Your Competition Knows Something You Don’t
In our industry, we’re constantly learning from those around us, especially from the people who’ve paved their own way to success.
But when it comes to competitors, we often just aim to win. We charge forward, convinced our way is the better way.
Across four different industries, I can tell you there’s always a “boogeyman”—a competitor we cast as the enemy.
And it’s almost amusing how, over time, we start believing that everything we’re doing is clearly superior to what they’re doing.
Of course, as a salesperson, I have no problem sharing that belief with prospects. That’s part of the job. But internally, I’ve noticed we don’t do enough to learn from our competition.
This isn’t about copying their playbook; it’s about understanding what’s working for them and how they’re getting there.
By studying the competition, we gain a fresh perspective—one that’s close enough to spot the gaps and wide enough to see the full landscape.
When we understand their strengths and weaknesses, we can make valuable adjustments on our end. These tweaks can improve our internal team dynamics or help us shift strategies outwardly.
The benefits of this mindset go beyond just capturing market share.
Fostering competition within our own team can drive serious growth.
In Team of Rivals, Abraham Lincoln demonstrates the power of surrounding himself with those who challenged him, not just “yes” men.
In sports, when two talented players vie for the same spot, they push each other to achieve their highest potential.
As leaders, our job is to create an environment where individuals reach their peak.
And to do that, healthy competition—and the growth it brings—is priceless.
I’ll never forget when I was competing with another sales manager in my organization, each of us trying to build an office in different cities. He was starting fresh in NYC, while I was established in LA with a few extra years under my belt. Still, I remember our CEO not giving me any favors. He’d bring up my rival in front of me to spur me on and even handed him some of the best recruits and networking opportunities.
At the time, I thought it was unfair. I vented to my friends about it. But now, I realize it was strategic. My CEO knew that if he wanted me to sharpen my focus, he needed to create a real sense of chase.
And, much as I hate to admit it, it worked. I got motivated. I pushed harder. I spent more time refining my approach and, yes, even looked at my rival’s methods and the reputation he was building with his reps.
I adopted what was working for him and avoided what wasn’t, and my team improved because of it.
Competition has a way of fueling us, whether it’s in sports, politics, or business. But it’s easy to fall into the trap of believing everything “we” do is right and everything “they” do is wrong.
This closed mindset kills growth. Pride prevents us from seeing the valuable lessons we can learn from others.
Left unchecked, that pride can snowball, creating a distorted reality where you’re stuck in an echo chamber of your own making.
We have to start with humility. Without it, we can’t create a competitive environment that also allows us to collaborate with rivals when needed. And we lose out on growth, for ourselves and our teams.
1. Identify Key Competitors
List out your top competitors in the market. Think about companies or teams whose successes make an impact, big or small.
2. Analyze Their Strengths
Dig into what they’re doing well. This could be their product features, marketing approach, customer service, or team culture.
Look for anything that has earned them a competitive edge or public praise.
3. Pinpoint Their Weaknesses
Where do they seem to fall short? Do they have consistent customer complaints? Are there gaps in their offerings?
Knowing these areas can help you understand opportunities to stand out.
4. Review Customer Feedback
Dive into reviews, testimonials, and social media mentions of your competitors. What do customers love? What frustrates them?
Make notes on common themes, as these can give you insights into customer needs and potential improvements for your team.
5. Evaluate Their Culture
Try to get a sense of their internal culture. Do their employees publicly endorse their team’s values? Do they participate in industry events?
Understanding how they operate internally can give you ideas on team engagement and morale.
6. Discuss as a Team
Bring these insights to your team in an open discussion. Encourage everyone to weigh in on what you’ve observed and how you can apply relevant points to your own processes.
Ask: “What can we learn from this? What could we do differently?”
7. Integrate and Test
Take one or two specific ideas from your analysis and integrate them into your strategy or daily practices.
Test these adjustments over a set period, tracking their impact on performance or team engagement.
8. Foster a Culture of Competition Within
Embrace friendly competition among team members. Set up mini-challenges or goals to push each other in a healthy, motivating way.
Highlight wins and encourage team members to learn from each other’s strengths.
9. Regularly Revisit and Adjust
Make it a habit to review your competitors’ strategies periodically, keeping your approach fresh and adaptable.
Ask yourself: “What are they doing now, and how can we improve on it?”
By approaching competition with an open mind and consistent effort, you can unlock valuable lessons that drive your team forward.
