馃攳
3 Ways To Deal With Business Competition - YouTube
Channel: Dan Lok
[0]
Three Ways To Deal With
Business Competition.
[3]
Now, don't you just hate competition?
[5]
Now, if you are just starting
out, you are probably
[10]
competing with companies
and businesses that are
[14]
more established, that
have more resources,
[17]
they have been around longer,
or if you are the leader
[21]
in your sector, in your
industry, in your category,
[24]
chances are you also
have new companies coming
[27]
into your industry trying to
take market share from you,
[30]
trying to take customers from you, right?
[32]
They offer different types of products.
[34]
In business, we cannot avoid it.
[36]
We are dealing with competition everyday.
[39]
So today I want to share with you some
[41]
of my unique perspectives
when it comes to dealing
[44]
with competition, and just
the way I view competition.
[47]
First of all, the
competition that you think
[50]
is your competition is
not your only competition.
[54]
What do I mean by that?
[55]
Think about if, let's say you
run a local gym membership.
[58]
Right, you run a local gym
and you sell gym memberships,
[61]
and you think you are competing
[62]
with other gyms in your area.
[66]
I could tell you that simply is not true.
[68]
If that's the way that
you look at the market,
[71]
chances are you're gonna lose
because you underestimate
[74]
your amount of competitions that you have.
[76]
Because keep in mind, the
customers that you're selling to,
[78]
they only have so much disposable
income that they can spend
[82]
so it's not just between choosing
your gym versus other gym.
[87]
It's also choosing spend
money with you, spend money
[90]
in fitness, investing in
their own health, right,
[93]
versus spending money
maybe at krispy donut,
[97]
right, or Netflix.
[99]
You have to look at it that way
[100]
because they've only got so much money.
[102]
If you want them to spend
money with your business,
[104]
you cannot just think
about I'm just competing
[105]
with other gyms.
[106]
That's a bare minimum, right?
[108]
That's who you're competing with.
[109]
So way number one, how do you compete?
[114]
Number one, keep your friends close
[116]
and keep your competitions closer.
[119]
Here's what I do, I study my competitions.
[122]
I probably know my competition better
[124]
than they know themselves, right?
[125]
I study them, I buy from them, right?
[128]
I talk to their people.
[129]
I want to know what they're
doing, what they're gonna do,
[132]
and how they're doing it.
[134]
What are some of the best practices?
[136]
So I study, I'm on their email list,
[138]
I look at if they have videos,
if they have social media,
[141]
I follow their stuff.
[143]
You have to know 'cause how
are you gonna beat someone
[146]
if you don't know what they're doing?
[147]
It's very dangerous in
business to think that, well,
[150]
I don't need to know what they're doing,
[153]
I just need to do my own thing, right?
[155]
Well, but there's some
things you could learn
[157]
from your competitions, so
don't be so arrogant and say,
[160]
there's nothing I can learn from them.
[162]
No, I learn a lot from my competition,
[164]
so that's a great thing
about capitalism, right?
[168]
That you could learn from
other people, you could learn
[171]
from your competitions
if they are successful,
[174]
if they're getting ahead, if
they are getting customers.
[177]
There is something that
they are doing, chances are,
[179]
that you are not doing.
[180]
It could also be they are
providing a better service,
[184]
a better experience, they're
selling a better product,
[187]
they've got a better team.
[187]
Whatever it might be,
competitions challenge you
[191]
to be better.
[192]
They challenge you to not get complacent.
[195]
So it's not such a bad thing.
[197]
So don't be so afraid if
they put us out of business.
[200]
Don't be so afraid of that.
[201]
If they put us out of business,
[203]
there's something wrong with us, right?
[205]
We are not keeping up, right?
[207]
We are not delivering value,
enough value to the marketplace
[211]
or solving the customer's problems the way
[214]
that they want to be solved,
so that's way number one.
[217]
Way number two, and
that is we want to study
[220]
the competitions, at the same
time don't focus on them.
[224]
Now, you may be thinking,
Dan, I thought you just said
[226]
keep your friends close and
keep your competitions closer,
[229]
doesn't that contradict
with what you shared with me
[232]
in point one?
[233]
No, study them, get to know
them, know them inside and out,
[237]
know their strategy, know their market,
[238]
know how they're serving their customers,
[240]
get their products, or spend
some money with them, right?
[242]
Because you get the best
education that you could get.
[245]
At the same time, you focus
a majority of your attention
[248]
focusing on how do I add
more value to my customers?
[252]
How could I add more
value than anybody else?
[255]
That's the key, right?
[257]
Focus on your customers.
[258]
So we study the competitions,
but our attention, our focus,
[261]
our energy, we spend that on
how can we help our customers?
[265]
How can we fulfill their needs better?
[267]
You know, sometimes I have my
entrepreneurs, my executive,
[271]
my CEO friends, they come
to me and they visit me
[274]
and they see what I do and
sometimes they'll get a,
[276]
like a day in behind-the-scenes
[278]
and I show them some things that I do.
[280]
Usually, the universal response is oh,
[283]
I can't do what you do, right?
[284]
Oh my goodness, like how
prolific you are and how much
[288]
you get done, like how do
you even do this, right?
[290]
Like you have like multiple
clones that are running around
[294]
and to get this much done
because the way I see it is this
[298]
that if someone can
easily copy what you do,
[302]
then you're not very good at what you do.
[304]
Like I could tell
people, and I share a lot
[306]
of my best practices on YouTube,
and a lot of people ask me,
[310]
well aren't you afraid that
people know your secrets
[312]
and how you run your business?
[313]
I said, well, here's what
I do, go ahead and try it.
[316]
It's like Michael Jordan.
[317]
Well, here's how I slam dunk
and here's how I, you know,
[319]
play basketball, you go ahead
and try to be Michael Jordan.
[321]
You can't, so you start
focusing on the focusing
[325]
on the customers and also
focusing on your skills.
[327]
What do you need to do,
who do you need to be
[329]
to deliver more value to the
marketplace than anybody else?
[333]
And that's how you grow.
[334]
Number three, think
long-term, not short-term.
[339]
Instead of competing with your competitors
[342]
on just one product or a campaign
[346]
'cause sometimes you see that.
[347]
You see this in business a lot.
[349]
The competition is, say,
selling a certain product
[351]
at a certain price point
and they do some kind
[353]
of promotion discount and
they lower their prices
[355]
and then you feel like oh my
God, I need to compete there
[358]
otherwise I'm gonna lose, right?
[360]
Instead of being very reactive,
[362]
think a little bit long-term.
[364]
Over the years, I have
competed with so many people,
[370]
so many enemies and opponents.
[373]
They are stronger, they are faster,
[376]
they have more resources,
they have more capital,
[381]
but yet over the years
I've won many, many, many,
[383]
many battles, and the key to
that is I think long-term.
[388]
Maybe I'll lose the battle
as long as I win the war.
[391]
That's okay, so when I'm looking
it from that perspective,
[396]
I know that maybe I'm not the fastest,
[398]
and I'm never the fastest,
not the strongest,
[401]
not the fastest, but I always
have more staying power
[407]
because I know for most
people they lose focus.
[410]
They get distracted, that's okay.
[413]
I'm not trying to beat you in two weeks.
[415]
I'm not trying to beat you in one year.
[416]
I could wait 10 years to win this war.
[419]
That's the way I see it,
I could wait, I got time.
[424]
So when you think of it
from that perspective,
[425]
the way you make decisions,
you look at it differently.
[429]
You're not so rushed and
you're not making decisions
[432]
that are just you're reacting, right?
[436]
You are instead of
thinking it, planning it,
[440]
being more strategic.
[441]
So think long-term and not
short-term and ask yourself
[444]
what would you do differently?
[446]
If you're now competing long game, right,
[449]
you're thinking long-term,
what would you do differently?
[452]
And you wait, and you ask
yourself how could I make sure
[458]
I stick around?
[459]
How could I make sure
I have enough endurance
[463]
to last longer in this game?
[466]
And you know if you can last longer,
[468]
you have that staying power,
and you innovate, you'll win.
[471]
It's just only a matter of time.
[474]
Let me give you a bonus number four.
[476]
Also, sometimes if your
competition is serving
[480]
the same market that you're
serving right now, well instead
[484]
of competing, why not profit
from your competition?
[488]
That's right, profit
from your competition.
[491]
Maybe you offer a complimentary product
[493]
to the same customer base.
[495]
Well, instead of competing,
if you're thinking
[497]
from an abundance mindset,
why not partner up
[500]
and form some kind of
a strategic alliance,
[503]
some kind of joint ventures?
[505]
You see a lot of big companies
they do that all the time.
[507]
Co-branding, collaborate,
strategic alliance.
[510]
Why not do that and actually
make more money for you
[513]
and for your competition?
[515]
And then your customers in the marketplace
[517]
they get more value and
they get better results.
[519]
What's the problem with that?
[520]
Like I collaborate with
other people all the time.
[523]
So if it's the right fit,
you can't do a good deal
[526]
with a bad partner, but
assuming it's the right fit,
[528]
same core values, and the
product's complementary
[531]
and it is something that
will help your customers,
[533]
absolutely you could do that as well.
[535]
So those are the three
ways, no actually four ways
[538]
to deal with business competition.
[540]
If you have more questions,
make sure you comment below.
[544]
Now, if this is the first
time you've watched my videos,
[546]
I know that now we hit
2,000,000 subscribers,
[550]
and if you have not
subscribed to my channel,
[551]
make sure you click the link
below and hit that bell.
[554]
Hit the subscribe button
so every single day
[557]
when we upload a new video,
you'll be notified as well.
[559]
Until then, I'll see you next time.
Most Recent Videos:
You can go back to the homepage right here: Homepage