Competition is GOOD for business!
Are you afraid of competition? Don’t be.
Competition is actually good for your business. When several people offer the same types of services, it implies that these services are popular and in demand.
People flock to what’s popular, because popularity is an endorsement – The herd mentality is: If others are using a service, it must be worthwhile.
It’s actually much harder to sell services that no one else is – especially if you’re in the mental health field, which still has some stigma in many communities.
No matter how much you say you can help people, they might be skeptical. After all, in most businesses, if there is something worth paying for, a lot of people would probably want it – and there would be enough demand for similar businesses to sprout up.
Therefore, instead of fearing competition, embrace it. Here are some tips:
- Promote what’s different about you. Figure out at least one way that you’re different from your competitors, and emphasize that in your marketing. But the difference must be of benefit to your audience. If you are fluent in Swahili, and no one in your community speaks Swahili, that’s not much of an edge over your competition. However, if you offer evening hours, or babysitting, or if you are a specialist in a sub-niche of your field, people will be drawn to you.
- Support your competition in a way that does not undermine your business: Refer people to your competition whom you would not work well with. If you come across an article that might be helpful to your competition, send it to them. When they have the opportunity to refer to you in the future, they will be more likely to do so.
- Network with your competition. Give them a chance to get to know you, like you and trust you. They may end up referring some of their family or close friends to you, which would be the ultimate endorsement of their respect for you.
Another great post, Pauline! For us coaches, referring clients to each other also strengthens the image and reputation of coaching. We all win when a coaching client is satisfied. . . (Remember the Miracle on 34th Street, when the Macy's Santa referred the little girl to Gimbel's for the toy she really wanted? Interesting to note that Macy's is still strong...and Gimbel's is gone. Now that was just a movie, but the lesson still holds.
ReplyDeleteGayle
This is a great topic, Dr. Wallin! We tend to shy away from competition and forget that it can actually make us stronger.
ReplyDeleteHi Pauline,
ReplyDeleteThanks for sending me a link to your blog! You've dropped kicked me into the 21 century as your invitation has caused me to make at least a blogger name.. maybe my own *psychological blog* is next? ;)
I look forward to reading your blog, and would like to comment on your most recent thoughts about competition, as well as raising one's competitive edge. I've always viewed my local *competition* as welcome and friendly allies. Indeed some have become friends. There are only so many hours in the day, so without colleagues to refer to, where would either the psychology or coaching field be? Even with a cache of trusted colleagues sometimes the demand is higher than the supply. As for offering that additional *something* I'd never once thought of babysitting. I don't think I'd ever add it to my services but what an original idea.
Thanks again for the link!
Sheila