competitors Archives - Dr. Ivan Misner®

11Jan2021

Collaborating with Your Competitors Can Improve Your Businessstring(61) "Collaborating with Your Competitors Can Improve Your Business"

January 11, 2021

competitors Collaboration, Competition 1

During my years as a management consultant, I would regularly participate in management organization “hubs” made up of other consultants, many of whom could be considered my direct competitors. However, each of us also had specializations in addition to our general management skills. Someone would have much stronger skills in reading a financial statement; another would be a technology guru; someone else would be a true master of closing large sales.

Depending on the needs of the client, I could turn to one of these competitors for assistance on particular projects with my clients, and they could also pull me in at times to help with theirs. We had a clear delineation and understanding of whose client it ultimately was, but we all became better providers of knowledge for our clients by occasionally using this collaborative approach.

I developed this concept in my book, The World’s Best Known Marketing Secret. For my management consulting approach with my clients, I was the “hub” who brought in other professionals with specific talents as needed. This approach made me a better consultant than I could be on my own.

I was doing a seminar many years ago on networking and was talking about the value of collaborating with your competition from time to time, and how it is actually possible to increase your business by collaborating and cooperating with people who might be your competitors.

A man in his early 20s sitting in the audience raised his hand and argued passionately about how he didn’t think it was a good idea to consort 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.

It is a good idea to consort with your competitors

I’ve been in the investment business my entire professional career. A few years ago, I was courting a company for a gigantic investment package that included retirement, investments, insurance, and more. It was huge — one of the biggest projects I had ever worked on. I spent weeks getting to know the client’s intricate needs and putting together a comprehensive package. I was so close to closing the deal, but literally days before I thought it would close, the client told me they were going with someone else.

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. I do trust him, but I know he hasn’t got the experience you have.”

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? 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. 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.

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.

2Jun2014

How to Meet the RIGHT Peoplestring(28) "How to Meet the RIGHT People"

A networking event is not–I repeat not–designed to bring strangers together for the purpose of referring themselves to one another. Why would you refer yourself to someone you barely know? A typical networking event is designed to have people who don’t know one another meet and mingle. But for a networking event to be fully productive for you, you must meet the right people for the right reasons. Meeting the right people will make a positive impact on your business and give you a high return on your networking investment.

Image courtesy of jannoon028 / FreeDigitalPhotos.net

So, at a networking event, how exactly do you identify the right people to meet? You do this by considering two types of individuals: those serving your preferred clients and those who have the potential to help you meet your business goals. Today I’d like to focus on looking at those who serve the same professional client as you. “Hey, aren’t those folks likely to be my competitors?” you might wonder. Not necessarily.

Consider these two examples:

Lorraine is a real estate agent whose preferred clients are retired home owners or empty nesters with assets over $1 million, who love to travel, are country club members, and seriously pamper their pets. Other suppliers for their services might include high-end salons and spas, professional landscapers, financial advisors, country club owners, travel agents, home-cleaning service providers, and pet resorts.
Tanya is the owner of a direct-mail company that targets colleges and universities. When Tanya could not determine who else serviced the decision makers at the university, her marketing coach asked her if she had a current client in that preferred market. She said yes. Then she was asked, “How well do you know her? Will she take your call? Would she grant you thirty minutes of her time?” Tanya emphatically replied, “Yes!” Her coach then suggested that she schedule a purposeful meeting and sit down with her to pick her brain on who she grants her time to and who else supports her needs.

Your preferred clients have many suppliers for their needs and it could be in your best interest to connect and build relationships with those other suppliers so, when networking, you want to focus on meeting these people. The answers to the questions that were asked of Tanya helped direct her to the people she should be searching for while networking. You can gain the same benefit by having a similar conversation with one of your preferred clients and asking questions like these: “Who else solves your daily problems?” ; “Who do you allow in the door?” ; “What companies do you call on when you need (product)?” ; “Whom do you trust when it comes to helping you (type of service)?”

At networking events, look for name tags that fit specific professional categories you’re seeking to cultivate. If you meet a professional who services your preferred client–and you like the individual as a person–consider this the first step in building a new relationship. If you build a trusting and giving relationship with someone who provides services for your preferred client market, it stands to reason that your referral potential will increase dramatically. Remember that in a true tri-win (that’s win-win-win) relationship, that person’s referral potential will also increase, and the client will get the best service possible.

Be sure to come back next week as I’ll be posting specifically about the other types of people you want to focus on meeting while networking–those who can help you meet your business goals.

In the meantime, I’d love to hear any stories you may have about how you successfully built a relationship with someone who serves the same professional client as you do and how that relationship has benefited you and/or the other service provider . Please share your experiences in the comment forum below–thanks!

6Sep2012

Raymond Aaron on Brand Creation & Brand Polishingstring(54) "Raymond Aaron on Brand Creation & Brand Polishing"

I had the pleasure of recording this video with my good friend Raymond Aaron while in Canada for the TLC (Transformational Leadership Council) Conference at the end of July and this is a must-see video for anyone wanting to build their business (which, if you’re reading this blog, more than likely describes you).

Raymond says that if you’re having difficulties attracting the clients and the wealth that you want, it’s very likely that this is due to the fact that you’re in an ‘ocean of sameness.’ In other words, you might know how you’re different than your competitors and your clients may very well know it too, but to everyone else out there in the world looking at you, you look the same as every other professional that does what you do.

Watch the video to learn about the easiest way to differentiate yourself using brand creation and brand polishing so you can get out of the ‘ocean of sameness’ for good.

Also, be sure to visit www.Aaron.com to get a FREE copy of Raymond’s book, Double Your Income Doing What You Love.

22Nov2010

Taking Chargestring(13) "Taking Charge"

The best word-of-mouth programs I’ve seen happen by design, not by accident or wishful thinking. Unfortunately, many businesspeople view word of mouth somewhat like the weather: “Sure it’s important, but what can I do about it?”

Based on more than two decades of research, observation, and practical experience, I’ve found that in addition to focusing on the important issue of customer service, the average businessperson has much to do in order to build a referral business. Word of mouth can be planned and nurtured. Anyone, including business owners, entrepreneurs, sales representatives, staff employees, even individuals serving in a volunteer capacity in any field, can accomplish plenty with a well-structured and systematically executed word-of-mouth plan.

All too often I have seen businesspeople waiting for business to walk through the door. They think because they are good at what they do, people should be flocking to them. I’m afraid the truth is, it doesn’t work that way! You have to take charge, no matter what business you’re in or how good you are, and bring the business to you.

I once saw a cartoon strip of two large, ravenous-looking vultures perched on a tree limb, overlooking a dry desert plain. After quite a while, one vulture turns to the other and says, “Wait for something to die? Heck, let’s kill something!” So it is with word-of-mouth marketing. You can’t simply wait for people to come to you. If you do, one of your competitors who also provides good customer service will most likely find them before they show up at your doorstep.

If you want to succeed, you have to go get your business, or better yet, have someone else get it for you through referrals.

8Nov2010

Do You Know Your Mission?string(25) "Do You Know Your Mission?"

You may think you know why you’re in business, but perhaps it’s been years since you gave it serious thought. There’s no better time than now to re-examine why you’re doing what you’re doing. Ask yourself the following questions:

What is my business mission? — Beyond simply making a living, what are my long-range professional goals? Do I wish to become the standard by which my competitors are judged? Is it my dream to help make the world a better place?
Where is my organization going? — Am I achieving my mission? Am I making plans to accomplish it? How can I change policies, procedures or personnel to improve my chances of achieving my mission?
What environment is my organization operating in? — What are the social, economic and technological trends that affect the way I do business and my progress toward my goals?
What are my core competencies? — What do I like to do? What is it that I do better than my competitors? Is my business mission compatible with my values and aptitudes?

I’ve seen too many business professionals and companies make the mistake of trying to be all things to all people. Starting out with the fundamentally sound goal of finding a niche that will make them successful, they go astray by changing direction every time a customer or associate suggests a new product or service. The mission gets lost in a frantic scramble for business before the original idea ever gets a chance to pay off.

So, even if you think you know your mission, it will serve you well to pause periodically, analyze your business and, if necessary, refocus on your mission and philosophy.

4Nov2010

Finding Your Starting Pointstring(27) "Finding Your Starting Point"

If you have little or no experience with referral marketing, it would be a mistake to jump into action without preparing yourself. Central to the referral-marketing process is getting people to send you referrals. To do so, they must know exactly what you do — what product or service you provide or make, how and under what conditions you provide it, how well you do it and in what ways you are better at what you do than your competitors. You have to communicate this information to your sources. And to communicate effectively, you must know the same things.

It may seem a no-brainer; don’t we all know what we do for a living? Yes, of course, most of us do. But can you communicate it clearly and simply to your potential sources? When you try to do so, you may find that you’re not quite as clear on the facts as you thought. And if you can’t tell your potential sources what you do or what you sell, how can they send you good referrals?

Before you map out where you’re going to take your business with your referral-marketing campaign, pause and get a clear picture of where your business stands today. Try to answer, in simple terms, the following questions:

Why are you in business?
What do you sell?
Who are your customers?
How well do you compete?

Answering these questions for yourself will help you tell others what your business is about. This will make you more effective at implementing your comprehensive and systematic referral system.

28Oct2010

Successful Businesses Need an Edgestring(34) "Successful Businesses Need an Edge"

It’s no secret that the economy goes through cycles. Each time it takes a downturn, unfortunately, salespeople, business owners and professional service providers feel the fallout.

Data released by various sources, including the SBA and American Entrepreneurs Association, reveal that more than 50 percent of all businesses close their doors within their first seven years. During a recession, the rate of business failure rises more dramatically. Not included in the statistic cited above are the departments, plants or whole divisions closed by large corporations when times are tough. In today’s ever-changing business environment, if you want to be successful, you need to have an edge over your competition.

Most businesses rely on advertising in one or more ways to try to get an edge. However, if you offer the same products or services through the same means to the same targets as your competitors, it’s difficult to achieve an edge. This means you need to be very creative in order to be competitive in today’s marketplace. Creativity in marketing your business has become a basic tenet for today’s successful company or professional practice. Here’s a great story of how one business exemplified creativity at its finest in order to gain an edge:

Three store owners shared adjacent storefronts in the same building. Times were tough. In hopes of picking up sales, the store owner at one end of the building put a sign over his front entrance that said, “YEAR-END CLEARANCE!!!” At the other end of the building, a second owner responded with his own sign: “ANNUAL CLOSE-OUT.”

The store owner in the middle knew that he had to act fast or he’d lose a lot of business. After careful consideration, he hung a larger sign over his front door that read, “MAIN ENTRANCE.”

The moral of this story: You can’t control the economy. You can’t control your competition. But you can control your response to the economy. And you can control your response to your competition.

If you have a great example of how you’ve used creativity to get an edge over your competition, I invite you to share it in the comment section. Your story could be just the encouragement other business owners need to get their imaginations in gear!