Now this is a dangerous phrase because when businesses say this they are often referring the fact that they feel they have a product that does something or has features that perhaps other products don’t have. And, based on this, they feel no product compares to theirs and, therefore, they have no competition. But the phrase “we don’t have any competitors” is a dangerous one for three main reasons:
1. That piece of unique functionality that your product has may seem like the most important thing in the world to you but your customers may think differently. If they don’t see it as a deal breaker then they will look at all the similar products on the market – so you need to be conscious of the fact that you’re also competing with them.
2. Even if your product or service is completely 100% unique, you are always still competing for budget. It may be that your customer chooses to spend their budget on something completely different as they consider it more important to them at that moment. The challenge is finding a way to ensure your potential customers consider what you’re offering as high priority.
3. The belief that no competitors exist in your market can ultimately lead to complacency. If you feel that your product is the best out there then there’s a danger that the needs of the customer will stop being the priority and you’ll fall into the trap of believing that “the product sells itself”. To successfully sell you must always be asking yourself ‘what’s important to the customer?’ and making sure your value proposition is based on this.
Ultimately knowing your competition is the key to creating a great marketing and sales strategy and, believe me, they definitely exist!