He was beaming ear to ear.
I just asked him “Who is your competiton” and he was thrilled with his answer -
NOBODY!
The words “oh shit” skittered across my brain. He thought he was sitting on a pot of gold. I was willing to bet my career that his naivete was going to cost him his business.
This little story happens at least 10-15 times a month in my business. I ask my client’s who are your customers and they say no one. I then immediately tell them – wrong answer.
Here’s why.
In today’s hypercompetitive world – there are very few absolutely new ideas. Someone, somewhere has tried almost every idea or angle under the sun. That being said, if you have no competition its because your competitors felt that your market wasn’t worth pursuing.
I’ve also heard many say that they have no direct competition because no one does exactly what they do…
Again, be careful, because your customers may not make such a fine distinction. They may not know or care about how you finely nuance your position in the market. Remember all marketing is about positioning yourself against competition. Even if you don’t have a direct competitor – your customer will assign one to you!
So make your marketing job easier by first identifying your competition and positioning yourself against them.
If you truly have no competition then be honest with yourself and ask if you have truly have a market.
Tough words that will save you money and hassle.