Competition is not a bad thing, in fact, it’s great. Many of us thrive on it and may not even realize it. We love sports, music, talent, reality TV shows. Those are all competitions. So, why when it comes to starting a business or trying something new in marketing, are we afraid of competition? Why do we shy away from it?
Competition is awesome, if you are on top. If not, you may get beat out. But, the objective is to find a way to win! Not sit down and quit. Especially when it comes to business. Is second place really all that bad? If first place received $1mil in business, what do you think second places receives? In the Olympics, there are 3 major places to finish. Why do we assume there is only one way for our business to succeed?
In sports or most any competition, there is usually another game, another show, another chance. The same is true in business and marketing. If what you are doing is not working, then try something else. Yes, look at your competition and see what they are doing, but don’t base your decision on their success. You have your own business to run and it’s not just trying to out do the competition. Your ideas, your process, your integrity, your way of doing business is more than just comparing it to compete with others. We see stories on the news and on social media all the time of people still wanting the American dream because they do not have the same opportunities in other countries. I love that!
Think outside the box.
When you look at what you are marketing, find a way to win. Maybe find a market no one has tapped. If you are in a resort area, decide what is the best amenity you have and market it. If you are writing a book, find a market maybe no one thought would read your book. Or, maybe find a fresh new way to tell people the same message. Let’s look at a couple of different scenarios.
First option, I tell you I have business. I tell you I what my business offers. I tell you to buy my product/service. I buy ads to tell you about my product/service and why you should buy it. I ask you to share it with your friends, maybe they might want my product/service. I place my products/service for sale on national sites. My response, boring. If I am interested in what you are selling, I will buy. Otherwise, probably not. It just doesn’t capture my attention.
Second option, I tell you I have business and involve you in the process. Ask questions about my product/services I offer. Engage you in some surveys or what works best for you. Communicate why I am interesting in meeting your needs. Help you understand why this matters to me, why is it important to me that my business succeed. Instead of asking you to buy my product/service, maybe I offer a free or discounted sample so you can have a taste of my product/service and give some honest feedback. I ask more questions, ask what you liked what you didn’t like so I can better understand who my market is … and who it is not. I will ask you to share it with your friends, so I can encourage more interaction. I place my product/service for sale on sites that make sense to further my business interaction and exposure and then, go to work to try to capture a market for my business.
If you look in any bookstore or library, there are thousands of books and everyone has a place or they wouldn’t be there. Some may be there out of obligation to a publisher, but they are there. Your challenge is to be the best book in your market. If you don’t know your market, you can’t be the best!
Go after a market!
So you have some work to do. How to find a niche market? Well, you have to be creative, different, engaging. No matter how much technology blasts us, the truth is, people still need people.
Authenticity is still valid. “Be who you is, not what you ain’t, cuz if you is what you ain’t, then you ain’t what you is.” In other words, don’t just go after a market to sell them a product/service. Go after a market because it is where your business needs to be to accomplish the goals you set for it. What goal did you set? When you first started? Did you want to entertain, inform, encourage, help? Then, look at your competition. Often, you can learn a lot from what they are doing well and what they are not doing well. Make sure you are competing on the same level and then add something.
I recently had a client who was in a vacation resort area. I first did a search on keywords that I would use. Everyone was in the market with keywords like resort, vacation, lodging, hotel, motel. I included these keywords on my list, so I was competitive in the marketplace with everyone. Then, I thought of synonyms for those keywords and did a search. I also added the location to each keyword. I found very little traffic for condos and vacation rentals. I had an idea. I decided to search a popular lake nearby. Hardly, anyone was using the keywords I had listed with this lake name. I found a niche. For years, this client was the only property listed on the first page. Now, as the market has shifted to include more lake traffic, this client is still listed on the first page and competing with national and international brands in this highly competitive marketplace because they found a niche and stayed there. Many search engines reward that kind of sustainability.
Don’t be afraid of a little competition! It will spur you on to do better. Refine your marketing approach. Keep trying. If it doesn’t work, don’t be discouraged. Keep looking for what does work. Your market is there, find it! Finding a niche market or a new place to market your product can take a lot of time and searching, but it can also be well worth it!