Crystel, I saw my competitors were charging this. Crystel, my competitor is offering this. Crystel, my competitor is giving this away.
STOP THE MADNESS!
Every moment you spend researching, stalking, watching, following your competitors is time that you could be growing and scaling your business.
Imagine if you spent the time you spend looking at your competitors working on YOUR business.
I left a company in 2012 to start my own business. The owner of that company was livid to say the least.
For several months after I left, I received phone calls, texts, emails, and even Facebook and LinkedIn messages from colleagues and clients sharing everything my former boss was saying about me and the things he was doing to compete with me, or “beat me” as he said.
My response was always the same.
- Those who know me best will know better.
- I am spending my time on growing my business and serving my clients. Any time I would spend focused on tracking what he (my competitor) is saying or doing I would be loosing valuable time that I could be working on my business.
Joan spent about 2 hours every week checking on her competitors offers, prices, products, and services. She wanted to know about every promotion and special they were offering. She kept a close eye on their pricing to ensure her pricing was similar.
Imagine if Joan would have spent those 2 hours working on growing or improving her business each week!
Stop comparing your products and prices to those of your competitors!
There are customers who drive Ford Fusions (like me) and those who drive Teslas. I value a low investment, some features like a back up camera. (I’m not the best driver forward and slightly worse in reverse.) I value other simple features like automatic seats and windows. Tesla drivers may value high quality leather, streaming, autopilot, and advanced parking sensors.
Stop wasting your time comparing your prices and focus on who your customers are and what they value. And then deliver!
Betsy, a photographer who was new to the industry launched her wedding package that was chalked full of value. She decided to price it low since she was new to the industry and created her wedding package for $300.00. (Her competitors offered a similar package for $1,800.00.) Yes, Betsy stalked her competition. Betsy placed several ads in every bridal medium she could think of and after 3 months only received one inquiry.
Why? Perceived value! Potential brides saw the $300.00 price tag and immediately thought “ya get what you pay for”. And $300.00 wouldn’t get you much on your wedding day. Betsy increased her price, not to match her competitors. She increased it to test my theory. What did she have to lose? Betsy’s new price for her wedding package was $3,000.00. Again, she marketed the same ad with the exception of the new price. Becky received 7 phone calls and booked 4 weddings within one week! Betsy charged MORE than her competitor. Comparing your prices to your competitor will only encourage you to charge a lower price and take your focus and energy from growing your business.
The next time you have the urge to “check out” your competitors spend the next hour working on improving your business instead. You, your customers, and your bank account will be glad you did!
Stop Watching Your Competitors today:
- Spend more valuable focused time on your business
- Get paid more than your competitors
- Add additional value for your customers