One question I really like asking people is; do they have some competitors that are more successful than they are?
For 98% of the business population the answer is ‘yes we do’ and the single main reason that they have competitors bigger than they are is that the competitor understands their target audience better than they do.
This is the single main reason that your competitors are better than you.
They understand their target audience and they clearly communicate the value they are providing to their target audience.
So, understanding who they are, what they’re after, what their emotions are, is one of your biggest challenges. Viewing it from a ‘what do I want, what do I dream of, what do I believe…’ perspective.
If your competitors are providing more than you are on this, they understand this better than you do.
We have a competitor in Melbourne (who I won’t call King Kong!) who, I think, no I know, we have a better product, a better team, we provide better outcomes to our clients…but the thing that sh**s me to tears (and I’ve only just realised), it’s that they understand their audience, they know their target better than I do.
So they are communicating a better ‘perceived value’ than we are. So it’s time for you to change that. It’s time for you to know your target audience better.
…What they want, what they dream of and believe, then, marrying that up with your value proposition.
This is what’s going to determine how successful you are.
Until you understand your target audience better than they do, they are always going to be more successful than you.
How do you know what to do when you have several target audiences?
That’s fine. The core problem and challenge is that you don’t want to be everything to everybody. The moment you do that you are dead in the water because someone is going to come in and eat up that 40 to 45 year-old female target audience you’ve got because they are more specific, they are communicating better value, they are fulfilling their wants and dreams better.
You can have multiple target audiences, you just need to know them. Need to know them better.
The more target audiences you’ve got, the more competitors pop in as well. That’s fine, just as long as you are prepared for that.
The more you can focus, once again, the more successful you will be.