The Word Competition Deserves a New Definition from Its Core

Plug the gap in your understanding and make bank

Our basic understanding of the word competition in business is flawed

(It's high time you change this for yourself and reap benefits)

If I were to ask you, how would you define "competition" how would you define the word?

In fact, I'd like you to go ahead and type your definition in the comments below, before you continue reading, so that you can gauge the difference in your understanding by the end of this post.

I'd like to assume your definition would have been, "another player in the market who's offering a product/ service that's similar to my business".

Am I correct?

That's where the flaw is.

Understand this. Your competitor doesn't get business because they offer something similar.

In fact, they get business because their offering (although may "look" similar), is actually unique in its own way.

We tend to look at the final deliverable and we try to compare our final product to someone else's final product when we are trying to gauge the competition.

HOWEVER, the right way to deal with this situation is to study the entire customer journey and see how your competition is dealing with every step on the way.

Think about this carefully, all reputed hotels have very similar product/ price offering.

Yet, what makes one brand your favourite over the other?

If you're a customer that pays attention to details, the way the doorman opens the door and greets you, the way the front desk professional processes your check in, the time taken, the lack of friction in you being assigned the room, how your preferences (the floor, smoking/ non-smoking room, the view from your room) was accommodated at the time of your check-in, and your overall stay, every factor adds up.

Now try to recreate this entire scenario for your customer in your business domain and be mindful of every step of the customers' journey.

Compare your brand with the competition not on the aspect of product delivery, but on every step of the journey of the customer, right from introduction of the brand to the transaction getting completed.

The devil and profits are hidden somewhere in the details.

Start tightening every screw and see how your customers start getting loyal to your business with every (seemingly) small change.

Fall in love with improving the process of your business and the experience of your customer at every step and see how you start walking a mile ahead of all the competition in your market/ industry.

Keep Going Keep Growing 🚀

Thank you for reading the full post. Since you read this till the end, it’s safe to assume you found value in the content.

Please consider sharing this post with your audience on social media. You may end up helping someone who’s struggling in their career/ business because they don’t understand the importance of building their personal brand.

I’m sure if you think hard, you will easily come with a few names who you know must read this.

Share this with them, help them and earn your blessings.

P.S.: Image made on Meta AI using the prompt, “imagine a lady business owner from India who succeeds in her business by giving a product that's better from all competitors”