Your direct competitors are not your biggest threat

Hi there 👋,

It’s tempting to think that we live in the easiest time to market a product. I mean, we have the whole internet at our disposal, with the wonders of social media, video-focused content and data-driven marketing.

But we actually live at one of the most difficult times to launch a business. Because there has never been more competition.

With the boom of D2C, more brands are entering the market every day. And they’re likely something very similar to you.

But don’t fall into the trap of thinking your competitors are your biggest threat, because they’re not.

Today, I’m going to tell you who you should actually be watching your back for, and why discovering your real nemesis is the key to making your marketing land.

Do you know your competitors?

If I asked you for your 5 biggest competitors, I have no doubt that you could answer me without hesitation.

It’s normal for a business to scope out the competition and know who's selling something similar to what they are.

But it’s also a mistake to stop there. 

Because if you’re a skin supplement brand only looking at other supplements, you’re assuming that your customer is solution-aware.

Customers might be solution-aware, but the group that is only problem-aware tends to be larger.

So while you think your brand is better because of ingredient X and sustainability Y, your customer is thinking only about themselves, and the issues they face in their daily lives.

How can this actually help you?

You’re the solution, but what is the problem?

Let’s explore that skin supplement example.

So you’ve been looking at other supplements, maybe even a few collagen or probiotic brands. These are your clique, who you think you’d be seated beside in your customer’s mind. 

But your customer isn’t going into this thinking, “I need to compare supplements.”

They’re thinking something like, “I finally want to improve my acne, so I’m less self-conscious”.

When you frame it in terms of their problem points rather than your advantages, you realise that your pool of competitors is far larger than you initially thought.

You’re up against other supplements, but also skincare products, medical solutions, and maybe even dietary changes.

Know your competition, know your advantage

Walk a mile in your customer’s shoes. Don’t make the mistake of assuming they think as you do. Honestly, they rarely do!

Work out what their Job to be Done is so that you can pinpoint all the alternatives they would consider. Ask them what other solutions they've tried and what they liked / disliked about each one.

Once you know the actual competition, you know how to prove to your customer that they should go with your product instead of the others. 

Need a hand with that part?

In my Message-Market Fit Programme, I show you exactly how to analyse your competitors and understand your customers, so that you can position yourself uniquely for faster growth. 

Check out the three options available for this program, and get started today:

Recommendation

In every edition of Growth Waves, I also share a related book, individual or newsletter to check out related to the week's topic.

Jack Trout has written an excellent book on this subject. In ‘Differentiate or Die’, he discusses how the competitive landscape has changed and how certain differentiation strategies can help your business to succeed. My copy is extremely dog-eared by now!

Even though this is one of the most difficult times to market a product, it is also such an exciting time to work in growth.

The landscape is changing daily and keeping us on our toes. It forces us to be creative and think of the customer above all else, something that was missing in the past.

This is why I live/eat/sleep growth, and truly enjoy writing these newsletters,

Daphne