When I play poker, I have an advantage.
I mean, let me start by asking you, “What kind of advantage would you have if a world class poker player showed you not just the tricks of winning at poker, but gave you play-by-play instruction on how to keep ahead of all your competition?”
Well, on multiple occasions, Annie Duke schooled me while I supervised her giving lessons to high rollers at San Manuel casino.
But, being who I am, I never wanted to be a poker player. While listening to her explain strategy, and watching her with people, I learned. I learned a lot.
I learned that she is a caring person. And focused. And I also learned more about what I do – marketing.
Hearing her explain the play on the table, there were life lessons happening. From a business perspective, what if you could know which of your competitors were really doing well, and which ones were just full of crap? Well, she showed me the way to do this, and it’s just one important lesson I learned from poker legend, Annie Duke.
Just like a poker game, struggling businesses try to convince you of their success. After all, if their prospects knew that they were weak, they wouldn’t get the business. The stronger they act, the more likely they are to get the client. And if the competition believes they are successful and strong, they will respect them and work at staying competitive with them.
When you have a strong company, you can ignore competitors in your field. Or mimic them. It’s better for your competitors to think of you as nothing. Let them spend their time fighting other competitors, while you go about winning their customers and keeping yours.
So, here’s the big reveal. If you want to get a sense of how your competition is doing, ask them. If they brag. If they boast and tell you how successful they are, they just may be struggling. Shop them and look for their real tells.
But, if they respond that they’re “okay,” or that “business is puttering along,” then these may be the true winners. Watch them. Look at all aspects of their business.
When Annie asked why I paid so much attention to what she was saying, I told her. She laughed and told me how she sees business… “It would be ridiculous for a million dollar business to risk all of their capital on one investment.” But she also pointed out that changes when you have very little money, “Then you can risk it all.”
While this doesn’t really dive into specifics, it is a pair of pocket aces. And that’s where my expertise comes in. You can use my skills I’ve developed through years of watching and listening.
Take away to consider
Keep this in mind. When I asked Annie Duke what the best lesson she ever learned was. She quoted Paul Newman: “If you’re playing a poker game and you look around the table and can’t tell who the sucker is, it’s you.”