Who doesn’t want to get some of their competitor’s clients? There are not too many circumstances when people would say no. Why wouldn’t you?
What is bizarre is the way in which the majority of small business owners want to go about it to achieve that goal. In the vast majority of instances in my experience the small business owners want to copy what their competitors are doing! This can mean anything from making their website look like their competitors to matching their offering and or pricing.
Unless their competitor is turning away business, why would replicating what they are doing suddenly give you more business? That business is already capturing all the available sales. If you want to copy what someone else is doing and apply it in another location or market, that may work well, but in that case, they aren’t your competitor!
On the basis that you are planning to replicate a genuine competitor, why are their clients going to suddenly leave them and come to you? They need a reason to make that change. That reason needs to be that you are offering something different!! Copying won’t work but being different potentially will!
Rather than looking to copy what your competition is doing, understand what is good about what they do and identify what could be better. As good as you may think another business is, there is always room for improvement.
Always remember pricing is not everything! You need to consider the whole experience! Pricing may initially attract people, but they will soon move on if the product or service is not up to scratch.
Copying your competitors is such a bad idea. Aside from what has already been discussed, it stymies innovation. If you are too busy copying others, then you will miss the opportunity to be different and to innovate! Innovation is where you can really make a difference.
Understand what your competitors are doing, but don’t be obsessed with them! Learn from them but chart your own course if you really want to find success!