Your 3 Sources of Competition (And How to Beat ‘Em)



Last Updated: Jul 9, 2017
Your competition isn’t just the business across town that sells similar items as your business. There are other types of competitors your business faces that aren’t quite so obvious. Find out what they are, and how to beat all of them, here. 

What’s keeping qualified customers from buying from you? If you said “the competition” you’re probably right. But your competition may not be who or what you think it is. Freelance copywriter and marketing consultant Bob Bly said, “You do not have a monopoly on solving the customer’s problem. He has many options.”

Those options are your competition.

To win the sale, you need to identify what those competing customer options are before you can develop ways to position your product or service in a way that will make customers see you as the preferred option.   

Even if your product or service is the best around, you have competitors. That’s because when it comes to making a purchase, a customer has several choices: 

Most business owners don’t consider this option. Yet, inaction is often the easiest course for your prospective customers to take. Indecision, procrastination, and the human nature to maintain the status quo are powerful forces. According to Forbes, “About 60 percent of qualified leads fall by the wayside because the customer doesn’t find value in purchasing something new and therefore, they decide to forgo any type of change.”

More often than you may think, prospective customers choose to just do it themselves. Often the customer can do as good a job as you can … or at least thinks he can. Photographers compete against smartphones with cameras. Lawn care companies compete with homeowners with lawnmowers. The same thing goes for stock brokers, travel agents, and restaurant owners. Keep in mind that when people opt to go it alone, it’s not always about saving money.

All the companies who offer the same or similar products in your market are your direct competitors. You’re also up against indirect competitors. These companies’ products or services are not the same as yours, but can still meet your customer’s needs. For example, even though a pizzeria and a burger joint sell different food items, they’re both targeting hungry people. That makes them competitors. 

So, now that you know who your competition is, how do you go toe-to-toe with them and emerge victorious? Every situation is unique but here are some ideas that can help you win.

Remember, your prospects always have three choices and you are the last: to do nothing, to do it themselves, or to use you. Focus on being the first choice every time.

© 2016 Attard Communications, Inc. All Rights Reserved. May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc.

Anthony Sills is a direct-response copywriter and content strategist on a mission to eliminate boring marketing. He’s written copy for eBay, SEMrush, IBM, American Express, InfusionSoft and many exciting startups. You can always reach Anthony via social media or email.

Source

Leave a Reply