An industry or business doesn’t exist that doesn’t have competition, and often that competition is coming from unexpected places – not just products or services that are similar to your own, but solutions that are competing for the same budget as well.
Burger King competes with MacDonalds because they both sell the same thing, but burgers still compete with all other types of food in the fast food industry as well.
The good news is that competition can actually be good for business, but how?
Surely if you wanted your solutions to succeed, you would move away from your competitors? In fact, you should do the exact opposite.
In this episode, Matt is standing in the middle of a food-court, surrounded by a plethora of restaurants, all offering delicious foods. Why are they all grouped together? The variety on offer and geography of customers knowing exactly where to find them actually works in their favour.
How does this relate to technology? Pricing, strategies, features and benefits are all differentiators, but the most defining factor in your business is you: when you believe in your product and delivering it in such a way that you create a memorable and unique experience, your customers will benefit from that passion. People won’t remember what you said, but they will always remember how your product or service made them feel.
Check out this episode for more on the importance of backing your products.
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