Talk About the Competition
April 2018 –
Talking about your competition can be uncomfortable and we understand your hesitation. However, the reality is you are competing with someone. Knowing your competition demonstrates that you have a realistic view of your firm, a solid understanding of your market, and the ability to have a candid conversation with a potential partner.
By answering the question, you will not only show better, but also test how a potential partner views your business. Are they turned off by being in a competitive market? If so, figure that out now as opposed to later. At Undertone I had two regular competitors. One was like Pepsi to my Coke and the other was a bit more like Dr. Pepper. I always knew it was better for me to control the narrative, so I would proactively name these firms and provide my assessment of their strengths and weaknesses and how we compare. The reality is, they were pretty good and so were we, and the market was big enough for us all to flourish.