How To Market Against Established Competitors

– [Camera Guy] You
don’t want to talk about– – Yeah, don’t talk about the
fact that I tried something new and it didn’t work out. (upbeat music) How do you compete against established competitors
in market? Wouldn’t it be awesome
for you not to care about your competitors,
especially the big guys? For them to be copying you
even though you are like I don’t want them to copy me. Yes, it is better, because that means that you
are doing something right, or that anytime that they
get mentioned in the press you’re company gets mentioned. That’s the right way to compete
against a big competitor. It can be frustrating especially
if they’re copying you, especially if nobody is
paying attention to you, especially if you feel
like they have more time and resources to
invest in their business, and you’re always trying
to figure out the next step, and the next leverage point. How do you even make
your product competetive? In this video I’m going
to share with you guys the way I thought about
competing against companies. When I started my company even though early in launching the product
it was innovative and new. Shortly after, about six months
after launching the company we had a huge
company enter the market. I’m going to tell you the story, company name
rhymes with “boogle.” You know that was a crazy moment and a lot of people thought
what are you going to do? How are you going to react? Doesn’t this mean that your
idea is going to get squashed? You know a lot of entrepreneurs
might look at it this way. The question I always
ask myself is, do I care more about
solving this problem than anybody else in the world? The answer was yes. Now the cool part is
about a year after that I got invited to actually
spend time with their team to understand kind of
how they were thinking about the product road map, and how they were getting
distribution and marketing. I thought for sure their
marketing was going to be simple because they already had access to hundreds of
millions of people. What I realized is that
within big companies even though their team was
five times the size of ours, their budget was a multi
million dollar a year budget to work on that product they couldn’t get
the other departments in their company to actually
deploy their solution to get more traffic
and more traction. They had to fight
the same way we did and that was really awesome,
honestly, for me to find out. That’s where I realized that
there’s some best practices that everybody can
use when trying to compete against established
competitors in the market. Number one is to pick a niche. I don’t care who you are if
you are starting in a business in a market that has
established competitors you need to find a niche. Niche it to win it. That means going deep, not being, it’s what
I call subcategory. It’s not saying I’m going to
build point of sale software for small businesses, I would
say go to one level deeper. I’m building a point of sale
software for flower shops. I would go to
another subcategory. I would say I’m building
a point of sale software for flower shops in
a region in Canada. Just go super niche,
super focused, to allow you to really learn
from that core customer and then kind of
expand after the fact. Number two is for you
to tell a great story. You know when building a
business especially if the company is founder led
there is probably a moment when that idea came to you. There’s probably a
frustration that you saw where you were
talking to somebody and there’s an origin story. You have the opportunity, more
than a established competitor to tell that story. Here’s what I believe, the
person with the best story wins. Okay, there’s origin story,
there’s product story. That is for you to
figure out and define and to make sure that you
integrate in all things in your product and
in your marketing. That’s number two. Three is to have product hook. When people go to your
website, you need to figure out how can I promise something
that’s super valuable to them that they need and get
them to experience that as fast as possible? That’s the hook. That’s the promise
on the webpage that speaks directly to them. It’s why the niche
matters so much, it’s why the story
matters so much. Number three is to
have a product hook because big companies try to
be all things to everybody. You have the opportunity
to speak directly to them. Number four is customer service. You know,
you can’t scale caring. The beauty of being
a small start up is that you have the opportunity to really hold your
customers by the hand. You have the opportunity
to reach out to partners and say look I’m personally going to be involved
in this project. I want to integrate
with your solution and my team is ready to go. All resources are set up to
do this, make this a win-win, and I’m here to let you know
that this is going to work. Big companies typically
don’t have that resource, I mean the truth is their
teams don’t care to that level. I just think from
customer service and how quickly you
respond to email, to the ability to write
custom thank you cards to your early customers,
to picking up the phone and doing what
I call smile and dial. Every Thursday at Clarity
I’d pick up the phone and call five to six customers. Just learn who they are
and what they are about. Really just connect with
them and their challenges so that I can make
better product decisions. That’s number four. Number five to me is find
a transcending vehicle. I got this idea from
my buddy Gere. When he was kind of analyzing some of the fastest
growing companies in the world and he realized
a lot of them found trends or other companies that
were on this growth trend and they kind of attached
themselves to those vehicles. For example, Lululemon and yoga. Yoga was growing as an industry. Lululemon decided to really
focus on that industry and grew. I seen this recently
with a software product called Zen Planner. They’re focused on building
a solution for CrossFit boxes to be able to manage
their membership. Now Zen Planner didn’t
start off in CrossFit, they started in martial arts, but they made the pivot when they saw the
growth opportunity. Transcending vehicles, when there is an existing
big company, right in a market and you
want to compete you got to do these five things. Number one you
want to pick a niche. Number two is you want
to tell a great story. The origin story, why you are
doing it, is going to matter so much to your customers
as well as your team. Number three is you’ve got to
figure out your product hook. Put it on your homepage. Make the promise clear,
focused, speak to them. Number four you want to
make sure that you deliver the best customer service
possible and connect with them. Fifth, find a
transcending vehicle. Some market or other
company, integrate with them, that you see that they
are growing, it’s a trend. That way it’s going to help
you build that market traction so that you can eventually
become the big guys. What I want to hear from
you below in the comments is I want to hear your
stories of how you’ve competed against existing incumbents
and competition in the market. I would love to hear
from your comments below, in the comments below. Hope you having a crazy
good day, an incredible day. I want to challenge you as usual to live a bigger life
and a bigger business. I’ll see you next week. If you liked this video be sure
to subscribe to my channels for other tips on how to
start and grow your business. As well I would encourage
you to join my newsletter so that you can get
exclusive invites to events, community contests, as well
as other free training videos. If you are ready to get
going to get some more videos I’ve got a couple
queued up for you. Hope this video find you
well, I’ll see you next week.

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11 thoughts on “How To Market Against Established Competitors

  1. Got a fortune 500 company in your market? I feel your pain… 5 months into building my company, one of them announced a competing solution. Here’s how I kicked their @ss!

  2. Cool video, Dan, thanks. I see what you're saying about the story, but what if your story just isn't that interesting? I can't just magic a better origin story out of thin air, but I don't think mine is that interesting. Ideally I'd like one that matched my audience, but my customers are 50+ conservative Americans, and I'm about as different as you can get to that.

  3. Hi Dan, another brilliant video once again mate, you just keep hitting these out of the park, love it!

    I'm thinking number 3 is probably the one I could work on the most, well actually all of them could be better, but I guess isn't that the way, that you have to alway keep improving, lol.
    Not sure about number 5 though, it's an interesting one. I get the theory behind it, but I've just never really had much luck with it and I don't really known how much benefit I really would get from it. It seems everyone is just after what's in it for them and not so much about any partnerships they have created. But I guess that is always going to be the case. Anyway, it's probably just my business because we are unique. But even if I can't do number 5, I'm still happy to concentrate on the other 4 🙂
    Thank you again mate, and am looking forward to next weeks video.

  4. Thank Dan! This speaks to me today.

    My product is competing against an established player, but taking an innovative approach. So far, the market research I've performed to date has provided valuable insights as to where to attack and build a "niche". I know that members of my competitor's team are aware of my product. However, based on their recent outputs, I'm not convinced they fully "get it". Time will tell, but important strategies nonetheless.

  5. 1.Find a niche
    Niche it to win it
    2.Tell a story
    3.Product hook
    4. Care more about your customers
    5.Transcending vehicle

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