The Secret to Beating Your Business Competition


The bigger the niche you work in, the bigger the competition.

It’s simple supply and demand, your competition means it’s harder for you to stand out and make sales.

 

Place Yourself on Top of the Hill

If you have any type of competition, it’s likely your competitors have already targeted the same audience you are.

They might have even asked the audience to do the same action you’re asking them to do. Or maybe, they already are your competitor’s customers.

 

If that’s the case, then why should they buy from you and not your competitors?

That’s what you need to figure out. You should mention why you are better, mention it early on. That way they know where you fit in. Here’s how.

 

A Small Slice of a Big Pie

The simplest way to differentiate yourself is to specialise and focus on a smaller section of your market.

What it comes down to is:

  • where
  • what
  • how you do business
  • and who you do it with

 

For example, I’ve heard a lot of people say “I do digital marketing.” For most people, that’s way too broad. 

Applying my previous points, what’s a lot better is “I help UK holiday resorts with AdWords campaigns that get them more bookings.”

Let’s say you were a UK holiday resort and you read that. Do you think you would be more likely to go with that than a normal unspecified marketer?

 

Simply Better

Is there something built into your product or service that makes you different?

Does your product have:

  • A better feature? Does it save their time or another valuable resource?
  • Better components or ingredients?
  • A lower price? (This can be a bad)*

 

You might not know how you are different from your competitors without researching, buying and testing their products or services. Additionally, you could gain insight from what your current customer’s say about your product.

 

If you find something, it should be one of the first things you tell them when advertising.

 

*You should only rely on better pricing if the production or acquisition of your product or service is cheaper. When selling a very similar product or service to your competitors, cheaper pricing is not going to be sustainable.

 

Jack of All Trades, Master of None

“I’m a plumber, an electrician, a children’s entertainer and I sell water colour paintings on eBay.”

In my fictional man’s case, no one knows when they would call him for help. He does so much, which actually devalues each of his mentioned tasks.

 

The more focused you get, the more relevant you’ll be to anyone who has that problem.

 

In your ads, don’t say you can give them 4 things you could do for them, not even 2. Tell them 1 thing at a time that, the thing that will solve their biggest problem.

 

A 10-year Guarantee on a £90 Bin

If there’s nothing your customers can lose by choosing you, they will probably do it. If you take the risk they would usually accept, it also shows confidence in your product.

That’s why you give your audience a guarantee.

 

It reminds me of when I was young. My father bought a Brabantia bin (slightly upmarket bins). They gave it a 10-year guarantee, on a bin!

It ended up breaking after 5 years. He phoned up and asked for a new one and they gave it to my dad without any issues. 

 

That was 10 years ago. Not only does my dad still own one of their bins, but he’s become a loyal customer. He regularly buys their other domestic products, and still tells people about his great experience with them. Free marketing.

 

“But this might cost me so much money, I don’t want to do this.”

Well yes, that’s true, you should feel scared. It’s supposed to be scary to give a good guarantee, and that way your customers know you are serious.

 

The thing is, you can charge more when you have a good guarantee, and not everyone claims them either. Consumers happily pay more for a guaranteed higher quality product.

 

State Your Numbers

If you are the biggest, have sold the most or just a lot in your niche, you should say it. If more people have bought from you, that’s strong social proof, a strong psychological motivator.

 

Don’t just say you’ve sold the most. Numbers are more believable, especially specific numbers.

Don’t you think?

 

“By popular demand, our best selling product is back. 2108 sold, get yours before they sell out again.”

or “We’ve helped 227 companies save an average of 16% more of their profit from the taxman.”

 

Old is Good

People respect old companies. In the Czech Republic, there’s a brewery that was established in 1564. They put that date on the bottom of nearly everything they brand for a good reason.

Your business doesn’t have to be that old, but if you have been doing business for longer than most of your competition, it’s good to state.

 

New is Good, As Well

Seems like a paradox? Let me explain.

New can be good by itself, it means what you are offering is novel, and novelty is valuable.

There’s a reason you always hear scammy headlines like “The new way to lose fat without any diets.”

 

If you are in the tech industry or other fast moving markets, being old is more often a synonym for outdated.

Myspace doesn’t get much love anymore, and there’s a reason I don’t do Myspace advertising.

 

The Action Behind the Theory

What you do with this information will dictate your success.

Gather all the info on how you are better than your competition. When your customers are deciding whether to buy from you, place all that you have in front of them.

 

 

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