Handling Competition

Hailing Competition: How to Win Without Fighting

Welcome to the Aspen Live Well podcast. Today we're going to cover some business metrics, and specifically we're going to talk about competition. One of the most frequent questions I get is about competitors — what to do when a competitor down the street is doing something, or how to stand out in a crowded market.

When I was young in my career, especially as a college basketball coach, I made a critical mistake in that I always viewed opposing coaches and teams as my enemy. But even in athletics, they're really not your enemy — they're there to make you better. If you approach competition correctly, it will make you better.

I like to start with a quote: "If your problem has a solution, why worry? If your problem has no solution, why worry?" If there's something you can do about your competition, don't worry about it — do it. If there's nothing you can do, don't worry about it either. Just focus on what happens within the walls of your business, because that is mostly under your control.

Three Ways Competition Benefits You

Competition does three positive things for you. First, they educate the marketplace. You can't reach every person within a five-mile radius of your business on your own. Competition helps expose people to your market, your technology, and your service — at zero cost to you.

Second, competition sets a benchmark. Whether high or low, it gives potential clients a measuring stick to evaluate you against others. A low benchmark is easy to beat; a high benchmark leads to the third benefit.

Third, competition makes you better. If a competitor is doing something better than you, self-preservation will naturally push you to meet or surpass that level. They make you work harder and raise your own bar.

Business is also not a zero-sum game. It doesn't mean that if your competition makes a dollar, you lose a dollar. There is room in the market for multiple businesses to flourish and succeed. Just as Nike selling a shoe doesn't mean Adidas loses a dollar, your competitor's success doesn't have to come at your expense.

Innovate or Die

Peter Drucker, the father of modern management, said that there are only two functions of business: innovation and marketing — everything else is a cost. One of his commandments for business is "innovate or die." Human beings are creatures of habit and get bored quickly. If you're not changing and innovating your approach every six months, clients will drift away. Even if you have the best product or service in your space, that's not enough to keep clients forever if you stop evolving.
Maslow's Hierarchy for Business

I want to tie all of this into what I call Maslow's Hierarchy for Business. Most wellness businesses — chiropractic, cryotherapy, spa, and similar — focus almost entirely on the base level: physiological needs, meaning the avoidance of pain and feelings of pleasure. While that's your core service, it is not enough to keep a client for life. To create raving fans and lifetime clients, you need to connect with at least three of the five levels of Maslow's Hierarchy.

Level 1 – Physiological Needs: Avoidance of pain, feelings of pleasure. This is what most wellness businesses focus on, and while essential, it's just the foundation.
Level 2 – Safety Needs: Clients need predictability, security, and a conducive environment. Pay attention to every detail — smells, sounds, cleanliness, even the music playing. Never have the news on television. Be intentional about your playlist; every song should reinforce the feeling and message you want your clients to experience.
Level 3 – Love and Belonging: This is about genuine connection. Listen to your clients, take notes on their lives and interests, and personalize your interactions. Send handwritten notes for milestones like anniversaries. Give thoughtful, personalized gifts rather than generic ones. These small gestures go far beyond a typical business relationship.
Level 4 – Esteem Needs: People want to feel recognized and appreciated. Let clients who've achieved results share their stories with others who are just starting out. Connect them as mentors. Give them a sense of purpose and contribution. This makes them feel valued and deepens their loyalty.
Level 5 – Self-Actualization: Help clients reach their potential. Ask about their specific goals beyond just "feeling better" — goals need to be measurable. Track their progress, reflect it back to them, and celebrate how far they've come. People often forget where they started, so reminding them of their progress is powerful.

The Bottom Line

Not every client will connect on the same three levels — it will vary by person. But if you connect with every client on at least three of the five levels, you will keep them long term. You'll create raving fans who refer others at no cost to you.

The most expensive thing you can do is constantly acquire new clients while failing to retain existing ones. If you've been in business for two years, you've likely already had enough clients walk through your door that retaining even a small percentage of them would have filled your business completely. Stop throwing money at marketing to replace clients you should have kept — and start building real, lasting connections.

Thanks for listening, and feel free to reach out anytime.