When we do our SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis we are taught that Threats, such as competition, are external… beyond our direct control.
It is true… and it’s not.
It is true that you have no direct control over who opens up in your locality… but you can control the extent to which they ‘compete’ with you.
How?
You choose your competition when stop trying to be everything to everyone… when you choose your market(s)… when you invest in understanding your customer segments true needs… when you differentiate your product and service mix to exceed those needs… when you continue to innovate to exceed their existing and future needs (expressed and unexpressed)…
When you focus your business you simultaneously strengthen your own position (you get buy-in not just buyers) and weaken your competitor’s position.
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