End Hype 005 - Competition Makes the MarketApr 17, 2020
Transform your product idea into a business reality.
This is End Hype
Here is the top conceptual mistake new entrepreneurs make about competition:
If someone exists in the market ...
If that idea is out there selling ...
They have to give up.
They have to come up with a different idea.
People believe this with such intensity that doing product validation and research causes anxiety. Stop letting bad programming guarantee you failure.
Here is the secret. Competition makes the market.
Being first to market in a new space is hard. Sure, there are possible massive upsides but educating the customer becomes your focus instead of product, growth, culture, etc.
Competition means customers. If I research a problem area and find businesses, courses, products trying to solve that problem, I know opportunity exists. I can quickly figure out what customer segment has the problem from website messaging, email newsletters, and social posts. I can model what is effective.
Even better when I find out that lots of competition exists but the product and marketing is poor.
- Design something better aesthetically, functionally, design it using the negative feedback of competitors products!
- Market it more effectively with a better story, shift in audience, modern ad techniques
- Create a new business model. Check out our Instagram post on Thought Experiments.
Once you start figuring out the business case, Team up with someone with world-class skills to raise up your team. The conversation might go like this, “I did research on X the opportunity is massive because the top competition lacks Y. With your skills in Y and mine in Z we create something amazing.”
Here are some techniques from the RBC Framework to gauge competition:
- Beginner level
- Google search
- Patent and scholarly article
- Amazon search
- Google trends - Find out if the keyword is consistent. Do people actually search? What are the adjacent keywords.
- Facebook ad library - You found competitors on some fast Google search. Take a look at their ads
- AliExpress - We steal a trick from dropshipping. The website shows you what is selling and how much
- Customer interviews
- Quiz funnels
Find things that are working. Trends are critical. In your community, you are part of a niche audience. You may feel like the market is saturated but the broader market or adjacent markets are just getting started. Remember... it's not just about the idea. It is about the business as a system.
I felt this way about several social media platforms, creating courses, and a slew of other ideas until I understood the secret … you do not decide. The customer decides.
Competition MAKES the game.
Competition Makes the market.
I want clients to be category kings. The respected leader of a category. The saying goes “first to market gets arrows in the back.” Category kings rule by reputation and relationships. Category kings become the agreed benchmark.
Think of every business you admire. They did not invent X from ether. They crafted and refined the concept into something special, noteworthy, and scalable. Competition shows us what is working. Competing gives us clues on how to win.
“But Callye, the competition will crush me like a bug”
Stop thinking like a loser. Focus on how to win with your unique skills and deep customer knowledge.
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