Last week a business owner to be told me that their research indicated they had no competitors. DOH! I must admit that this was not the first time I have heard such a claim nor do I believe it will be the last.
I congratulated him on his findings and said that if his findings are true, he may want to conduct further research for the following reasons:
1) If no one else is doing it, is there a reason? Does a market actually exist for the proposed products/services?
2) Are the proposed products/services being offered in other ways? For example, are they part of a larger offering being made by others? Are they hidden?
3) Consider indirect competition - who else is competing for the same dollar? Do not be mislead to believe that movie theatres are not competing with sports teams. The product is different but they are both pursuing dollars spent on entertainment.
In my experience it is exceptionally rare for a business to have no competition. There are certainly unique products in the market place, but in most cases there are also alternatives that will satisfy the needs of the purchaser.
The point of today's thought is to continue to ask "Why?" and to think beyond your specific product/service offering to what else currently satisfies the need that has been identified.
Good selling,
Richard
I congratulated him on his findings and said that if his findings are true, he may want to conduct further research for the following reasons:
1) If no one else is doing it, is there a reason? Does a market actually exist for the proposed products/services?
2) Are the proposed products/services being offered in other ways? For example, are they part of a larger offering being made by others? Are they hidden?
3) Consider indirect competition - who else is competing for the same dollar? Do not be mislead to believe that movie theatres are not competing with sports teams. The product is different but they are both pursuing dollars spent on entertainment.
In my experience it is exceptionally rare for a business to have no competition. There are certainly unique products in the market place, but in most cases there are also alternatives that will satisfy the needs of the purchaser.
The point of today's thought is to continue to ask "Why?" and to think beyond your specific product/service offering to what else currently satisfies the need that has been identified.
Good selling,
Richard
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