your competition

Why Partnering With Your Competition Could Be Your Key To Successstring(65) "Why Partnering With Your Competition Could Be Your Key To Success"

May 17, 2018
, , Classic Video, Competition, Garage to Global, Profitability 1

How intelligently collaborating with your competition can vastly improve your business.

While counter-intuitive, partnering with your competition may be among the best ways to grow your business. By intelligently creating a partnership with someone who you would otherwise work against, you can combine your client bases and maximize return on your investment. However, you never know what kind of positives can come from what may otherwise seem like a negative.

Watch this video

In this video, I discuss how to deal with competition in business. This is a part of what I call the “Ivanisms Series”, all of my personal quotes and phrases and why they have worked for me. Therefore, please watch this video to understand what Ivan means.

The value of collaborating with your competition

I was doing a seminar about how it is possible to increase your business by cooperating with your competitors.

A man sitting in the audience argued passionately about not consorting with the competition. We were having a pretty lively debate when an older member of the audience stood up to weigh in.

The story he told made a believer out of everyone else in the room:

I’ve been in the investment business my entire professional career. A few years ago, I was courting a company for an investment package that included retirement and more. It was huge — one of the biggest projects I had ever worked on. Spending weeks getting to know the client’s intricate needs and putting together a comprehensive package, the client told me they were going with someone else.

Therefore, I was just gobsmacked, completely shocked. After I caught my breath, I asked him who he had chosen. It turns out he was giving it to a competitor in his mid 20s. This kid had no experience and yet, here they were giving him this monster project. I felt like I had spent enough time with the client to ask him why he would choose this person over me and my package. He looked at me and said, “You want the honest-to-goodness truth? It’s my brother in law, and my wife will go crazy if I don’t give him the business. However, I do trust him, but I know he hasn’t got the experience you have.”

In my entire professional life, I had never done what I did next. In my area of business, it’s usually dog-eat-dog, but I called the kid and congratulated him. I told him I knew a lot about the company and if he ever needed anything, I was happy to help.

The kid’s voice literally jumped out of the phone. He said, “I’m from a wealthy family, but I really have no idea how to manage a project this big. I’m connected and I have four more deals just like this one, and I don’t know how I’m going to get it all put together. Could we partner up? In conclusion, I know I can get even more deals like these, but to manage it well, I could really use your help.”

We did just that: partnered up. And that kid is a rainmaker. We have worked on so many deals, all of them the same size or bigger than that original one I thought I lost. Therefore, I made more money than I had ever made before by calling up my competitor and offering goodwill and advice if he ever needed it.

Therefore, as you might suspect, the young man in my audience had a change of heart after hearing this story.

Will this happen every time you try to work with a competitor? Of course not. But it will never happen if you don’t reach out.

What are some effective ways you’ve been able to collaborate with competitors? Let us know in the comments below.

 

competitors

How To Deal With Competitorsstring(28) "How To Deal With Competitors"

May 7, 2018
, , , Classic Video, Competition, Entrepreneur, Garage to Global 2

My solution on how to deal with competitors is simple: Don’t pay attention to competitors. Success in business is about constantly improving your product or service, team, and culture. If you focus on these aspects, you’ll improve your position in the marketplace.

Focus on the fundamentals of your business. Keep up with metrics and constantly share your organization’s core values. These are a few ways that you can improve your business. But whatever you do, don’t obsess over what competitors are saying about you. If you keep bettering your own business, you’ll have no need to fear your competitors.

“The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.” – Henry Ford

Watch this video

In this video, I discuss how to deal with competition in business. This is a part of what I call the “Ivanisms Series”, all of my personal quotes and phrases and why they have worked for me. Please watch this video to understand what Ivan means.

competition

Competition into collaborationstring(30) "Competition into collaboration"

August 17, 2017
, Collaboration, Competition, Guest Blog, Guest Video, Tiffanie Kellog

You can turn your competition into your best potential referral source. In this video, Tiffanie Kellog and Jason Avery share how he accomplished this in his construction business. There is plenty of business out there if you do it right.

About Tiffanie Kellog

For more information on Tiffanie Kellog, please visit her website at tiffaniekellog.com/

Tiffanie Kellog is a professional speaker and trainer with Asentiv, and is co-owner of a business with her husband.  Therefore, Tiffanie has helped entrepreneurs over the years make more money while saving time. Thus, they can have more fun. She is dedicated to helping others make more money in less time.

To contact Tiffanie, call her at 813-263-9690 or email at referrals@tiffaniekellog.com

Partnering With Your Competitionstring(32) "Partnering With Your Competition"

April 21, 2016
, , , Competition, Profitability 2

While counter-intuitive, partnering with your competition may be among the best ways to grow your business. By intelligently creating a partnership with someone who you would otherwise work against, you can combine your client bases and maximize on return on your investment. You never know what kind of positives can come from what may otherwise seem like a negative.

Click on the graphic below, or click here, to hear what I have to say.

Building Your Network Effectively–Where to Start . . .string(60) "Building Your Network Effectively–Where to Start . . ."

January 14, 2013
, , , , , , , , , Building Relationships, Business, Introducing Yourself, Marketing/Sales, Networking, Networking Prep, Networking Tactics 3
If you’re having a hard time building your network because you’re concerned people can’t seem to understand or relate to your business, it’s helpful to remember that before you can begin to network effectively, you need to find a way to explain your business in a way that people will easily understand. 
We ALL need to heed this rule of thumb and be able to clearly and simply communicate what it is that we do by pinpointing key aspects of our business for our potential referral sources.

My advice to anyone confused about how to clearly explain what it is that they do is to ask yourself these questions and write down your answers:

  • Why are you in business (other than to make a living)?  Why do you do what you do?  How does your business serve others?
  • What do you sell?  Most important, what are the benefits—not the features—of your products or services?
  • Who are your customers?  What are your target markets?  Be specific.  Look at all segments of your business to determine the niche or niches you prefer to work with.
  • What are your core competencies, and what do you do best?
  • How well do you compete?  How do you stand out from your competition?

These questions will help you explain what your business is all about, and make you more effective at implementing a comprehensive referral system.  By communicating these aspects of your business to referral sources, they’re learning how they can refer you; and that’s what networking is all about.

“Never Apply for a Job Again: Break the Rules, Cut the Line, Beat the Rest”string(87) "“Never Apply for a Job Again: Break the Rules, Cut the Line, Beat the Rest”"

September 18, 2012
, , , , , , , , , , , Author, Book, Building Relationships, Connections, Economy, Educational Resources 1

Earlier this year, I was asked by Darrell Gurney (pictured below) to write the foreword for his new book, Never Apply for a Job Again: Break the Rules, Cut the Line, Beat the Rest, and I gladly agreed for two reasons.  First, Darrell walks the talk–he completely understands the importance of building genuine relationships in networking and he is the epitome of a master networker.  Second, I believe this book is an invaluable tool for people across the globe in forging new career paths, especially in our current economic climate where the competition for jobs can be a huge challenge for the majority of people.

Today is the official book launch for Never Apply for a Job Again, and I highly encourage you to visit the book’s website and watch the short videos on the site which explain what the book is about and how it can help people worldwide use networking to secure jobs without struggling through the conventional, highly competitive job application process.

In short, the book outlines the way for professionals, new graduates just starting out, returning military folks, and all others to approach an uncertain job market with certainty by knowing and being known by the people who have the power to launch careers.

 Darrell teaches how to:

  • Break outside of limiting “rules” by which you unconsciously live in relation to networking
  • Meet people, be memorable, stay top-of-mind, and maintain connections with influential door-openers
  • Employ ten, time-tested principles for launching an effective “stealth” career campaign
  • Have your fascinations and passions lead to research and relationships
  • Network like a pro, regardless of whether you’re an introvert or an extrovert
  • Conduct backdoor meetings to gain massive referrals
  • And more . . .

80% of all jobs are filled before they are ever advertised and this book is the solution to being left in the dark and not getting a chance at the unadvertised jobs.  To quote Darrell, “The most effective career-enhancement tool since humans arrived on the planet is the good opinion and favor of others.”

If you want to learn more about how to advance your career by leveraging the good favor of others whom you’ve built genuine relationships, visit the Never Apply for a Job Again website by clicking here.

What Is Your Company’s Competitive Position?string(50) "What Is Your Company’s Competitive Position?"

November 11, 2010
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Business, Competition, Success 1

To find out how you stack up against your competition, take a little time to analyze your competitive status. This exercise will help you understand and emphasize your unique selling position.  How do you differ, and how can you position yourself for the best competitive advantage?

There’s no single formula for conducting a competitive analysis; it’s mostly just good business sense.  Try to stay aware of what your competition is doing and how your business stacks up against it.  For example:

  • Are your prices and costs competitive? — Do customers who compare costs come back to you?
  • Do you compete effectively in terms of product or service quality?
  • Are you seen as the vendor of choice? — Why do people seek you out?
  • Are you growing, losing ground or just holding onto your market share? — Are you waiting to see what will happen and hoping to react in time?

Staying competitive also implies being aware of trends and reacting to changes faster than your competitors. How will changes in technology and society affect the competition? Are your products or services more advanced than those of your competition? Do your competitors have the jump on you with online marketing/social media?

Understanding the driving forces in your industry — growth rates, shifts in buyer demographics, product and marketing innovations, the entry or exit of other competitors, changes in cost or efficiency and so forth — will make you a top competitor.

I highly encourage you to take some time this week to sit down and ask yourself the questions listed above. Once you’ve done this, come back and leave a comment explaining what you learned about your company’s competitive position.

Bob Burg’s 10 Networking Questions That Work Every Timestring(61) "Bob Burg’s 10 Networking Questions That Work Every Time"

October 7, 2010
, , , , , , , , , , , , , , , Author, Building Relationships, Conversation, Networking, Networking Prep, Networking Tactics 16

My good friend, networking expert Bob Burg, has 10 questions he personally uses when networking that he believes every networker should memorize.

Bob explains that these questions are not designed to be probing or sales-oriented in any way; they are all friendly, fun to answer, and will tell you something about the way the person answering them thinks.  You’ll never need or have the time to ask all 10 questions during any one conversation but, still, you should internalize them.  Know them well enough that you are able to ask the ones you deem appropriate for the particular conversation and time frame.

Here are the 10 questions:

1.  How did you get started in the (______) business?

2.  What do you enjoy most about your profession?

3.  What separates you and your company from the competition?

4.  What advice would you give someone just starting out in the (______) business?

5.  What one thing would you do with your business if you knew you could not fail?

6.  What significant changes have you seen take place in your profession through the years?

7.  What do you see as the coming trends in the (______) business?

8.  Describe the strangest or funniest incident you’ve experienced in your business?

9.  What ways have you found to be the most effective for promoting your business?

10.  What one sentence would you like people to use in describing the way you do business?

Like Bob says, you’re not going to get to ask more than a few of these questions during an initial conversation,  so don’t worry about sounding like you’re conducting an interrogation. These are feel-good questions people enjoy answering, and they are meant to establish an initial rapport.  So next time you’re at a networking event, try using a few of these questions and then come back and leave a comment about how using them worked out for you; I’m more than willing to bet you’ll be pleased with the results.

My Philosophy About Competitionstring(31) "My Philosophy About Competition"

June 21, 2010
, , , , BNI, Business, Entrepreneur, Ivan Misner, Marketing/Sales, Networking, Rant!, Success 7

My philosophy about competition is best summed up by Henry Ford, who once said, “The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.”

In my business organization, BNI, members or directors often express concern about other competitive networking groups that are forming and bad-mouthing our company or attacking our program in some way. I tell my team that if they feel like someone is biting at our backsides, it’s because we’re out in front. Success in business is about constantly improving your product or service and making it better all the time. The process is a journey, not a destination. However, if you are constantly working to improve the system, improve the product, improve the culture and improve the team, you will also improve your position in the marketplace.

Almost 10 years ago I had a particularly aggressive competitor publicly state that he was going to bury our organization. Since then we’ve grown by almost 400 percent. I haven’t heard about his company in years. I’m not sure whether it’s still in business. Ford got it right. Keep making your business better, and you’ll have no need to fear your competitors–your business will be the one competitors fear the most.