A client asked me a question the other day about competing in a highly competitive market, what she called a “saturated market”. It reminded me of a story I heard while up in Alaska…
Two guys were sitting around a campfire out in the woods when a bear came crashing through the trees. One guy reached out and quickly began putting on his sneakers. The other guy looked at him and said “Are you crazy? You can’t outrun a bear!” The first man responded, “I don’t have to outrun the bear, I just have to outrun you.”
For a small business to compete in a niche market, you don’t have to be the best ever, you just have to be a little better than your competition. That means studying your competition, copy what they are doing right and adding a little more to top them.
There are some handy tools for monitoring your business competitors to see what they are doing. They are also great for initial market research. Continue reading .
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