Ignore The Competition?

Discussion in 'Growing and Managing a Business' started by Redd, Aug 15, 2015.

  1. Redd

    Redd
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    This is something which many business "experts" can't agree on. Should you learn all you can about your competitors and use that information to make your business better or ignore them [if they are doing better than you] to avoid demotivating yourself?

    Question: should you learn all you can about your competitors or ignore them totally and focus instead on providing excellent service, quality products, best deals, etc to your customers and in the process blow your competition to smithereens?

    Your thoughts?
     
  2. pwarbi

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    There a nothing wrong in if you have a product or an idea that you think will be popular and make you money, to do things your own way and not worry about what others are doing. A lot of people will start out with an idea and then go back on their self if it doesn't work at the beginning, or they get to busy and caught up in what the competition is doing.

    There's no harm in knowing what your competitors are up to, or even learning a little from them, but you can't let it influence what your doing too much.
     
  3. kaian

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    It is ok to focus on your own business and improve on it however it would help if you also know what your competition is up to. It helps the business to compare its performance with the competitors. See what is working what is hot and what people are buying. You do not have all the answers and or know all the answers.
     
  4. Winterybella

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    I think it's important to focus on what you are doing and do the very best to keep your customers interested and coming back for your product or service. Having said that, part of your marketing strategy should be gaining that competitive edge which cannot be achieved if you don't know what your competitors are doing. I am in the clothing business (trying to pass it on to my son) and while you want to know what the competition is doing, there is always the danger of constantly "comparing" yourself with them. Often one business does not know what resources are available to the other.
     
  5. MyDigitalpoint

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    Ignoring your competition might be positive at some stage of a business development, but should never be a rule of thumb.

    Learning what your competitions is doing help you to replicate their success or avoid their mistakes, but when you have a business that stand out of the rest and has proven to be successful, you can allow to ignore them for awhile, confident that you dominate the market.

    Even though the risk in doing this is that while you are enjoying such success, competitors have studied your business and developed a plan to take over your top position on the market.

    So better not, never keep an eye away of what your competitors are doing.
     
  6. Onionman

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    You definitely need to know what the competition are doing, even if it's just to know what they are doing wrong. Building a business in isolation is very dangerous. You may think you know the market, your clients and the outlook but unless you know what everyone else is doing you really don't know all of those things.
     
  7. pwarbi

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    Knowing what the competition is doing and following them amiss two different things though. A lot of people see that a competitor is maybe doing better than they are and so try and copy them, instead of sticking to what they're doing and that's when things can get muddled, and you can end up losing your own identity, and the focus of your own business is lost.
     
  8. Diane Lane

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    I think it's important to focus on your own business and products or services, so that you can make them the best you can. That might be enough for a while, assuming you have one product, but time goes on, and markets change, so it's important to see what new developments are being made, so that you aren't left behind when the market shifts. Even if you have one product that is a huge success, you still need to look to develop other product lines and/or supplements to what you currently have, in order to perpetuate your business.

    I think it's possible to keep an eye on what others are doing, to learn what could help you. Networking and cross-marketing can help to develop your business, by putting your products in front of new audiences, as well as learning new strategies that have been successful for others. You don't necessarily have to work with your competitors, but can work with those in similar and complementary markets, for the benefit of both/all of you. As far as competition, I tend to look at what they do with regard to style/product lines and marketing, but I would not copy what they are doing, or steal their designs, as some/many do.
     
  9. Damien Lee

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    Yes, you can ignore the competition and succeed. I've already done that several times and lived to tell the tale. :)

    Don't worry about what your competition is doing, always spend your time and energies on what you're doing in your own business. Most businesses live or die mostly due to internal factors and seldom external. You could be competing against a hugely successful behemoth which has a monopoly in your market. Tomorrow, there may be a change in management within your competitor which leads them to bankruptcy. This is not strange and happens all the time in the business world.
     
  10. Nox

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    I think that there is a big difference between emulating or learning from your competitors and observing them. I think there is a lot of value in being aware of some of the benchmarks and norms in your industry. Looking at what’s going on in the market can be a useful tool in evaluating how well your business is doing, that is not to say that this is the only or the most valuable method of evaluation. Some leading indicators of a change in the business environment can be picked up while observing changes in the industry. You don’t have to react to all the actions of your competitors, but at least be aware of them, so you can make the most informed decisions for your business
     
  11. Corzhens

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    There is a program host here named Willie. He was hired by a network to rival the most popular noontime show called Eat Bulaga in the other network. What Willie did was to watch the rival show at night (taped/recorded) and study what made it click to the public. In a matter of 1 year, Willie's show had topped the ratings that made the rival show panic. As they say, why invent the wheel when it is already there and ready for use.
     

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