Friday, April 15th, 2022

Flashback Friday – Know Your Competition

Your competition used to be down the street. Now, it is worldwide. I say, don’t worry about them much. You don’t need to if your firm is doing what it should be doing. Even if you don’t worry about them, you should know them. The following is a flashback post from 2017:

Know Your Competition

“It is nice to have valid competition; it pushes you to do better.” – Gianni Versace

As I have interacted with many firms over the years, I have observed that some partners are not worried at all about their competition and some partners are almost obsessed with beating their competition.

No matter your degree of concern, it is a good practice to be aware of your competition, their strengths, and their weaknesses. In reality, they are strongly targeting your best clients (just like you are targeting theirs).

As Jeffrey Gitomer (sales guru) says, it is a sales war and the winner takes all. He also suggests some Competition Success Strategies:

  • Speak kindly of your competition, or say nothing.
  • Respect competition and others will respect you.
  • If others speak negatively about anything or anyone, DO NOT join in.
  • Know your competition’s weaknesses, but focus on your strength and value.
  • Know why they won, when you should have.
  • Know how they speak about you, and build response into your presentation.
  • Know how to beat them until they hate you (hating them is a waste of energy).
  • Your only victory is when you get the job.

Read more here.

  • "Do your work with your whole heart, and you will succeed - there's so little competition."
  • Elbert Hubbard

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