Hunt and herd your competition

Selling is a contact sport and when it comes to competitors it should be full body contact!

Competition serves the collective good. Merchants are kept on their toes and customers are able to select a provider that best meets their needs or desires. Many business people underestimate their competitors – pretending they don’t exist or their offer is irrelevant or somehow inferior. Don’t make that mistake.

By default, we often frame competitors as the enemy. We’ve never met them, nor do we want to. If they’re flying a flag with a different brand – they’re evil! This belief is not only ignorant, it’s limiting and ultimately self-defeating.

Call me mad, but I recommend meeting with competitor’s periodically. Invite them for coffee or chat over the phone. Learn what they are up to. How do they communicate and what do they really stand for? What’s their story and where are they headed? Are they savvy, innovative, polished or coarse? This amongst other information is important to know.

Here’s why… If you know what’s really beneath your competitor’s facade this helps you to understand how to position yourself in either a contrasting or more meaningful light. And as far as your competitor is concerned, well these benefits are mutual and you both may add value to your business as a result.

Competitors’ responses commonly fall into three distinct categories:

1. Closed and aggressive
2. Passive and indifferent
3. Open and collaborative

Misguided by tradition, we can be guilty of herding all competitors into category one. Competitors in this class generally come from a place of fear, scarcity and overtly self-righteousness. You will establish this when you make contact and receive nil response or a retort. Leave these competitors to fester in their own ignorance, or hunt and destroy them, it’s up to you.

If you are willing to make the effort and initiate contact with competitors you will find that most fall into category two. These types are somewhat myopic but rarely sinister. Not ones to think too much about competitors or be strategic. Safely share your innermost secrets with them, they won’t use it against you. They are frequently content and quite happy where they are in the pecking order.

Category three is not only a characterisation it’s a way of being. Usually competitors in this grouping have realised there is enough for everyone. They also know how competition serves them and their customers. Less than 10% of companies are in this category. The majority of others are not capable of understanding how collaborating and sharing knowledge with a “perceived” enemy can serve them and others.

Doctors and medical specialists are skilled proponents of this approach. They don’t take on a procedure if it’s not their expertise, habitably referring to someone more qualified, and they regularly seek expert council from others specialists. Their resolve is always creating the right outcome for the patient. People’s lives and health are at stake. What a powerful way of operating. Aren’t your customers that important? If not, they should be.

In my own business, I regularly make contact with competitors and when appropriate refer them business. I’ve learnt a hell of a lot from some of them. Sometimes not what to do, other times I’ve been given insights and ideas to help develop my business, which I’m grateful for.

Establishing connections with competitors in different markets or geographic regions you’re not active in, enables you to cross-pollinate best practices and leverage IP. This mutually enhances knowledge and capability and serves the best interests of customers.

Time for action!

I encourage you to make contact with no less than three key competitors you respect and request a catch-up either over the phone, or better, in person.

When you meet come from a place of contribution and commonality, and if possible, try to help them in some way.

You will invariably find your competitors are facing the same challenges as you, and you have a lot more in common with them that you think. Some may even become friends, heaven forbid.

Happy hunting!

For more Selling Strategies advice, click here.

Trent Leyshan is the founder and CEO of BOOM Sales! a leading sales training and sales development specialist. He is also the creator of The NAKED Salesman, BOOMOLOGY! RetroService, and the Empathy Selling Process.