Why are competitors more successful than you?

If you have never asked this question and don’t have competitors more successful than you then stop reading, jump on your super maxi yacht and sail off into the sunset! But for the rest of us mere mortals, read on.

How often do you stop and look at why they are more successful?

What are they doing differently or better than you that commands more of your target audience’s attention (and wallet)? I think this question is worthy of some processing by the grey matter that lies between your ears.

Time to activate the grey matter!

Task: Take 5 minutes now and jot down the top 5 reasons why they are more successful than you – Go on, I double dare you!

In my business, I have one such competitor that is very vocal about how successful they are. And being honest, they appear, on the surface, to be that. On a revenue basis, they are approximately five times larger than us. I spent a heap of time studying them, and it took me a long, long time to work out what they were doing better than us.

We have a superior product offering, by far. We produce better outcomes and results for our clients. Our service model kicks their lily-white bottom. The list goes on. So, I kept scratching my head. I couldn’t figure out the key points as to why they were more successful (and don’t get me wrong, five times bigger doesn’t mean more successful, but they were certainly doing something better than we were).

Then it came to me!

Finally, after about 18 months of thinking and analysing, it dawned on me…[insert an image of me kicking myself you know, for not seeing it earlier, for how simple, elegant and amazingly obvious it was] I should have seen it all along.

They understand their target audience and they clearly communicate the value they are providing to their target audience.

This is the single main reason that your competitors are better than you.

To achieve this, you need to understand:

• Who your target audience is
• What your target audience is after
• What their emotions are
• What do they want
• What do they dream of
• What do they believe

If your competitors are providing more than you are on this, they understand this better than you do.

So, 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 will determine how successful you are.

Until you understand your target audience better than your competitors do, they are always going to be more successful than you.

Remember: you don't want to be everything to everyone, the moment you do this, the moment it's all over.

The more you can focus on your niche, the more successful you will be.

However, Do you know The Single Most Important Aspect to “Describe your Ideal Customer”?

After 17 years in business I wanted to share my latest epiphany as to what my ideal customer is and how I can screen them to make sure I only work with those I should, rather than those I will later regret.

I must enjoy having a beer with them!

Life is too short to put up with people you don’t like. No need to be rude to them, but there is no room for people who are going to distract you from reaching your goals and doing what you love to do.

Need help in understanding your target audience?

Due North is a digital marketing agency who is ready to help.