One of my clients was walking into a boardroom presentation when one of their competitors was walking out. Their competitor was a much larger company, and they had their whole sales team in attendance. They had never seen this group up close and personal, and they were literally shocked to see them face-to-face. My clients had a very different picture in their mind. They expected crisp, professional, and unbeatable.

They saw something very different.

Their competitor’s sales team looked worn out, broken, and discouraged. Just seeing their faces made them appear … human. It was clear that whatever happened to them in the boardroom, it wasn’t anything good. My clients were encouraged by what they saw.

It’s important to respect your competitors.

No matter how big or small their company, no matter what you might believe to be their perceived strengths or weaknesses, you owe them your respect. They are competing against you, and treating them with respect means taking them seriously, not overestimating their abilities to the point that you are not confident in your ability to beat them, and not underestimating them and believing that winning will take anything less than your A-game.

Questions

1. Do you respect your competitors too much? Does it border on fear? 
2. What happens to your confidence when you fear your competition? What changes do you make to your strategy when you believe your competitor is far stronger than you are? 
3. Do your competitors really have advantages that you cannot counter? Or, are they really ever bit as human as you are? How do you remind yourself that your competitors are just as susceptible to the same things that cause you to lose deals? 
4. What is the risk of over-estimating your competitors? What are the risks of under-estimating your competitors?