Sunday, November 16, 2008

Know Thy Competition Better Than They Know You

When I wake up each morning, I look at my competitor's website -- not my own.


Because it's more important to see what THEY are doing, what THEY are offering, THEIR statistics, what opportunities THEY are missing and what systems THEY are copying of mine.

I'm not too concern how my site looks from day-to-day except to know it's working and up-to-date.

In other words, it's more important to know my competitors better than myself. This is very important as a company grows for 2 reasons:

1) Complacency. You tend to get too cocky and don't pay attention to your competitor thinking they are not worth your valuable time. Meanwhile, your clients are giving more attention to your competitor than an accident on the I-75!

2) They are going to copy you or one-up you. Be VERY careful. You will be copied and someone that works for your competitor will figure out a better, faster, cheaper, new way to beat the hell out of you. It will be their sole purpose in life to hammer you into bankruptcy. Do not fool yourself and think this person does not exist.

Many famous companies have disobeyed number 1 and 2. Look at Microsoft edging into Apple's territory while Apple just sat there. Again look at what Netscape and Linux did to Microsoft. More recently look what Honda and Toyota have did to the big three! They have nearly put them into Chapter 11. I am sure there was some Chrysler exec. saying "Who cares? They are losing out on the SUV profits we are making by focusing on small gas-sippers."

Don't make the mistake of looking in the mirror at yourself all day. Get to know every inch of your competitor instead.

No comments: