How Do You Compete?

At our recent Crown Council Annual Event in Las Vegas, I highlighted some businesses worth emulating. One of my favorites is the Donut Stop in Amarrillo, Texas. Founders, Rose Martha and Jim Cates provide a great case study on how to stay competitive.

Their story is well-known in Amarillo. The hometown chain (Donut Stop) was put on notice when Krispy Kreme announced their entry into Amarrillo. Jim immediately packed his bags and went on a tour of Krispy Kreme locations around the country to see what they did well and what they did not do well. He returned with the data and they formed a new strategy.

In short, The Donut Stop attacked with what they did well that Krispy Kreme could not do at all. They accentuated their assets that were difficult to duplicate. The strategy was so successful that Krispy Kreme soon left town.

The mistake in “competition” is trying to outdo the other by doing what they do a little better. The Donut Stop didn’t even try to compete with Kripsy Kreme head to head. They looked for the differences and capitalized on them.

So the next time you are tempted to copy the office down the street and try to do what they do, but just a little better, STOP! Look for the things you do that the competition does not do and accentuate those assets that are difficult to duplicate. You’ll have a better chance of standing out from the rest and customers will beat a path to your door.