Hello friend, time for another business changing edition of #MondayMarket and the topic for today is ‘Dealing With Competition’ Let’s dive straight in.
It took Mike his whole life’s savings to put up his hotel business; a dream he’s always had since he was younger. He had always loved the hospitality business, paying close attention to the activities of the few highly rated hotels in Lagos. He believes he is the next ‘Doyen’ of the hospitality business in Nigeria and he wants to rival the ‘Marriotts’ and the ‘Hiltons’. This particular project had tasked him so much in terms of funds, time, energy and effort.
He had assembled 2 teams; one worked on the renovation of the property & the other on the detailed finishing to taste. There were a few other hotels just some few blocks away and each had its own distinct size, taste, market share & service delivery.
However, his hotel remained the favourite until it started dropping the ball and a new one showed up down the same road. Mike’s hotel was gunning for the 4-star rating just to keep him ahead of the competitions that were largely 3-star rated. Just like Mike’s every business should have a uniqueness; a signature. That is what differentiates you from your business competition. Something to keep you ahead of the pack or else, the business would get lost in the crowd.
Moreover, competition should never be seen as an evil rather it should been seen as being good for your business. It is what forces you to give your very best and brings out your creativity & inventiveness. It will keep your business on its toes, thinking outside of the box, improving and working harder. Because we have an attitude business, your competitors will also teach you lessons on what not to do as a business. Unfortunately, competition becomes a problem when we run out of ideas or simply refuse to do the needful; grow & maximize opportunities.
As a statement of fact, Nigeria’s population is an economic advantage on its own. You have a fantastic opportunity of meeting the needs of over 180 million people, that is if you want to have the whole pie. However, a monopoly will never be able to deliver real value in such an economy as ours; we can’t get the very best from such businesses.
A market leader in a relatively smaller African nation is a small player relative to Nigeria’s size. So competition may be a bit fierce here because you need to get people’s attention by every means possible.
There are businesses waiting for you to innovate and all they do is copy you; so many “copycats” around. There are also others who are ready to steal your ideas; they don’t need your permission to do that. So you cannot afford to be afraid of competition, rather just see it as a necessity for your growth.
Here are a few tips to help deal with business competition;
First, change your mind set about competition.
Don’t be in anyone’s shadows by “copying”; find your uniqueness; competitions are not always a competition if you are unique.
Never ignore or underestimate the power of a competitor; they will always be there, trying to “snatch” the bigger pie.
Become more innovative; do more with less. It is about “newness” of the idea, design, product or service.
Focus on your uniqueness and your marketing plan; see if you can gradually increase your market share.
Know your trade very well; know your competition, know your customers and your value offering
Take better care of your existing customers by providing better value; give discounts, bonuses and other incentives.
Improve your image and your team outlook. Like we said last week, take care of your own staff & they will take care of your business
Finally, remember no one is in charge. If you can dare it, you can conquer all.
If this message has blessed you, please do share with friends and loved ones too.
Also don’t forget to join us same time tomorrow for #TieTuesday: to help you do better at work and in your career.
Do have a wonderfully successful week.