We live in a society where we are cultured to be afraid of competition. We are told to enter industries or markets with less competition, as if it’s saturated, the likelihood of succeeding is very slim. Is this really true though? Are you bound to fail if you enter a market that’s already saturated? No!
Listen to the Innclusive Grow team as they tell you that that is not entirely the case. As a matter of fact, they say the more competition there is, the better! You’re probably thinking, “What?! But that’s not what I’ve been told! That can’t be true.” Well listen up, as you’re about to get some interesting facts and have your mind blown! Tune into the podcast as they tell the reasons why competition is beneficial and how to take advantage of that competition. You really don’t want to miss out!
[02:24] What’s the deal with competition being a big deal, but to our benefit?
- The more competition in an industry, the more likely success is possible
- The best predictor of success is what has already been proven to be successful by other people
[04:06] Are we cultured to be afraid of competition or is it this mindset when it comes to business?
- We feel comfortable competing in different ways
- Afraid to take action in business because of competition
[05:25] What do we do to take advantage of competition and oversaturation in an industry?
- Look at reviews (Yelp, TripAdvisor, etc.), comments
- Look at pain points (customer service, shipping time, etc.)
- Build a company that addresses the issues of the competition
- Be better than the competition
[08:36] How would you know how to differentiate yourself if you’re in a service based business?
- Social Media
- Google – find reviews, comments
[10:10] If the market is saturated, how do you handle the pricing aspect?
- Ease of purchasing
- Have a slightly higher price – shows there is value there, branding and trust
- Most customers are emotionally based when buying
- Know your competition
- Create the experience – fulfilling customer’s emotional needs
- Set your pricing based on value
[17:32] What are some mistakes entrepreneurs make after deciding to enter a market with competition?
- Reinventing the wheel, making changes
- Think brand is delivering everything when it’s not
- Branding everything yourself and creating the website on your own
[25:44] What’s a case for leaving a market?
- You can’t avoid competition, get used to it and figure out how to keep delivering a great experience to customers
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