How To Stay Ahead Of Your Competition
how to stay ahead of the competition - how to stay ahead of your competitors
In today's video, I'll be sharing valuable insights on how to stand out in a crowded marketplace and beat your competitors. It all starts with understanding who you want to serve, especially in service-based businesses. There are three key areas you can compete on: speed, cost, and my personal favorite, risk.
Now, let me break it down for you. Offering your services faster than your competitors can allow you to charge a premium. However, competing solely on price might send the wrong message to potential clients, implying lower quality. Instead, consider competing on risk, providing your clients with a sense of certainty and confidence that they won't fail when working with you.
One effective way to do this is by offering a unique approach to solving problems. For example, in my gyms, we combined movement, nutrition, and accountability services, setting ourselves apart from competitors who only offered one or two of these elements. This uniqueness instilled confidence in our potential customers, knowing we had thoroughly considered everything on their behalf.
Once you've secured a few customers, the next step is to focus on a specific type of client. This is commonly known as "niching down." Interview your customers to identify the 20% that brings in 80% of your profits. Knowing who these clients are allows you to cater to their specific needs, encouraging them to stay longer and spend more.
When conducting customer interviews, be sure to choose a time unrelated to any buying decisions. Your goal is to gather information, not make a sales pitch. Understand how they feel about your products and identify other problems you can solve for them. Building trust and rapport with your core clients is crucial for long-term business success.
For a deeper understanding of your clients' willingness to spend and the value they place on your products, check out the Van Westbrook pricing analysis. This tool will help you gauge how much more they'd be willing to invest in solving their current and future problems.
Remember, staying ahead of the competition and retaining customers go hand in hand. If you want to learn how to keep your clients loyal over the long term, click the link in the description to watch my next video.
Don't forget to hit the subscribe button if you found this video helpful. And as always, I'm here to help you build and scale your successful business. Thanks for watching, and I'll see you in the next one!
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