[Week 19] How I think about competition

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Week 19: How I think about competition

Early in my career when I worked for Writer’s Digest magazine, a mandate came down from executives that under no circumstance were we to mention competing publications or include them on a resource list. This included magazines as well as a select list of books and websites.

I found this petty and self-defeating. If the magazine’s mission was to help writers, we could not ignore valuable materials available from reputable sources. After some years, when I was in the position of executive, I rescinded the mandate.

Those executives saw the world as zero-sum: If some other publication gained readers, it meant we lost them. But that is rarely the case.

If you’re a writer running your own business, I’m willing to bet you are not selling your work as a commodity. When someone reads my novel or memoir, does that mean they won’t read yours? Of course not. And the writers we particularly love cannot be directly replaced by another. Even if certain industry opportunities come in limited amounts (e.g., six-figure book contracts or prestigious awards), the most valuable business asset you can build is not limited, and that’s your readership.

However, I’m not saying ignore the competition. You should absolutely know your “comps,” but your comps may be more comparable than competitive. Plus they can lead to greater insight and growth for you. For example:

I am challenged to do better and distinguish what I do by reading or studying my comps.
I am more well-informed about readers’ needs and wants by keeping up with my comps and how readers engage with them.
I gain ideas about how to grow or modify my business from comps.

Some say the best kind of business is one in which your competitive advantage can’t be replicated. This is particularly true of writers, but gaining that advantage takes time and tends to be closely associated with branding and reputation. It would be difficult, perhaps impossible, for someone else to directly challenge me in the market because of my name recognition and long-held industry relationships. Just replicating my business model or material isn’t enough.

Collaborate with your competition

Today, I continue to work with Writer’s Digest, even though we are competitors. (We both offer online information and education for writers, for free and pay, even if I don’t publish a magazine.) I collaborate with The Authors Guild and ALLi. I’ve contributed to Publishers Weekly and Publishing Perspectives. And so on. I decide who to work with based on shared mission and values—not whether we might be competitors.

Unfortunately, the zero-sum mindset will always be alive and well. Not long ago, I was approached by a major writing magazine about partnering on a podcast, on the condition I stop working with Writer’s Digest. It’s disappointing these requirements for exclusivity still exist in the market, and I suggest pushing back when you can. It would have to be a lucrative and career-defining deal for me to grant any power of exclusivity to a business partner.

Exercise

Writers may not give much thought to their comps until they have to write a query letter or prepare a book proposal. But knowing and studying your comps makes you far more market aware and astute when running a business—plus you should keep potential collaborators on your radar. Consider researching the following types of comps.

Authors who write on similar themes or in the same subgenre or category (the more specific, the better)
Podcasts run by comparable authors or that cover your genre/category (try the search engine Listen Notes)
Email newsletters, Substacks, or blogs that are in the same lane as you (try searching Substack)
Freelancers offering services similar to your own (who’s advertising in magazines and newsletters for your audience?)

You’ll be exposed to many potential comps by attending writing conferences or book festivals, joining writing organizations, or registering for writing classes. Just be aware of the potential for status anxiety while doing so. The upcoming annual AWP Conference is one of the largest gatherings of writers in North America and, as such, can produce the feeling that you are small and inconsequential. Recognize that feeling for what it is (just a feeling), and never forget that most writers are not interchangeable, and the market of readers is wide and always open to you.

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[Week 19] How I think about competition