Underestimating Your Competition

Competition MoneyYou need to read! 

OK, now I have upset the people who either do not like to read or have the time to read.  But in order to get new ideas, perspectives, or strategies, you need to be constantly educating yourself.  This can be done by reading, listening to “books on tape” or watching TED videos.  Also, this needs to be in areas outside of your industry and field.

I just finished reading You’re Not Sellin’ They’re Buyin’ by Tom Woodcock.  I had the fortunate experience to listening and meeting Tom at a recent conference in Raleigh.  His presentations lead me to read his book on sales.  (I know, I know.  A market research guy can read a sales book.)  He looks at how to deal with competition and he writes, “The biggest mistake you can make concerning your competition is underestimation.”  I have written about competition before.  Although his reference in the book is in relation to sales reps from different companies, this maxim transcends the purpose written into all industries.  By underestimating your competition, you seriously put yourself behind the proverbial 8-ball mainly because they are not underestimating you.

Unfortunately, it is likely that we have underestimated our competition at some point.  This is just a sad reality.  I know  I have done it on more than one occasion.  And it has come back and beaten me nearly every time.   

What ways have you  underestimated your competition?

–J. Nolfo helps companies understand their market and customers though a variety of market research strategies.  He has over ten years of experience of market research for strategic planning purposes.  He is the Director of Research at Rhino Market Research.  He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“.  If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at jnolfo@rhinomarketresearch.com.

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About J. Nolfo
Well...there is a lot to know. #Cx, #Analytics, #SM, Specialty #AgChem, #StL sports, & more. FT @BASFAgProducts. @Mizzou Alum. Supporter of the #Rhino. Tweets my own. #SMMW17 attendee....Dad...Hiker...Scouter...and so much more.

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