How do you compete with other 45,567 businesses?

[MJ DeMarco]

How do you compete with other 45,567 businesses?

The answer is quite simple: Dissect the value array, its attributes, and its skew. The more skew, the bigger your advantage.

Easy in theory, not so much in execution.

 

[WinTheDay]

Good question and it is easy to understand if you look at in a different way.
Instead of taking those list of companies and saying you choose one...ask yourself WHY you choose them.

I choose Apple because I love the UI and ecosystem.
I choose Powerade of Gatorade because it tastes better.
I choose American Airlines over United because I don't want to get beat up(lol)
I choose Instagram over Snapchat because I think its better.
I choose Amazon over most online stores because its FASTER.
I choose Charmin over other brands because its SOFTER.

I could go on and on but you get the idea, find out why you choose certain companies over others and you will begin to see how they skew value. Look inside your niche at your competition and see how they are currently skewing value, then add what they don't have or do what they have better. Company XYZ has fast shipping? Offer fast and FREE shipping. Company XYZ uses regular materials? Make yours Eco friendly. It's literally a chapter in Unscripted that goes into detail of this, check it out.

Also of course business is a never ending competition, you will always have someone try and enter your market and take your customers. What can you do about it? Make sure to never forget its other people putting money in your pocket and always focus on their wants,needs,and frustrations and I'm sure you'll do fine. You can always pull a Facebook and buy up the competition haha.

And like MJ stated, all of this is easy to say. Way harder to execute on.

 

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[sparechange]

Yes you are competing with others but at the same time only a small percentage of a market is needed to make way to much money

In my case the industry is around 80 billion, so capturing 0.1% of that is $80million.

 

[Late Bloomer]

It doesn't have to be winner take all, and it doesn't have to be a dualistic battle at the top. The important thing about your business is that makes enough money for you, serving people you are able to serve well. There are still Mom and Pop restaurants in a world of KFC and McDonald's. And those giants don't have to go out of business for the other to survive. Many people who like fast food will visit one restaurant some days, another restaurant on other days. McDonald's doesn't even try to serve fried chicken wings with cole slaw. KFC doesn't even try to offer a bacon burger. The important part is, what are the value attributes that you can do at least a little better?

 

[Consolation]

Billionaire, Mark Cuban says business is the ultimate competition. It's an unending battle. Who knows one unknown little boy will steal your customers and crushed your creation in a matter of time. (e.g : MySpace vs Facebook).

He even challenged the small businesses to compete with big known companies. Because if you can compete with the big guns, you can compete with anyone.

If business is a competition, who are the players? Here are the players on the field.

Note:

• I am listing this without searching Google cause I gave them my money and time for the value they offered. MBA holders termed it brand awareness.
• I am often presented with a lot of choices in the marketplace. Bold marked are the ones I chose to pay.

• Marlboro vs Dunhill
• Apple vs Microsoft
• Colgate vs Darlie vs Sensodyne
• Pepsi vs Coke
• TMF vs Rich Dad Poor Dad vs Tai Lopez
• Nike vs Adidas vs Puma
• Carlsberg vs Tiger vs Guiness
• Absolut Vodka vs Smirnoff Vodka
• Laptop: Acer vs Asus
• Smartphone: Samsung vs Lenovo
• Sony Vegas vs Adobe Premier
• KFC vs McD

How about the players that competing for your hard-earned money?
Can you list them in a split second?

P.S : I was inspired to write this after reading Seth Godin's Purple Cow and All Marketers are Liars.

 

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[ALC]

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