredible amount relating to customers, internal processes etc. Mainly what not to do, because a guy down the bottom doesn't know what he's talking about compared to the guys in suits! So now I implement all that knowledge in my own business, and don't look back.
 

Mattie

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Man don't give them so much credit, they're scrubs who are holding your audience for when you take them away.

If you're not there to kick their a$$ then might aswell quit.
I totally agree. A millennial just stole my work. Although, I figure, "Hey, Kid, only one thing, I'm Generation X, and you copied my content, but I can kick your a$$ because I have the education, knowledge, and experience." I don't mind the challenge and face off in 2018. lol I think the dude doesn't know I'm a Mental Toughness Coach and I feel I should rattle his cage in 2018 and show how it's done for real. :)
View: https://www.youtube.com/watch?v=i3YU1-4Fy2o
 
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