Early last year, I had a project I wanted to execute.
It would require heavy capital, but that wasn’t the problem. When I carried out a feasibility study, I realised I had to beat three huge factors if the project would succeed…
Acceptance. Trust. Market Forces.
When I sat to plan the project, I came up with a foolproof model that would build trust. I also had a solid plan to beat market forces. What I couldn’t find a way around was Acceptance. It was out of my control…well, unless I could figure out a way to control people and their wills.
I knew I needed a heavy external factor to help me overcome that, and there was none in sight. So I postponed the project.
Months later, I realised a brand tried working on the idea, and failed woefully cos they couldn’t factor in that Acceptance in their plan or that their model for it didn’t work.
Whatever it was, it just didn’t work. They failed woefully cos the audience or market couldn’t accept the idea. They weren’t ready for such a big change.
As a business owner, your chances of success is almost guaranteed, if you can study your competition very well, and develop a foolproof model to beat them.
But then, you need to first identify your competition and/or your competitor before you can develop that model.
Who/what is your competition? Who is/are your competitor(s)?
Your competition is the existing traditional system in place that you’re trying to displace with your idea. It is/are the other solution(s) or industry that is tackling the same problem your business is solving. Your competitor is the brand or company that is delivering exactly the same service as you are.
If you are selling hair or wigs…your competition is the pre-existing system – your prospective clients electing to carry their natural hair or just braid it or go on lowcut. Your competitor is the other lady who is selling hair too.
Both are really powerful factors and how each affect you depends on the market and industry.
If you are going into a relatively new industry that is yet to gain good acceptance in a particular location, or there are other strong solutions the prospective client can go for, you’ll need to tackle this competition, or offer the prospective client a better deal than what the competition is offering (so they can choose you).
That’s the only way you can gain wide acceptance.
If you’re going into an industry that has been accepted already, then you have to focus more effort on your competitors – study their models and try to outperform them.
In some instances, especially in an industry that is still fighting for it’s place, you may have to tackle both heavily. In some others, you may find that while you’ve beaten your competitors, you will probably be in a constant face-off with the competition.
Uber (worldwide) for example, is always in a constant fight with their competition – the traditional taxi or public transport system. They are steps ahead of their competitors, so far ahead it could almost be said that they do not exactly have competitors. But they’ll always be squaring off with the competition.
If you analyze their ads, you’ll realize that they are not telling you that they are the best digital ride-hailing agency, they are rather trying to convince you to go for the comfort and convenience which digital ride-hailing offers. Capisce?
Bottom line is, you need to identify your competition and your competitor, figure out the impact both may have on you, and come up with models to beat them.
My inbox is always open, you can hit me up to discuss your business or that idea you’ve always wanted to execute.
I will help you develop foolproof models for the projects. The Kopykart team is always very much available to help with your branding and marketing content.