The goal in business is to make a profit by selling a product or service. Many times, companies are often faced with selling in an environment where they’re competing for sales and market share.

In 1941 as the competition in the auto industry began to get heated, Henry Ford welcomed the challenge with this quote “Competition is the lifeblood of industry.” Competition should not be feared, it should be the motivator to make you work harder and smarter in your industry and for your customer.

Take a look at these insights and how you can use your competition to your advantage:

Treat your competitor with respect – and learn from their successes and mistakes. Take time to really learn more about your competition. Look at their products, how they market, the type of customer service process they have in place and fine tune your business accordingly. The goal is not to mimic your competition, but to find your competitive advantage and implement strategies that appeal to YOUR customers and prospects.

Anticipate change and stay ahead of your competition. Instead of reacting to problems that arise, arm yourself with an understanding of the challenges to come, as well as the systems required to handle them. Hire a marketing expert that can analyze and educate you on the economic, marketing and sales trends impacting you and your competition. This third party assessment will allow you to make the necessary adjustments and keep your business moving forward and on the upward track.

Connect with your customer on a consistent basis. Your customers want to hear from you even if they don’t need your services at the moment. Find out what they need. Make sure to use marketing tools that work for you: an e-newsletter, an interactive website, and social media are all great ways to highlight yourself as the “trusted, established expert” in your industry.

Your ability to stay ahead of the competition depends on your entire team and how committed they are to the superiority of your products and services. When it comes to your competition, take the time to adjust your mindset and and analyze their successes and failures to better equip your business to win with the customers!

At R2R Marketing, our team is ready to partner with you in discovering your competitive advantage. We can help you analyze your industry competition and provide you with a winning strategy