Your Business Competition Is Irrelevant
It doesn’t matter. Yep. You heard me right. It makes no difference what your competition does. Why? Because they only serve one purpose.
You see, it’s easy to get caught up in what your competition does. They lower their price, you lower your price. You offer free shipping, they do the same thing. It’s a never ending game. Whenever somebody makes a move, there is a rush to follow.
Well, guess what? You may be surprised to learn you don’t have to worry about having the lowest price. You can forget about having to match the competition’s advertisements. Best of all, your customers and prospects could soon care less who offers these advantages.
There is a better way. And it works in 3 easy steps:
1. “Spy” on your competition. Uncover what they are doing successfully and unsuccessfully.
2. Improve on what they are doing.
3. Forget about them and focus on the strategies (you will soon uncover) which will separate you from the crowd by leaps and bounds.
Let’s look at some examples of companies successfully using this formula:
Case Study # 1: Krispy Kreme Doughnuts
You may be familiar with this company. In only a few short years they became a phenomenon, completely wiping out their main competitor Dunkin’ Doughnuts in countless cities across the United States.
How’d they do it? Well they did not offer a cheaper doughnut or the latest and greatest new treat, or by using any other marketing ploy. Nope.
Rather, they offered something different… a total experience. Instead of just offering doughnuts, they gave consumers the rare opportunity to see how the doughnuts are made.
It was a place where customers could take their kids to the store and watch as their doughnuts are taken off the conveyor belt and served to them… hot, ready to eat.
This was a great improvement over their competition. There was no way Dunkin’ Doughnuts could do the same thing. Why couldn’t they?
Well, for one thing their stores were already established. So changing the design would not only cost a fortune, it would not work in many stores.
But more importantly, they also could not duplicate the story told by Krispy Kreme. That is, the story of having a special treat that the whole family could enjoy.
As a result, Krispy Kreme created excitement all of the country, greatly expanding and rapidly destroying Dunkin’ Doughnuts (in many markets) in a matter of years. All this without doing the old “see and copy” game.
Case Study # 2: Ben & Jerry’s Ice Cream
Millions of loyal consumers see Ben & Jerry’s far and above the rest when they head to the ice cream section of their local supermarket. It’s not because it’s the cheapest or the fanciest. But rather, they offer a superior product in the minds’ of loyal consumers.
When shoppers are looking at the ice cream section they don’t see ice cream, but a fun, thick, and tasty treat. Additionally, if you’re a shopper, you probably also know where this product originates.
It’s from the state of Vermont… where life is more laid back, workers are treated right, and with an image that makes you feel just plain good. You just don’t feel the same way when you buy the supermarket brand.
In fact, even if they raised their price a little bit, it would most likely not matter. That’s because consumers don’t make their decision of what to purchase based on a product’s advantages, but the way it makes them feel to get it.
Let me repeat that as it is a key point for your business as well: Consumers don’t make their decision of what to purchase based on a product’s advantages, but the way it makes them feel to get it. Whether the feeling is prosperous, smart, secure, healthy, or even sexy… keep this in mind.
Shortly, you will uncover the secrets to turning your business into one with a loyal following, almost cult-like… where your customers just won’t feel the same by going with somebody else. In other words, your competition will be irrelevant. It won’t matter one bit. It just serves one purpose.
To “spy” on them and gain inspiration for improvements. You don’t have to worry about them as a business threat, because they will no longer be a serious threat to your bottom line.
You should also know this… It does not matter what kind of business you have. This strategy can be applied to anything. From affiliate marketers to website owners to Fortune 500 companies. Every type of business can gain significantly from applying this lesson.
Your Business Competition Is Irrelevant – Conclusion
By applying this lesson hopefully you’ve learned it doesn’t always have to be a race to the bottom as far as pricing goes and you can separate your business from the competition.
When you study and find out what makes your business unique compared to your competition you’ll then have something that you can brand and build a loyal following.
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