Your audience should know the difference
Many entrepreneurs avoid their competition at all costs. Even at the cost of doing better business. There is a reason why YouTubers can be just as successful, if not more, than Hollywood blockbuster productions.
They don’t compete on the same level, and there are different expectations.
This issue is especially pronounced when a company has extremely superior competitors but is unable to admit to this. Whether it’s because of fear of losing out on customers, or it’s because of ego, it doesn’t really matter.
You do your customers no service if you don’t let them know about who can do the job better.
So what’s the solution? Shut down the business and do something else?
No, not unless that’s exactly what you want to do.
But, most often, your competition is not your competition. You are your own biggest and most successful competitor. Instead of being open, transparent, and nurture your customers, treat them in the best possible way, you opt to keep them in the dark, and that is at the core of the problem.
The solution is simple and effective.
With yourself and your customers.
Who do you want to serve and what is your plan?
Your most loyal customers will not leave, but instead, help you grow and become specific. Yes, maybe your competitor is better overall, especially if you are new to the business.
But maybe they are also much less likely to care about their customers in the way that you care about them. Maybe you are able to deliver more value on a single, extremely specific issue, even if your competitor has been in business since forever.
Yes, you could make a living by producing a soda drink that is not CocaCola or Pepsi, and still bring value to people with particular taste buds.
Find your strengths and build on them, but don’t protect your customers from the great services your competition can offer either.