Defeating Competition

[Castillo]

Hey all.

I am trying to start a new app/website, and I was wondering.. Is it best to focus on what you want to do and the program/website/whatever you want to make, or should I be considering my competition?

I know with things like facebook, there was previously myspace etc. and facebook didn't care, they made something big no matter what competition was around.

Should I be doing research within my competitors, or stick to my own lane and focus on what I think the company should be?

 

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[Choate]

Hey all.

I am trying to start a new app/website, and I was wondering.. Is it best to focus on what you want to do and the program/website/whatever you want to make, or should I be considering my competition?

I know with things like facebook, there was previously myspace etc. and facebook didn't care, they made something big no matter what competition was around.

Should I be doing research within my competitors, or stick to my own lane and focus on what I think the company should be?

You need sales, and for sales, you need a customer. I would focus not on your competitors, not what you think the company should be, or what you want to do, but what the customer wants. If the customer wants/needs something that the competitor is already providing perfectly, then perhaps you can find a way to compete on value, packaging, money back guarantee, website design, better copy, customer service, etc. If the competitor is not providing a perfect product/service, find ways to makes it better.

If you research that the competitor is not advertising/marketing to a certain space, locality, or target demographic, then you competing with them isn't all that important - you just need legitimate value + sales.

 

[TheGrind]

Look over your competitors, get some ideas from them, and forget about them.

Focus on better your business and don't think about your competitors. You'll beat them in time.

 

[Castillo]

Look over your competitors, get some ideas from them, and forget about them.

Focus on better your business and don't think about your competitors. You'll beat them in time.

Is it a bad idea to create something alike a company that has billions of dollars in revenue?

Sent from my Nexus 6P using Tapatalk

 

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[Alxander]

Is it a bad idea to create something alike a company that has billions of dollars in revenue?

Sent from my Nexus 6P using Tapatalk

If you can add something extra (that's harder to steal) why not?

 

[devine]

You need sales, and for sales, you need a customer. I would focus not on your competitors, not what you think the company should be, or what you want to do, but what the customer wants. If the customer wants/needs something that the competitor is already providing perfectly, then perhaps you can find a way to compete on value, packaging, money back guarantee, website design, better copy, customer service, etc. If the competitor is not providing a perfect product/service, find ways to makes it better.

If you research that the competitor is not advertising/marketing to a certain space, locality, or target demographic, then you competing with them isn't all that important - you just need legitimate value + sales.

Effectively this.

 

[Vigilante]

Winners focus on winning. Losers focus on winners.

 

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[Fox]

Winners focus on winning. Losers focus on winners.

Exactly. Winners create, competitors compete.
Commoditized approaches get commoditized rewards.

Use them as inspiration or a reference but don't use them for your approach.

Much better to look outside your niche for what works well in parallel industries and adjust that to your area.

 

[TheGrind]

Is it a bad idea to create something alike a company that has billions of dollars in revenue?

Sent from my Nexus 6P using Tapatalk

If you can do it better than them (or at least position yourself as doing it better than them) then no.

 

[Random_0]

You could use your competitors weak points as a foundation for your strengths. Google their reviews - look for 1-star reviews and reoccurring complaints. Also have a read of the 22 immutable laws of marketing & blue ocean strategy.

 

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[ApparentHorizon]

Most traditional guys will tell you to know your competition as if they are your opponents. Guys like Sam Walton going into other people's stores with a tape measure and noting the distances between products.

Then you have guys like Gary Vaynerchuck who says the competition is irrelevant. Listen to your customers and they'll tell you everything they want.

Competition is less relevant with the speed at which technology gives us answers. That's not to say, you can't get an idea or two from the other side.

 

[Jake]

Winners focus on winning. Losers focus on winners.