You Shouldn't Fear Your Competitors. You Should Learn From Them.

As is true in most industries, there are days where it probably seems like every time you turn around you've got some new competitor to deal with. Your market space was already a tight one - now you've got to worry just as much about the companies that are vying for the same market as you do about the market itself.

For as frustrating as this can be, however, it also represents a fantastic opportunity that is just waiting to be taken advantage of if you really know what you're doing.

At the end of the day, you shouldn't actually fear your competitors at all. You should see them as a source of education and inspiration.

The Canary in the Coal Mine

One of the biggest reasons why you should try to learn from your competitors instead of fear them has to do with the fact that you're trying to accomplish the same goal. You just have two completely different approaches about how to best do that. You're still operating in the same industry, and you're still trying to reach the same basic audience. From a marketing perspective alone, this is much more exciting than you probably realize.

Remember that success in marketing comes down to knowing as much about your audience as possible to get the right message in front of the right people at the right time. When your closest competitor launches a particularly successful marketing campaign, sit back and ask yourself "why?" Dive deep into exactly what they did and how they did it. What language choices did they make? What print avenues did they explore? What part of their timing played a roll in their success? Did they do anything particularly noteworthy in terms of font or other design selection?

The same is true when your competitor's campaigns fail, too. Why did your competitor's campaign fail to strike a chord with your audience? What mistake did they make? What incorrect information were they working from? How can you avoid this problem yourself?

From a certain point of view, it's almost like you get to naturally A/B test every campaign that you run without spending additional money because you've always got someone trying to hit targets that are very similar to yours. Pay attention to what they're doing and see what works and what doesn't. Then, figure out how to adapt this information to your own efforts. Rest assured, they're probably looking at you in the same way.

You're All in this Together

An even more important reason why you shouldn't fear your competitors is also a simple one: you're truly all in this together. Think about it like this: the audience that you're trying to serve and the audience that your closest competitors are trying to serve are one in the same. You've both pledged to make the lives of these people better through your products and services. Make no mistake, this is a terrific situation to be in for everyone involved.

For starters, competition is healthy. Every time your closest competitor hits a home run with a new product launch or marketing campaign, it shouldn't make you depressed - it should make you want to wake up tomorrow morning and try that much harder.

Your audience will absolutely benefit from this healthy sense of competition and that is an incredibly important position to be in for all of you.

How One Clothing Brand Is Making Headlines with an Unusual Niche

It can be hard for a decades-old company to continue to innovate in exciting ways. 

Tommy Hilfiger, founded in 1985, has made their reputation through dedication to an "American cool" classic style. The clothing line faltered in the early 2000s as their once-trendy red/white/blue palette and reliance on stripes and bold geometrics fell out of favor. 

The Power of Innovation

However, recent innovations at the brand have led to a resurgence, with global sales topping $6.7 billion per year. Their latest move has been an unusual one: creating an adaptive clothing line for adults with disabilities.

The clothes will incorporate features that make it easier for men and women with disabilities to put them on each day and fit them to unique body shapes. These features include one-handed zippers, adjustable hemlines, velcro or magnetic closures, and other items that allow independence and style.

Most clothing in the line adheres to the classic Tommy Hilfiger styles with bold solids, stripes, and blocks of color. The newly launched clothing collection features 37 items for men and 34 for women.

Creativity Equals Gains

About fifteen percent of the world's population has a physical or a mental disability. When the buying power of disabled individuals is combined with that of their family members, they represent around $6.9 trillion in spending power. Designers who bring their creativity to the challenges of making excellent clothing for this audience have a lot to gain.

What You Can Learn

A few lessons from Hilfiger's success that can apply to your brand:

Look at who is underserved.

Moving into a crowded playing field can be difficult, at best. Instead of trying to distinguish yourself from the pack where competition is fierce, look at who is not served well by current products. By addressing the needs of these groups, you can carve out a niche for yourself and make an audience for your brand.

Start with a pilot program.

Tommy Hilfiger first created a collection of adaptive clothing for kids last year. When that was a success, they expanded to add the new collection for adults.

Get help from experts.

If you are heading into an area that is new to you, look for guidance along the way. 

Tommy Hilfiger partnered with Runway of Dreams, a nonprofit whose goal is broadening fashion choices for kids with disabilities. They also worked on the kids' line in partnership with adaptive clothing brand MagnaReady. 

When working on the adult version of the clothing line, they spoke to a number of individuals to learn about their biggest fashion frustrations. They learned that the big three challenges were adjustability, modified closures, and other factors that made it easy to get in and out of garments. With that knowledge in hand, they built these into every item in their adaptive line.

Doing good does well for you.

It's hard for fashion brands to make mainstream news. Some brands try to make the cut by doing something shocking, which can yield negative attention that can hurt goodwill for your brand. By reaching out to an underserved audience, Tommy Hilfiger got the attention of the media and got the sort of positive coverage that helps.

Looking where you can fill a need can allow your brand to make a bigger difference in the world. It can also spell increased success for your brand. By identifying these needs, you can provide customers with something they needed but weren't getting from someone else and build strong and valuable relationships.

Why Developing Good Leaders is Critical to Your Business' Success

Regardless of the type of business you're running or even the industry that you find yourself operating in, everyone knows that quality leadership is essential. It's equally essential for you to realize that leadership doesn't begin and end with whoever's name is on the door. Experience goes a long way, but the type of raw, natural talent necessary to become a good leader isn't something that can necessarily be taught. It's something you're born with.

That's why when you do recognize that you've got the makings of an excellent leader working with you, it is imperative that you do whatever it takes to help cultivate and develop that talent whenever possible.

Identifying Good Leaders

First thing's first: not everyone working for your company has the makings of a good leader, regardless of how you currently feel about them. According to one recent study, only about one out of every ten people have the talent necessary to rise to this status. That means that spotting a candidate isn't something that is just going to happen every day.

When you do see someone with the qualities of an excellent leader, you'll know it. They're usually the first people to arrive and the last to leave. They're the people who keep a consistently cool head under pressure and who naturally seem to help elevate the rest of their teams to the level where everyone involved is doing their best work. They work incredibly hard for seemingly no reward at all because they just don't know any other way to go about their day.

When you see someone who fits that description, make a note of it. They're probably going to be running your business one day.

The Development Process

Once you have identified one of these fabled "good leaders," the first thing you have to do is support them in any and all ways that you can. Never be shy about feedback, even when it's critical in nature. The chances are high that they're the type of person who welcomes constructive criticism anyway. Don't just tell them what they're doing correctly; make sure they know what they can do to improve and, more importantly, how they can do it. 

Next, challenge them whenever possible. Don't throw your growing leaders into the proverbial deep end of the pool to fend for themselves, but don't allow them to simply spin their wheels either. Challenge and adversity are two important qualities that make all of us stronger. Little by little, this person will start to grow and evolve in front of your eyes and your business will become all the better for it. 

Looking Towards the Horizon

Finally, remember that good leaders are an investment in the future of your company. Good leaders don't just help in terms of collaboration and more substantial productivity.  They're also innovation creation engines at the same time. By taking the time to develop the good leaders in your midsts today, you're going a long way towards guaranteeing future success for your business.