Competition and how to understand its importance in your Biz.
Every week, every day and every minute you are not only business women you are also a consumer. It is necessary that you remember the overwhelm you can feel online when purchasing from others. Similar to the word “sell” the word “competition” has become icky. We think when we are concerned with competitors, that we stop to value ourselves. Create your business foundations with thoughts of growth and sustainability. Having this understanding you can acknowledge that your consumers time is as valuable and important as their money to invest with you.
You compete with the possibilities of choice that your potential clients can invest their time and their money. Accepting that your clients continually weigh up how they spend their time with their family, friends, personal development, grocery shopping, business development, clients, networking and whatever life shares with us? When you ask your clients to invest with you, they are deciding on more than spending money.
Share of the wallet
According to Wikipedia, Three levels of economic competition have are:
“The most narrow form is direct competition (also called category competition or brand competition), where products which perform the same function compete against each other. For example, one brand of pickup trucks competes with several different brands of pick-up trucks. Sometimes, two companies are rival, and one adds new products to their line, which leads to the other company distributing the same new things, and in this manner, they compete.
The next form is a substitute or indirect competition, where products which are close substitutes for one another compete. For example, butter competes with margarine, mayonnaise and other various sauces and spreads.
The broadest form of competition is typically called budget competition. Included in this category is anything on which the consumer might want to spend their available money. For example, a family who has $20,000 available may choose to spend it on many different items, which can all compete with each other for the family’s expenditure. This form of competition is also sometimes described as a competition of “share of wallet”.”
Understanding how to know your share of the wallet.
- When you are creating your strategy, it is crucial to know your unique selling point what makes what you do differently. What is it that creates urgency for a client to invest their time and money with you. Why will a consumer give you the “share of the wallet.” What will make your clients loyal?
- Optimise your strategy, and invest your time to understand your consumer.
- Know what your Purpose is. How is what you are doing going to serve you best? What will be the return of investment for you? Having a sense of purpose is what you return too, to ensure you are on the right track. Do you know your purpose and how it aligns with your business/ Life?
- If you are content with your purpose, you can let go of needing to run your race and begin learning what your potential clients want. You have become a fierce biz woman who is establishing your biz. You have created your unique selling point, and you have your modality to help them with their needs.
Competition and your client.
Often clients will place what they want ahead of what they need. The client “wants” will take priority over what they need, and it is requisite for us to know this when we are competing for our clients valuable time and money.
Learning to become Target Market Intelligent gives you clarity around who your client is, it unquestionably helps you to create a more evident biz strategy. Consequently, from your Target Market, interviews you learn very quickly what a client will pay for and what they individually will respond too. Knowing potential consumers are can stop you from feeling invisible because you have learnt how to connect with them in their preferred way.
Target Market Intelligence gives you the specifics to be able to create your Niche. Identifying your ideal client means they align with your purpose and you align with what they want and at the same time have the ability to support them in uncovering there needs. Targeting a niche doesn’t imply that you are excluding potential clients. Instead, you are focusing your efforts on a specific type of customer which is more likely to buy from your Biz.
Purpose ➢ USP➢ Modality ➢EGO ➢Target Market Intelligence ➢Niche ➢Services & Prices ➢ Content ➢Review.
What is your return on investment?
A great tip is always to ask yourself what my return on investment is? That is if you know what you have invested. Ask what your clients return on investment is? Their investment includes the steps it takes to work with you. Did you use their time wisely, did you find them via their preferred method? (Not yours). Does your free information give value to your client?
Investing in technology or a person who can review market trends, SEO, google analytics and google directions is vital to stay current.
Experts have shared with coaches for many years that a confused mind says NO.
As experts in our fields, it is crucial to understand what your clientele want along with their needs. It is also essential for you to learn where our client hangs out and the way they prefer to receive their information.
If you are ready to enjoy working with your ideal client and become visible as an investment in your client’s world, you can book in with me NOW.