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How do you make your competitors irrelevant?
Sure, you can try to stay one step ahead of them every single day, week, and month. You can always be adding new features and trying to do things a little bit better than them.
The most sustainable way to make your competitors irrelevant is to invest in the meaning of your name.
You want to invest in your brand. Your brand is your unique asset.
Your brand allows you to do anything that anyone else is already doing and your customers will buy from you because of that name. That name carries with it expectation and precedent. Hopefully that’s a good precedent of quality, customer service, and not cutting corners.
When you have that name, it doesn’t matter what anyone else is doing. It doesn’t matter if people are doing the same thing.
It’s the reason I don’t care if someone else starts a similar business show. I don’t care if they start a similar podcast, sell similar shirts to me, sell courses on the same topic, or start their own conference. It doesn’t matter.
I can do anything that anyone else is already doing because under my brand, it carries a certain expectation. People will buy from my brand because of the expectation I’ve set and they’ll buy from yours as well, but you have to invest in the meaning of that brand.
To render your competitors irrelevant you have to invest in the meaning of your brand and you have to set the expectation with your customers. This is something that takes a lot of time. You can’t expect this to happen overnight.
It’s going to take years of investment, but if you invest in your name, people will continue to buy from you.
You will get loyal customers who no longer even do research—they won’t even look at competitors—they will buy from you automatically, because if you have a solution for their problem, they don’t care if someone else does. They want it from you because they trust you.
A lot of people see competitors as the enemy and they’re always wary of what their competitors are doing. They obsess over them and study them.
You don’t need to care about your competitors when you have a quality brand.
When you have loyal customers who will buy from you no matter what, it doesn’t matter what your competitor is doing. This actually opens up something else that’s beautiful.
If you only see people as competition, you will never have community.
What is community? Community is the gathering of people with similar interests—it’s the partnering up of people who do similar things. You can’t ever have that if everyone you see is a competitor to you.
When you learn to focus on your unique asset that is your brand, it opens you up to community. You’re no longer fighting your competitors, so that means you can partner up with competitors.
Partner up with people who do the same things as you. Recommend their services, recommend their products, and point people to them—it doesn’t even matter. All they’re doing is they’re helping accelerate the Buyer’s Journey.
It’s the whole Magic of 7 concept—people need 7 impressions and they have to hear new information 7 times in order to retain it.
Before they buy something, they need to be exposed to it 7 times, they need to learn about it, and they need to overcome the inhibitions or fears they have before they buy it.
Competitors can actually help you get your customers closer to that magic number 7. They can help educate your customer and then they’re going to come back to you and buy your product even if your competitor has the same product, because they trust you and your brand.
It might seem like the most obvious way to make competitors irrelevant is to obsess about them, study them, do things differently or better, and even undermine them or get rid of them.
The best way is to focus inward on the values of your business, invest in the meaning of your brand, and invest in your people. When you do this, you will breed a rabid kind of follower who is fantastically loyal to your business and your business alone.
When you get to that point, your competitors become completely irrelevant.