When you ask yourself, 'Who is your competition?' you naturally think of products or services that offer something similar to you. For some businesses, particularly SaaS software, this can lead to a false sense of security, a conclusion that you have no direct competition, that your product is unique.
Netflix doesn't just compete with Disney+. They compete with any other leisure activity you could spend your time and money on as an alternative to Netflix.
There's always competition, and the better question is often, 'what is your competition?'
If you sell project management software to small businesses, the competition is probably a combination of Google Calendar and Excel.
For a professional interior designer, your competition may be the property developer's in-house admin who sets out the Ikea furniture in the showroom rather than another interior designer.
By changing the question, you refocus your marketing. What is the competition, or, How do they currently get the job done?
In the example above, you shouldn't focus on convincing prospects that you have better software than the competition. Your job is to show them the value of improving their project management tools and process, so much so that it's worth ditching their current approach, which is free, and finding the budget from elsewhere to pay for software.
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