So you’re feeling discouraged that someone else already started their business with your idea! You think that maybe you’re too late and there’s nothing you can do about it, so you should just forget it!
Before you give-up, hear me out …
Competition is actually a good sign. The fact that another profitable business exists means that there’s demand for this product/service. Being the first in the market does not really guarantee success. Infect it’s more riskier and requires a much more investment in changing the consumer perception
Having similar ideas in the market will give you the opportunity to improve existing gaps and inefficiencies.
Here are three strategies that you can use to differentiate yourself from your competition.
1. Create Your Niche
Differentiating yourself by creating your own niche is one of the most effective ways to stand out in a competitive market.
You can effectively customize an existing product or service to offer tailored benefits your specific niche. The more personalized your offerings are the more success you can achieve.
2. Create Custom Business Model
Can you figure out a way to create a revenue model that will help you gain access to the market effectively?
For example, can you offer a tool or resource for free while selling complementary products/services at a premium price.
You can offer a resource like blog or podcast to attract your ideal clients. That way, you can build trust and credibility with your target market, and you can introduce your premium products/services.
Or, You can consider changing your pricing to only charge for what a customer use. Another option is to offer bundles and packages to give more added value for your ideal customers.
3. Create Unique Customer Experience
80% of our business depends on repeat customers and referrals. Having a great customer experience, allows you to differentiate yourself at a personal level in making your customers feel like they matter.
Although automation may be an effective solution for different areas of business, but when it comes to customer service, it may not always work well. No matter how smart artificial intelligent software can be, there will always be a need for the human touch. This could be a great advantage for your business creating that high value human touch for your ideal clients.
So if your startup idea already exists, do not give-up too quickly. Make sure you assess the market, your competition and the unique value you can bring to this space. You can save a lot of time and resources by studying your competition and offering superior product/service for your target market in a way that’s relevant and effective.
Love to hear from you! Did you learn anything new from this episode?
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