Why are my competitors more successful than me?
If you have never asked this question and don’t have competitors more successful than you then stop reading, jump on your super maxi yacht and sail off into the sunset! But for the rest of us mere mortals, read on.
How often do you stop and look at why they are more successful?
What are they doing differently or better than you that commands more of your target audience’s attention (and wallet)? I think this question is worthy of some processing by the grey matter that lies between your ears.
Time to activate the grey matter!
Task: Take 5 minutes now and jot down the top 5 reasons why they are more successful than you – Go on, I double dare you!
In my business, I have one such competitor that is very vocal about how successful they are. And being honest, they appear, on the surface, to be that. On a revenue basis, they are approximately five times larger than us. I spent a heap of time studying them, and it took me a long, long time to work out what they were doing better than us.
We have a superior product offering, by far. We produce better outcomes and results for our clients. Our service model kicks their lily-white bottom. The list goes on. So, I kept scratching my head. I couldn’t figure out the key points as to why they were more successful (and don’t get me wrong, five times bigger doesn’t mean more successful, but they were certainly doing something better than we were).
Then it came to me!
Finally, after about 18 months of thinking and analysing, it dawned on me…[insert an image of me kicking myself you know, for not seeing it earlier, for how simple, elegant and amazingly obvious it was] I should have seen it all along.
They are communicating better ‘value’ than we are.
That’s it! Nothing more, nothing less. Now, you may not like that answer, but unfortunately, it’s the truth. They, (your competitors and ours) are offering better value.
For all the complexity that goes into a good business, the answer is really simple. And once you start to understand this, it brings a whole new dimension to your business (and your future success).