Episode 282 – Three Ways to Profit from Your Competitors

In this informative podcast from Richard Jacobs, the president and founder of Speakeasy Authority Marketing, Jacobs provides some valuable tips that anyone can use to push their business forward.

Jacobs is a seasoned marketing expert who is passionate about helping professionals get results and grow their businesses. Jacobs’ company, Speakeasy Authority Marketing, has helped hundreds of attorneys increase their profitability and make their brand stand out from the competition.

In regard to competitors, Jacobs states that you can choose to be annoyed by them, stressed by them, or you can choose to be proactive and do something to improve your practice, your revenue, and your mindset! Jacobs explains how it is best to not take it personally, by that he means competitors are not out to crush you or hurt your business, they are simply out to do their best at growing their business, just like you are. If you think of it this way, it becomes less personal. Stressing over a competitor’s experience level, or their market share is not productive. Don’t let competitors get to you. Jacobs states that you need to think about it all logically.

Jacobs provides some examples from the book, Six Thinking Hats by Edward de Bono, which explains how to tackle issues by thinking of them in various colors of hats you can wear, in regard to your mindset. The book, Jacobs states, provides easy steps to compartmentalize how you’re feeling about your work and business, as well as how your emotion impacts your decisions. Jacobs extols the virtues of really examining your competitors to see what they are doing well and see how you can use it in your own business. And even if you have problems with a competitor, you can almost always find something you can learn. Continuing, Jacobs provides examples of how the various color hats provide real information that can get you to a better mindset, and help you solve your issues in business.

Wrapping up, Jacobs continues his discussion on how we can look at our competitors and improve business. He states that we can:

1) Control our emotions, and
2) Ask what we can learn from our competitors, and
3) TAKE ACTION.

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