BLOG POST BY LAUREN LEAL, DIRECTOR OF ENGAGEMENT AT THE NEWS FUNNEL
It’s easy to consider your competition your greatest enemy when it comes to your CRE business. After all, you’re so frequently after the same clients and properties. But what if you could all be friends and that dreaded competition might actually help you in your own business?
#1. It forces you to innovate.
If you’re sharing what your competitors are doing then you can’t very well do this same, right? But when you’re actively discussing the moves and decisions of a business that isn’t yours, you are putting yourself in a position to prove how you are just that much better. You have no problem building others up when you are confident in your own service and product, and people will take notice of that.
#2. You’ll become much more self-aware.
As an organization that proactively engages with and shares content from competitors, you may begin to see holes in your own strategy. You might notice where your competitors have a more cohesive brand, or how they serve a more targeted audience. Perhaps you’ll realize that you need a more unique value-add or that you don’t have a loyal following. It’s possible to learn a lot from your competitors but if you’re running your own strategy with blinders on, you may not see where you can improve.
#3. Potential clients will appreciate the sense of community.
As a consumer, we all get frustrated with one brand tearing down another brand or business in a way that makes that business seem insecure or unsure of their own offering. Confidently discussing your competition will feel refreshing to your potential CRE clients. If they are long-time residents of the community they will appreciate your support of another local business that also happens to be in your industry. And you being so sure of your own business that you’re willing to lose customers to someone else’s will make them wonder what all that confidence is about!
#4. Your competition may be able to help you.
Maybe one of your competitors just went through an overhaul of all their systems and improved their efficiencies while you just did some serious target market testing. Perhaps you could save each other a heck of a lot of time if you could share your results with each other. Since you’ll both be on a level playing field it’s all about the service you can provide and the value of your brand. You might just make each other’s lives a little easier if you shared some of your personal wins and improvements.
So many businesses are beginning to collaborate more because they are confident in their own strategies and brand. With that confidence comes a complete elimination of the fear of losing customers that often creates that competitive environment in the first place. Try turning things around this new year and embrace your competition to improve your own business!
Need help with your social media strategy? Contact Jen@thenewsfunnel.com to learn more. We manage some of the BIGGEST brand’s social media in CRE and more importantly WE GET RESULTS.