Banks are evolving daily and with it comes new products and branding to try and keep up with the competition. In the midst of all…
Many entrepreneurs especially when starting out small, fail to observe business ethics in terms of their relationship with their competitors especially when it comes to talking about them.
We’ll focus this discussion on two things;
Talking about competitors when with customers
Many entrepreneurs in a bid to beat their competition and stay ahead of the game, opt to tarnish their name when talking about them with their customers. You’ll hear an entrepreneur point out an evident weakness that the competitor has, hoping to shift the mind of the customer.
One thing that you need to understand, customers that have been shopping at a competitor’s place will not change their mind in a second because you just mentioned one thing. There’s always a ton of advantages that have made them loyal to your competitor and thus one disadvantage will not serve to sway their mind.
When talking about competitors with your customers or the competitor’s customers always point out to how stiff the competition is and then mention the advantage that your product gives. This will make you more appealing to the customers and they will appreciate the fact that you acknowledge your competition, but with it, you offer something better.
Talking about your competitors with your team
Your team, in this case, is those people that support your business such as your mentors, financiers, suppliers, and family.
When it comes to your team, the tone of the conversation may change but it should still retain a lot of respect for the competitors. Your team needs to understand where your competition beats you at and how that can be improved.
With your team, you can also point out your own weaknesses and compare it with the competitor’s weaknesses and strive to improve your game.
When talking with your team, your strengths should always find a way to be made stronger in order to get an advantage over your competitors.
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