You might know who your competitors are and you might not. You probably show up for work every day looking to do the same thing you did yesterday in hopes of servicing some customers and maybe putting some money on your bottom line. But have you ever stopped to think about who in your market is better than you? Have you ever thought about who does a better job of servicing customers looking for the product or service your business offers? It wouldn’t be unusual if you have never thought about this but if you did, what would you learn?
Considering Telsa was launched more than a decade ago, it’s surprising that the traditional auto manufacturers haven’t been able to really respond to the market that Telsa has created for individuals seeking electric cars. All of the traditional market incumbents have attempted to react to what Tesla is doing however none of them have been able to beat Tesla at their own game. There is a new generation of consumers that it appears traditional auto manufactures may miss out on selling to because they couldn’t see the changes that were happening right in front of them.
Your ability to look at your competitor and understand where they are able to do a better job compared to your business may provide you with some new ideas or goals to work towards. It’s one thing to know the name of your competitors but it is quite another to be able to break down what they do better than you and why they do it better. If you can park your ego for a few minutes and be honest about the strengths that your competitors have, you may be able to shore up some of the weakness within your own business and bolster your bottom line in the process.