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July 15, 2019

The Power of Competition According to Katrina Lake (and How It Can Grow Your Sales)

No matter how much you strive to work as part of a team, there’s an undeniable truth about sales.

It creates a competitive environment.

You’re constantly measuring your performance against the other members of the team. And even though you want everyone to succeed, you want to be at the top of the pile more often than not.

Katrina Lake understands the power of competition better than most. As the founder of Stitch Fix, she’s making waves in the online retail space.

In fact, she’s on course to become the youngest woman to earn a place on Forbes’ Richest Self-Made Women list.

And it’s her understanding of her competition that has played a key role in her success.

The Key is to Not Compete

During the 2018 Code Conference in California, Lake faced a question about how her company will stay independent. 

The asker brought up the major retail competitors, such as Amazon, as potential threats to that independence.

She said:

“We definitely think about [Amazon] a lot.”

“…In terms of direct competition, it’s just a fundamentally different problem. Part of the value proposition of Amazon ... is this sea of choice.”

“Ours is almost the opposite: It’s we’re sending you five things.”

So, What’s the Secret?

It’s simple.

Whether you’re competing against other salespeople or a different organisation, you need to find what makes you different.

Following somebody else’s lead means you never stand out. People see you as a copycat because that’s what your actions tell them.

It’s those who have the bravery to try something new and commit to it that succeed.

The power of competition is that it can inspire you to innovate. It can also inspire you to change.

Lake’s innovation allows her to establish a unique niche instead of competing against more powerful companies.