The Unseen Advantage: How to Exploit Your Competitors' Blind Spots
Your competitor's blindspot is your goldmine. Learn how to use this gap to your advantage and win big.
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Introduction
One of the easiest things to do today is to start a business.
One of the toughest things to do today is run a profitable business.
Why? Well, there are multiple reasons. There are so many competitors in the market, the economy may be in a bad shape, etc.
However, one of the most common reasons is because most products available in the market are literal clones of one another and the customer doesn’t find a strong reason to buy your product over your competitors.
Let’s change that in today’s note.
Blind spots in your competitor’s business
Want to start a new business?
Get your caffeine fix, start Google My Business, Amazon, and YouTube.
Type “Why I stopped using/ hate *insert the name of your product category/ name of competitor*” on all of the aforementioned platforms.
Start making notes. Make a lot of notes.
Make a note of the words/ phrases/ vocabulary/ language that the customers are using. In business terms, this is referred to as the “voice of the customer”.
Now that you know areas of complaint from real customers, who are actively using the product that you wish to build, you have access to a goldmine of information that you must use to create your product.
When your product manages to solve most/all the complaints that the existing customers have from your competition’s products, don’t you think it would be an easy process and a strong reason to get loyal to your product, once it’s launched?
That’s why I mentioned at the start of the note… Your competition’s blind spots are a goldmine for your business.
Make sure you make the best use of this access to your goldmine.
Conclusion
The exercise mentioned in the note feels too overwhelming and if you feel you’d need assistance/ help/ guidance to execute this idea (or any other aspect of our business) I’d strongly recommend you consider 1:1 consultation with me. Let me help you get out of the fix you’re in. Reach out to me and let’s connect.Your Thoughts!
If you’ve reached till this point of the post, I’m sure you must have some thoughts/ feelings/ opinions about what you’ve just read.
I’m done sharing what’s on my mind, and now is your turn to share your POV.
Tell me how you are processing the information that you’ve just read?
Do you agree with my thoughts?
Do you think I missed something important?
Do you disagree with something in particular?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a founder of a new business doing research by reading reviews/ forums on the computer/ laptop and making notes in a notebook.”