Does your competition pose a threat?

Could a well funded competitor take market share from you?

Could your competitors copy, replicate or steal your IP and methods?

Companies all the time disappear because they could not keep up with the competition.

However, as experts, we should not be afraid of the competition, here are several reasons why:

#1 Competition means your market is educated

Selling requires communicating a solution in a way that is understood.

If there are many competitors solving a similar problem, we can be assured that the market understands the solution and there is indeed a felt need.

All that remains is to solve the problem in a superior way.

We can niche down into the market and escape the competition by finding our unique angle

A major reason for start-up failure can be launching too soon, creating a product before prospects are ready for or aware of their need for the innnvoation.

If we have no competitors we should be more concerned rather than delighted.

#2 Being an expert means you have a unique selling proposition that is not copyable – you

Companies that fail simply cease to listen to their customers.

Nokia didn’t take note of the smartphone revolution and Blockbuster didn’t take note of the streaming revolution.

Failure comes from not seeing change.

As an expert listening to your clients and customers is a daily reality, otherwise you would not be an expert.

Continual sharpening of your unique value in the market is essential. This is literally irreplaceable.

If somone is copying your methods and taking your clients, you can just push deeper into your expertise, charge more money for a more premium market and escape competition by honing your unique speciality

Then you do not need to fear competition.