Find your uncontested market & render your competition irrelevant

 

Wherever we look in business, there is competition. Even the most recognizable brands have to duke it out with other companies in their space. Apple went up against Microsoft. Space X infiltrated an industry that was dominated by NASA. Even Amazon had eBay and Walmart to contend with in terms of entering the world of online sales.

You may not be developing the next space program, but you experience competition too –from other businesses that operate in the same area as you. Two high-end bridal stores, for example, will have to contend with brides-to-be exploring both options to find their perfect dress. It can feel like you’re stepping on each other’s toes and trying to elbow one another out of contention.

Rather than getting caught up in a competitive mindset, focus your efforts inward. You can carve yourself a corner of the market that is uncontested and pursue growth without getting trapped inside competition. That is precisely what the recognizable brands above did. But how?

Instead of trying to be the better fighter, position your business differently.

 

1. What about my main competition’s offerings or customer experience is lacking or incomplete? What gap do we fill that they do not?

Microsoft was an uncontested giant once, until Apple came along. What Apple realized was that while Microsoft served their tech-savvy customers really well, there were a lot of people out there who are not tech-savvy but also want a streamlined, easy computer experience. They developed their technology and products to be simpler to use, aesthetically pleasing, and placed a lot of emphasis on customer support.

Consider your main competition, the one always on your mind. How do they operate, and is there anything you know they’re lacking that your business fills? If they seem like they are identical to you, it might be time to think outside the box when it comes to how you could differentiate yourself from them. Start with what you already do really well.

2. What are my customers’ pain points and how does our product or service solve them?

This can be a tricky question to answer, because it involves getting inside your customers’ minds. Amazon did their research and realized that their ideal customers were generally choosing the brick-and-mortar store down the street over ordering online. The main benefit of ordering online at that time was having access to bespoke or international items that were unavailable in stores, but it was cumbersome to navigate ordering sites, expensive to ship the items, and it would take a while for them to arrive. For items you could get locally, ordering online didn’t make sense. Customers chose going to the store because it was clearly faster, cheaper, and more convenient.

Essentially, Amazon figured out that people’s pain points were that they wanted a precise object, they wanted it right now, and they wanted it for cheap. They realized that people prefer not to leave their homes and drive around to multiple stores if they can just order things online from the comfort of their couch in seconds, and have them arrive in the next couple of days. So they built an entire system to solve those pain points. These days, if you need a lightbulb and may need to try a few local stores to see if they have it in their inventory, you’re more likely to search for it on Amazon first. Walmart and eBay are no longer Amazon’s competition because Amazon offers a wide breadth of products, an ease of ordering, low or free delivery fees, and a speed of delivery that cannot be matched.

You may serve a certain segment of the population who have specific desires and pain points that you can put more energy into solving. If your customer base is extremely broad (if you’re a physio clinic chain that serves people who are injured, or a conference center who hosts conferences for anyone who is planning an event), consider how you can focus on a specific pain point you solve. This way you can become known for that thing, and are no longer in direct competition with other businesses like yours.

 

What we’re talking about is your Unique Value Proposition

Your Unique Value Proposition (UVP) isn’t just another marketing buzzword. It’s the reason people buy from you, that secret sauce that solves your customers’ pain points – the core of what makes you different. 

In a competitive marketplace, standing out is not just an option; it’s a necessity. Playing in a well-defined market without differentiation makes it impossible to succeed, much less grow your business.

Your UVP acts as a beacon, drawing in the right customers looking for exactly what you offer. It’s the foundation of your brand identity and positioning, driving all your marketing and sales efforts – even your product development! It helps to ensure that your message resonates with your target audience. Without a clear UVP, you risk being just another face in the crowd rather than the go-to solution your customers seek.

 

So what is your UVP?

The good news is that you have a unique value proposition. You just need to unearth it and develop it to get the traction you want to see. If you’ve been experiencing stagnant growth, it’s time to create a UVP that’s worth getting excited about. You may have been watching other businesses carve out interesting areas of your market and thought to yourself, why didn’t we think of that? This doesn’t mean you’ve missed the boat – it simply means you’ve outgrown the strategy and the brand positioning that has gotten you this far. 

It’s time to grow.

 

If you want to uncover and develop the unique value proposition that will propel your growth, book a consultation with us. We can’t wait to meet you.

 

Wendy Winder

Marketing Strategist + Project Manager, Owner of Ray Strategic Marketing

Wendy is a senior marketing leader with 25+ years of experience in all aspects of marketing, brand management and strategic planning. Her ‘let’s get it done’ attitude, creative vision, and aptitude for collaboration and teamwork built on a foundation of trust have served her and the wide variety of B2C and B2B companies she worked for with positive results. She is proven to help companies make bold moves that position their companies for lasting growth.