Your customers determine who your competitors are.
Your customers are looking for a product or service
That will solve a problem they have.
While you may think of your competitors as those offering a product/service that is similar to yours,
Your customer may consider anything that they believe will solve their problem.
Regardless of the form the solution takes.
Think about that for a minute.
Your playing field is probably much larger than you thought.
You have:
➡️ Direct competitors. Those offering the same or similar products/services that you do (think McDonald’s vs. Burger King).
➡️ Indirect competitors. Those selling different products/services to solve the same problem (think McDonald's vs. Texas Roadhouse).
➡️ Replacement competitors. Those offering a product/service from another industry or category that solves the same problem (think McDonald’s vs. a grocery store).
So, how do you come out on top?
Be better than your competitors at understanding your ideal customers and the problems they are trying to solve.
This will help you find and reach more of the right customers,
And present YOUR solution as their BEST solution. 🎯
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