Tag Archives: competition

Batter Up

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Question: I am very competitive and want to win in the worst way. It depresses me when I lose. Are these feelings healthy?

Answer: The world is more competitive than ever before. Companies are competing for customers. Individuals are competing for jobs, promotions, more compensation, better assignments – it never ends. And yes . . . competition is healthy. It makes us better at what we do. It makes us stronger, tougher and more innovative. But this can only happen if we are willing to embrace competition in a positive and constructive way.

How do we embrace competition and why would we want to? It comes down to something I mention quite often – mindset. We can either fear and resent competition, or we can view it as an opportunity for growth. And we know that fear and resentment are negative energy. How then can we win with negative energy? Instead, we can look at competition with an attitude of what we can learn. Moreover, we should take the opportunity to accentuate our strengths and shore up our weaknesses.  

I used to obsess over the competition. I would incessantly study the win-loss records of our competition and try and figure out their every move. When they won and I lost, it was devastating and I would move through a series of emotions from second-guessing myself to believing that they somehow cheated. Finally at some point I realized that I was so focused on the competition that I was failing to focus on my own performance. Could this have been the reason they were winning and I was not? Going forward I opted to create a game plan that was different and began to focus on executing that game plan to perfection. I stopped obsessing about the competition because it was apparent that I was giving away my power when I did so.

As a kid I loved to play baseball. I can still hear the coaches drilling the words, “keep your eye on the ball” into my brain. The analogy certainly fits in a competitive context. Fixating on my competitor causes me to take my eye off the ball. When I watch the pitch, I hit home runs. Today the only reason I watch the competition is to find something I can use constructively to incorporate into my own game plan. And then I hit even more home runs. Batter up.  

This blog is being written in tandem with my book, “An Entrepreneur’s Words to Live By,” available on Amazon.com in paperback and Kindle (My Book), as well as being available in all of the other major eBook formats.

All Else Being Equal . . .

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Question: Competition is tougher than ever. What is the most effective way to be different?

Answer: You have certainly asked the right question. Whether we are selling a product, a service or looking for a job, the key is differentiation. Think for a moment about great companies in America today and how they are different. Walmart is known for huge selection and low prices. Nordstrom is a champion of customer service but sells at a higher price point. TOMS Shoes donates one pair of shoes to a needy person for every pair of shoes a customer purchases.

Identify your niche and figure out how you can be the absolute master of that niche. But don’t stop there. Make sure that everything about your company, your product/service and about you – is reflective of this mastery. Allow me to share an example. One of our companies acquires, owns and operates apartment communities across the country. Buying apartments is a very competitive business these days. We have chosen to focus on purchasing properties that were initially developed using affordable housing tax credits. There aren’t as many buyers for this type of property due to the complexity of the tax credit program. We have become known as a buyer that understands the program and will pay a fair price.

We’ve taken the niche a step further. We market extensively to prospective apartment sellers and have attempted to be just as unique about the way we go about doing this. We don’t use e-mail – everyone does that now. Instead we send personally addressed high-quality marketing materials via snail mail. Our kick-off piece was a gold cardboard tube that contained a cover letter and a black velvet bag. Inside the bag was a gold dollar coin with a message saying, “Consider this to be a down payment on a profitable relationship.” Every three weeks an announcement of an apartment acquisition is sent to our prospective sellers. And one of our associates makes follow-up phone calls every 60 days. Believe me it is having the desired effect.

Here’s the takeaway. Do your homework and find that area in which you can specialize. Get creative and devise unique ways to deliver your message. Remember that those who win are able to convey a value proposition that resonates with their customers (or prospective employers). Above all remember that life is about making a difference in the lives of others. From an entrepreneurial perspective, those who follow through and truly make a difference will prosper.