Competition is Relative
Updated: Oct 5, 2020
Entrepreneurs need to think about their end user, not themselves, when talking about the competition
When asked the standard question about competition, many entrepreneurs usually say: “no one is doing what we’re doing.”
I believe them. I am certain that no one is building a mousetrap identical to theirs. Even the Samwer triplets have made slight modifications to Fab, AirBnb, and the other sites they have cloned.
That doesn’t really matter though because said entrepreneurs are answering the question from the wrong perspective — their own. The only thing perspective that matters is the end user’s.
To the end user, who is inundated with products and solicitations, the market is highly commoditized and any given entrepreneur’s solution is one of many. Your product might be a unique snowflake but most people can’t tell the difference.
So, the next time you answer the competition question, answer it in a way that will resonate with the end user. Start by acknowledging the space is busy and that your differences are nuanced. Then, go into a simple explanation as to why your mousetrap works better. People will take you more seriously and you will be a better salesperson.