You need to be aware of your competition, because they’re trying to take your market share, but the key to domination is to focus on your business and the things that differentiate you from them. Most businesses struggle and fail because they try to copy the competition. That, or they do a poor job explaining why their product or service is better.
You can do better than that. In fact, you are in the perfect position to do better. Market leaders are slow to change — you have the power to adapt quickly and get creative.
The principles I’m going to share with you here will help you dominate the competition. You can use them to get ahead at any point, and they’re especially helpful when you’re first making a name for yourself.
1. Outspend your competition with social currency.
If you can’t outspend your competition with real currency, do it with social currency instead. For example, I recently met with a coaching client who owns an exotic car racing company based in Las Vegas. His main competitors are spending about $100,000 a month on Google ads. That means Google ads won’t help him at this point, since he can’t outspend his competition. He asked me what he could do to draw traffic to his business instead.
I told him to find 10 influencers on Instagram and Facebook with 200,000 or more followers who fit his ideal customer demographics. Then, I told him to invite them to come out to his track and get the full experience for free. Now, he just needs to film a video with each of those influencers and ask them to share it with their followers, encouraging them to visit his business.
That’s thousands of dollars worth of organic traffic without spending an extra penny. You can use this same tactic in your business. Trust me: It works for any business, any industry.
2. Find the gap and fill it.
There’s a gap in your industry. It could be a pricing gap, or a niche your industry has ignored, or a gap in the level of service provided.
For example, look at men’s suits. You can go down to your local department store and get a decent-fitting suit for a couple hundred dollars. Or, you can get a custom-tailored suit for seven or eight thousand dollars. Can you see the gap there?