Competition from other Online Sellers and other Online Stores is a Healthy Thing!
Don’t let competitors or your competition in Selling Online let you feel threatened …. instead, draw on them for inspiration and watch your business thrive!
Do you really need to spend time researching your online business competitors – what they charge, how flashy their online stores are….what qualifications they hold etc etc?
The answer is NO.
You simply need to believe in yourself and your own abilities and to have the courage to continue to grow and expand your online stores.
Don’t let yourself fall into the trap of suffering from a “comparison hangover”
Identify your unique offering
Instead of spending too much of your valuable time researching your competition try focusing on your strengths – in other words the things that you can do better than your competitors. This could be providing better customer service, providing good old fashioned service, personalizing your service, for example by remembering your customers birthdays, having competitions and giveaways, by rewarding your customers, by offering special ‘like prices’ to customers, offering free shipping days, selling niche products, by encouraging and building an online community and Social Network on your Facebook Page.
Learn and grow
Instead of worrying about your competition try learning from them instead! Subscribe to their newsletters as a customer, “like” their Facebook pages as a customer so that you can stay informed of what they are doing and how they are doing it. This will also provide you with information about their marketing and advertising. ”Became a Sponge! – not to directly copy – but to learn. By doing this you will find inspiration in what others are doing and can use this for inspiration for your own business and customers.
See the potential!
As your online business grows you will find other sellers within the same or similar markets to your own, selling the same genre of products online as your own. Your first instinct may be to remain closed and protect “your territory”. But try asking yourself, “Does this person or this online business need to be an adversarial competitor? Perhaps they could inspire you and become your business partner, supporter, affiliate or even a friend?”
They may in fact be able to help you generate more customers. Perhaps you can work out an advertising strategy to benefit both parties, for example you advertise their business and they advertise yours (like a “sister site”). Can you save on purchasing ‘joint advertising’, for example by paying only half of the amount for a joint radio add or printed media?
So instead of being fearful of competition try looking for the potential in building these small online business relationships.
Remember – they isn’t anyone who will be selling exactly the same products and brands as you, so at the end of the day … are they really your competition?
It is important to take a “generosity-first” approach to your competition and be aware that there is more to be gained by sharing, partnering and connecting than from going it alone and being fearful.
Also keep in mind that when you walk into a large bricks and mortar shopping centre, such as Westfield – there isn’t just one grocery shop or one ladies clothing store or a single two dollar shop, nor a single furniture store, or even a single department store – there are often between 5 or 10 of the same stores all selling the same genre of products and they all exist quite happily together in a very small area of space. Having the competition close by does not affect any of the stores from making a profit.
The same is true of online stores and for anyone just starting out in their own online business, you won’t be the first or the only one doing it – but this isn’t any reason to think that you can’t make a profit and build your own successful online store and internet business from home.
The internet is a very (very very very) large place spanning multiple continents, and multiple countries and there is plenty of room for everyone to make a profit online and to generate their own online income from online sales. More and more people are choosing to shop online each and everyday.
Online Retail sales are expected to reach over $30 Billion by 2015 and there isn’t any reason to think that these online sales figures will slow down.
The only question is are you going to start sooner or later?
Purchase your own eCommerce Business Package from Social Stores Online and Start Working from Home and Generating a Profit Online TODAY! Share in the “Booming” Online Retail Sales Profits that are being made TODAY and well into the FUTURE.