29/04/2022
"We have no competitors. No one else has thought about this. We are the first ones!"
This belief, however, is as damaging as it is misguided.
If you think your business doesn't have competition, then that is a major problem!
A lack of competition may imply a lack of opportunity. Either no customer need exists, or the opportunity is small and not compelling.
There are just a few reasons why a business may not have competition, and none of them are good.
Reason #1: You’re being overly narrow in your definition of the target market.
Sometimes, our prospective customers weren't looking for exactly what we had to offer. Rather, they were looking for broad solutions to the problems they were having in their company.
If you think your business doesn't have competition, then, that is a major problem! Our view of what constitutes competition.
Reason #2: You’re ahead of the market.
When our product or services didn't fit within the standard set of solutions customers or clients were used to, the sales process was incredibly challenging.
Suggestion: Inform your prospective customers or clients about the issue your business is addressing. With time, the market recognized the need for our product, and competition emerged.
Competition is a form of validation for your product or service, and it should be embraced rather than feared.
Did you find it insightful? What is our game plan for dealing with your new competitor?
Book your free consultation today!
https://www.ignicious.com/free-consultation-digital-marketing-agency/