Sometimes ago I asked a young man who’s just started business “Who are your competitors” and he said something like “You know, we are really fortunate, we are the first doing this thing.
We really do not have any competitors”… Wow! You are in a business without competitors? You probably do not have a business. If it is business enough someone would want a part of it. Sometimes, people think about competition in terms of replicas. Nah, sometimes you are Netflix retailing entertainment content and your biggest threat comes from Baba Sala drama group.
Sometimes you run an online on-demand laundry and your biggest competitors are house girls washing their oga’s clothes. Today, the biggest competitors to digital banking in many Nigerian banks is the democratization of payments through bitcoins and the likes.
Think more of competition in terms of someone who wants the attention of your customer with the aim of replacing you and making your product unnecessary. If you can’t identify that guy, you can’t manage your risks
CEO, SalesRuby | Sales Coach |Trainer | Speaker | Author | Product Launch | Sales Technology