We DJs are quick to praise the quality of our own services and the creativity of our unique selling points. Many a mobile is equally quick to criticize competitors in an effort to gain market share.
Inflated egos have killed more than their share of giants in every industry. All that backslapping feels good internally, but it doesn’t necessarily improve your marketing strategy.
What if, instead of picking apart their weaknesses, you celebrated your competition in the morning meeting? Consider asking your team, “If we worked for XYZ Entertainment, how would we sell their services against our own and leverage their position in the market?”
By examining the strengths of your competitors, you might discover new insights to market your own company better.
Giving Credit Where It’s Due
Most of the time, we never give our competitors credit for the stuff they do that’s arguably better than what we do. It’s hard for most people to admit they’re not as good as their competition, but the reality is that they’re doing business in your market, so they must be doing something right. It’s important to figure out what that is and do it better than they do it — or figure out a way to minimize their advantage altogether.
Every member of your team should be looking the areas in which your company is weaker than the competition, and do it across all disciplines. Why don’t you ask your DJs to make suggestions about how to improve the administrative process – and have your office or general manager suggest ways that your DJs can be better brand ambassadors for your company?
When you put your own business model through a serious and different type of critique, you are likely to hit upon some new insights that will help you build value.
Check Your Rear-View Mirror
There are many companies that are so overly confident in their success that they don’t see the guy in their rear-view mirror closing in until it’s too late – and before they know it, he’s passing them by.
When you’re climbing the ladder trying to become the market leader, you do things differently than the company who is the market leader. You work harder because you have to, and you let yourself be a student of the DJ industry, constantly examining the marketplace for a creative approach.
Success can be dangerous because it puts you in a position of complacency. You’re no longer concerned with the people at the top because you are the people at the top, and you grow comfortable as the industry benchmark of success. But believing no one does it better than you is a dangerous way to think.
Competition is a great thing because it drives us to be better if we’re paying attention and respecting the opportunity to learn.