Eliminating your competition is easiest way to increase your chances of business success. And I don’t mean literally eliminate them, in sense of doing something “bad” to them.
When I say eliminate, I mean ... take them out of your prospect’s consideration set for your product or service category. Make it so your prospects ONLY think of your business, product or service when they are contemplating making a purchase. That way you get their business, instead of your competition making sale.
What this means is if you sell widgets, you want your prospects to only think of your widgets when they are thinking of buying widgets. This is pretty easy to do if your business is not in a competitive industry.
But let’s suppose there are all kinds of businesses selling what you are selling, or filling same consumer or business need you are filling. How can you make sure your prospects ONLY think of you — and therefore only BUY from you — and not all those other companies?
Answer: By thoroughly understanding those competing businesses and then doing one of two things:
(1) Finding a position in category you can own.
This will separate you from all other businesses and will make you uniquely qualified in eyes of your prospect to fill their need.
This usually requires finding a specific market niche you can focus on, or finding a specific product or service attribute or benefit, that is of value to your prospects, that none of your competitors can claim or are currently promoting.
This puts you in a class of your own and virtually eliminates competition. No one does exactly what you do. Or in quite way you do it.