Running Towards the Competition
(Instead of Running Away)
by Glen Stansberry
I used to run from competition like a schoolboy runs from the playground bully.
I’ve had plenty of ideas for sites and products that I never developed because I was scared stiff of the competition. In fact, a couple of years ago I abandoned a project that was 95% completed because a huge company entered the space and was touted as the “total solutionâ€. (It turns out that the service was mildly successful, but never gained market share or lived up to the hype.)
But instead of just finishing the 5% that was left with development, trusting in what I had built, and releasing the product anyway, I threw up the white flag. Hindsight tells me that had I actually released the website, it probably would have been pretty profitable.
Needless to say, it was a valuable lesson for me. No longer would I turn and flee at the first sign of competition. In fact, these days I’m running towards the competition.
I’m a big fan of the ethos of Saddleback Leather Company as a company who’s not afraid of their competition. Why? Because they list rival companies prominently on their site with this disclaimer:
“Do you think that our competitors would actually put a link to our website on theirs? I’m so confident that you’ll find our classic look and over-engineered durability so hard to resist that I want you to shop around. Go ahead… the more you shop, the better we look.”
Awesome.
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Glen Stansberry writes at LifeDev, a blog that helps people make their ideas happen. You can follow him on Twitter here.
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