Let's talk about something that's been on my mind lately – keeping tabs on your competitors.
It's a topic that's often debated in marketing circles – how closely should you watch what your competitors are doing, and is it actually helpful for your business?
Staying in Your Lane
I recently had an interesting conversation at a networking event where a fellow business owner was surprised by my lack of interest in a competitor's podcast.
While I'm aware of who my competitors are, I choose to focus on my own marketing. Creating before consuming is one of my mantras.
Why? Because I know that getting caught up in what my competitors are doing can lead to second-guessing my own offers and content. From there it's only a short leap to self-doubt, which can derail my marketing efforts.
I've learned that by staying in my lane and sticking to my plan, I can maintain clarity and confidence in my business.
New Players in the Game
One of my former clients called in a bit of a panic. Why? Because out of the blue, a new competitor had swooped into their market.
This client had been cruising along as the big fish in their pond, snagging new clients through good old word-of-mouth marketing - an awesome place to get to.
But, they had deviated from their original marketing strategy and let other marketing channels go quiet. So now that the new players in town are making noise. They are worried.
That's just one example of why consistency is key. Keep showing up with your marketing efforts, and don't put all your eggs in one basket. Spread your marketing out across different channels, so your business is has a long-term presence.
If you have your foundations in place, then you can layer on additional marketing tactics to ramp up when you need to - like responding to competitor activity.
Knowing Your Industry
During my time working in retail marketing, keeping a close eye on competitors was standard practice. We'd analyse their marketing collateral, visit their stores, and even react to their promotions with price-matching campaigns.
However, I think the dynamics are different in service industries, where personal branding and expertise play a significant role. Spending too much time monitoring competitors can lead to distraction and loss of focus on what truly sets you apart.
It's just as crucial to stay true to your own strengths. You've got something unique to offer, and that's your secret sauce.
Embracing the Abundance Mindset
Now, onto mindset stuff. I'm a big believer in the abundance mindset – you know, the idea that there's plenty of business out there for everyone.
If you're constantly stressing over what your competitors are up to, you're coming from a scarcity mindset, and that's no bueno.
Instead, focus on wowing your clients, sticking to what makes you unique, and attracting the right kind of people to your business. Trust me, when you stay in your lane and embrace that abundance mindset, you'll build a business that stands out from the crowd.
Tuning-In or Tuning Out?
Keeping up with industry trends and knowing what's happening in the market is super important. But getting too caught up in what your competitors are doing can sometimes lead to more harm than good.
As a coach, I'm all about finding that sweet spot – keeping an eye on what others are up to while staying focused on your own game.
And as a marketing strategist, I'm a big believer in regularly checking in on your marketing strategy. It's like having a trusty guidebook that helps you stay on course and block out distractions.
With clear direction and focus, you can tackle challenges head-on and build a business that stands strong, no matter what the competition throws your way.
So, where do you stand on competitor-watching? I'd love to hear your thoughts!
