Your competition is this giant company with high-performing marketing and technical professionals with huge experience in the market.
They have received multiple rounds of investments and the company is growing at a huge pace.
Their customers are happy with their products and the churn rate is very low.
They kind of know what they are doing, but you kind of not. And this is where you are stuck.
But, having such a powerful competitor is actually a good thing to have.
Why? You may ask.
Because having a flourishing competitor means that there is a huge demand in the market, which is growing.
People are looking for such products or services because it is solving their problems, and they are happily paying for them.
Plus, you can do detailed research on your competition, what are they doing right? what are they doing wrong? what are the reviews in the market? Read both happy and sad reviews.
When you are looking for customers, you know where to find them, as their customers are your potential customers as well.
You don’t have to reinvent the wheel when you can just model their marketing strategies.
Can you see now how great it is to have a strong competition?
But, you must be thinking why would people buy from you when they can buy from an established company with good reviews?
Always Remember, being different is the only way to compete!
You have to find out what difference can you bring in your product that it doesn’t directly compete with the competition and provides extra value to your customers?
I’ll simplify this for you with help of an example.
You must have heard about Udemy. It is a marketplace of courses.
You can find any course in any field on its platform.
With Udemy, as a course instructor, your problem is that you have to create a course and then publish it on their website, which is not in your control.
But Teachable designed its product in a way that course instructors have full control over their courses and they can sell it under their own brand name.
You can check the differences between both platforms here.
Now both of them are solving the problem of online education, but Udemy is student centric and Teachable is Instructor centric.
This is what makes them different and equally popular, as both are not competing in a direct way.
Find out in your business, what is that something which if you add in your product, it will make it different from the competition and more valuable than generic products in the market.
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