Competition is the keystone of a capitalist society. And every entrepreneur knows that in order to succeed in any business endeavor, it is essential to compete to attain the largest market share possible.
But in order to effectively compete, one must fully be aware of the other competitors in the field and how they operate their businesses. After all, in order to “build a better mousetrap,” one must fully comprehend how the current mousetraps on the market function, and the methods used to market them.
It’s not enough to simply make others aware of your products or services. It is absolutely essential to convey your “unique selling proposition’ in all of your marketing efforts.
And in order to effectively delineate your “USP,” you must first fully understand your competition, and how they market their goods or services. After all, if you wish to elevate yourself over the pack, you must very clearly ascertain their marketing efforts and completely understand their business operations.
It takes time, effort, and careful study to properly posture your business in the competitive arena.
But the survival of any enterprise depends on it!
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.
Get the latest GA Foreclosure List Updated Daily! We Do HUD bids in Georgia! 770-827-6225
Richard,
Probably not as closely as I should. Something else for the TODO list.
Rich
Richard - Great post! That's a really good and valid point. However, I must say that your Monopoly game is the schwankiest I have ever seen!!!!
Richard,
While I tend to agree with you, I think too frequently too many business owners spend too much time looking over their shoulder, and not enough time looking ahead.
If one will compete with market leaders, one must at some point take the lead. Sometimes that means stepping into the unknown, where the only comparison is "There is no one else here!?!"
I understand my closest competitors pretty well. I used to work that office. But, you are right, one needs to keep an eye on them.
Richard so true. Sadly, many folks posture is in the prone position...
Richard, Well said. In a big market, like ours, it's tough to always know what everyone else is doing, there are so many of "us". Finding a niche and competing there is ultra-important!
Rich...
A lot of it is instinctive ... some is not. have a great day my friend.
Dagny...
We had that set up in the office for some reason one day ... it is awesome, isn't it? Thanks.
Mile...
Ah, but in order to venture into the "unknown," one must know what the unknown is! lol and thanks so much!
Randi...
Like a traded sports figure ... who knows the "inside" stuff! Excellent, and thanks.
Michael...
That appears to be the norm. Thanks so much.
Jenna...
Perfect! I should have used the word "niche" somewhere, but that is exactly whay I am talking about. I hope that you have a great day today, my friend!
Competition is healthy as long as you don't obsess about it. I try to keep an eye out but at the same time try and stay focused on what I do best. Seems to work for me.
When I first got into this business I went to all the top agent's listings. Not to see the homes, but to see how they were marketing them. Since we're not reinventing the wheel, I took the best of the best, incorporated them into my own marketing matrials and created my plan. I still do it to this day.
I find your Monopoly picture to be right on point. Isn't is odd that the winner is the one that has the most real property and $$$$$. And it all comes from watching your competition and staying one step ahead of them.
Great post Richard. This is especially true these days with the ever changing market and technology. It has become difficult to just keep up with all the changes and trying to decide what may work and what is a must do to survive.
In Monopoly, the number of properties is limited, so one must watch competitors closely. The number of competitors is also limited. Active Rain is a bigger pond with more fish. That was noted recently with the disappearance and reappearance of the leader board. Everyone is watching each other.
When I usde to run I would never try to catch the leader of the pack, often minutes ahead of me, but I'd just pick out one runner about 10 yards ahead of me and work to overcome him.
I do some; most of that energy goes to watching and replicating what really high achievers do. But you have to know what your competition is up to and respond in a manner to win.
Here's what I learnt about competition. Their existence is good for mine - to keep me on my toes.
Many years ago, I made myself my best competitor. I found sanity since.
There are plenty of business to go around. No one can win it all. Therefore, I do not watch competition that closely.
I can only control myself.
Richard - I find very few agents, even in my office, that have what would be a clear USP. I admit, that I am continually struggling with mine, but then I have tried to make my USP my 30 second elevator pitch.
LOVE that photo!!! Have been playing Monopoly as long as I can remember...but I digress. LOL
I find my USP is constantly evolving, the longer I am in the business and the more I learn.
Love that Monopoly set. That is my favorite game. As for knowing my competition, I do try to keep on top of what they are offering and what they are doing. Agents in my office think I'm nuts, but I'm thriving during a difficult market.
Guilty as charged! I have NOT payed attention to my competition. However, it's been my experience that in our area, they're not really worth watching! ;-)
Good afternoon Richard,
I like Craig have always kept a breast of what my competition is doing. I know our marketing is superior and strive to keep it that way! It's important to create a buzz among clients about exciting new and iinnovative ways to market in today's real estate climate. Striving to be one step ahead has always panned out for us!!
I wish I was a little more closely! :) Thanks for kicking me in the butt!
I'm with Chris. Thanks for the reminder that you can't measure yourself without taking stock of the competition. It's time for some good old Excel charting and data mining from the MLS.
Richard...I have coffee at least once a week with agents that from my area, just to shoot the bull...Yea right! The secrete is to be able to spy and not let them know that! ;-}
Richard, I did not get this until I had been in the business for several years an learned over time the different ways we competed for listings and interact when in a transaction with buyers. My first broker was an excellent teacher who always helped me to compete with myself too and always try and learn and grow through the process to set myself apart. You've obviously done this yourself with great results!.
Excellent advice, Richard. How can we differentiate ourselves from our competition for the better. I am working on that every day. Part of it is in blogging. How many of our competition blog!
Great post! Thanks for sharing! Lots of good info for sure! Have a great day!
You can bet that when I'm researching properties for a buyer client, I'm also researching those listing agents.
Richard, based on several of the comments I've read, especially Lenn's, I have a few questions:
What information are we looking for when researching our competition? Number of transactions? Number of listings? How long they've been an agent?
How would we find information on what marketing strategies they use to get buyers and sellers?
Richard, well said and a vital part of any successful business. One can not be driven by what others do but we must be aware of our competitors ways of doing things.
Controling yourself (Lorena) is great but you do have to watch 'who is watching you'. It has nothing to do with everyone having a piece of the pie - they are watching YOUR PIE. I did a post about this recently how a paper did a post about ActiveRain & featured 3 of our members here. Good PR for them & AR obviously but did they know? Nope. I was paying attention to my Google Alerts & told them. You have to play it like everyone is watching you ALL the time.