I overheard three conversations last week that touched upon this subject. It reminded me of similar conversations I had in the past at Unit4. And almost always, it was sending the wrong signal.
Let me explain:
Competition – sometimes they are a blessing, too often they are a pain. They are a blessing when we can use them to position ourselves optimally. They are a pain when they get desperate, start “copying” and undercutting us in price.
We are experiencing this most when WE are not clear enough about the difference we help our prospects make. When everything is equal to a prospect – price is the only argument that will get them across the line. As such, it’s in this situation where you’ll see the most competition, where it appears everyone is “copying” you, and where each contender tries to undercut you.
Logical right? They have a quarter-end target to make as well.
The only way out is to be super clear on:
👉 How you help your ideal customers make a difference,
👉 on problems they perceive highly valuable to solve, and
👉 deem as critical on their agenda.
I refer to this triangle as your Value Foundation. Missing one spoke of the triangle will instantly move you in the frustrating situations explained above. That’s where prospects perceive us as ‘vague,’ ‘high-over,’ and ‘just like all the others.’ A fertile ground for a nasty discount battle…
So it’s all in your control.
The moment you start articulating clearly how your solution’s magic concepts help your ideal customer exceed expectations on the metrics that matter most to them, they’ll put you in pole-position in their mind and begin envisioning a future with you. And they’ll happily pay a premium as a consequence. What’s more – you’ll be able to attract better customers on the back of this.
The key take-away:
Don’t give your competitors the options to make your life difficult – be remarkable.