How To Beat Your Number #1 Competitor in Any Industry (Top-5 Tips)
Hello everyone and welcome to this video, today I am going to give you my thoughts and perspective on the question, how to beat your number #1 competitor in any industry. This is going to be a difficult question to answer because I am still learning new things in business and as I get older and I become more experienced in business my thoughts and ideas might change, depending on how the world changes in the next few years, but I think the advice that I'm going to share with you today will atleast help point you in the right direction. So let's get right into the video.
Number #1 - Who Is Your Number #1 Competitor: I think one of the best things you can do in the early stages of your business or whatever stage you are in at the moment is to just sit down with your laptop, open your favourite note-taking app and go and find out who all of your competitors are and compare all of them side by side. Take specific notes on each of your competitors and compare and see what the top-performing companies are doing right now. What makes them better than your business, what areas can you see from a birds-eye view that they are lacking in that you can come in and improve on? Pretend you are the customer and if you had the choice between you and your top competitor, how would you go about standing out from your top competitor in order to get this person's business.
Number #2: What Does Your Competitor Have That You Don't Have? When I asked myself this question, I noticed that my number one competitor had a really good YouTube channel filled with tons of educational content about the industry and just general business advice. I thought this was an amazing idea and it inspired and motivated me to get Infront of the camera and start investing my time into creating some good quality videos. I also noticed that my number one competitor had lots of explainer videos on their website so I copied the idea and started making my own videos as well. In the beginning, I bought those graphic cartoon explainer videos but after a while, I realized that it's far more effective to make a video with an actual human being explaining the content rather than some robotic voice explaining the whole thing.
Number #3: You Need Lots of Good Reviews: When I was looking at one of my top competitors, I noticed that he had just over 100 5-star reviews on his Google page. I gave it some thought and I asked myself if a potential client has to decide who to hire for web design or marketing services, are they more likely to hire a company with 20 Google reviews or a company with 100 Google reviews. Even if the company with 20 reviews came in at a cheaper price, while the company with 100 reviews had a much higher price, who is still more likely to get the contract? Chances are it’s the company with the most reviews. Now, don't be discouraged, everyone starts off with zero reviews. Keep working hard and build yourself up to the point of 100 reviews. I would go as far as taking on some free projects for friends and family members just to get some good reviews for your business because you can use this in the future to help secure more business. Think long term on this one, the beginning might not be super rewarding but later on, if you are patient with the process, it will pay off well for you.
Number #4: You Need To Get On Social Media: Business is getting more and more competitive and there are always going to be little things you need to do in order to stand out from your competitors, ideally you want to have so much contrast between you and your competitors that it becomes obvious to the customer who they should do business with. Being active on social media is pretty important nowadays. When a customer is comparing your business to another business, if you happen to have great reviews and you have a great presence on social media and you are posting regularly, it just helps them feel like their money is safe with your company. This is especially important if you are in the service business and you sell services that are worth thousands of dollars in value. Depending on the industry you are in, social media might not help you get a lot of sales, you might find most of your customers by doing seo and Google ads, however, at some point, those very same customers will check your social media and take your social media activity into consideration when they choose which company they want to do business with.
Number #5: Work on creating an amazing portfolio of successful projects: This tip obviously applies to service-based businesses, if you are a photographer or web designer or any type of service that involves creating custom work for your clients. Your portfolio is going to be one of the most important closing assets you can ever develop in your business. The better your portfolio is, the easier it will be to close more business. Imagine you are looking to hire a web designer and you come across two companies, one company has 4 examples while another company has 50+ examples or 100+ examples on their website, which one are you going to hire? Or if you are planning to hire a wedding photographer and one company has one portfolio piece while the other one has over 50 projects on their website, who would you feel more comfortable hiring?
Regardless of what stage you are at in your business, ask yourself this question constantly, how can I make it so that it is nearly impossible for a customer to choose my competition over my own business, what do I need to do in order to look better than any of my current and future competitors, I think you should constantly ask yourself this question and you might be surprised to hear what kind of answers you might be able to come up with. Of course don't just write them down but actually, take action and execute.
The world of business is going to become extremely competitive in the next few years, in order to remain a dominant player in your respective industry you are going to have to put in more effort into your business than any of your current competitors. I hope this video was helpful, please do follow my YouTube channel or wherever you end up seeing this video and in the comment section, feel free to leave some future video ideas and I will put it on my list of future videos to create. If you need help building a website, check out the course page on my website to get access to our web design training program, or you can simply fill out the contact form on my website www.nordello.com and I will get you a quote within 1-2 business days. Thank you for watching and I will see you in the next video.