Why Lots Of Competitors Is Great And How To Make Moola From Them

by ewenmack 5 replies
As if you didn't need reminding, you have lots of competitors for your services.

This means people have choices.

And the choices can seem overwhelming.

This leads to confusion.

Then no action.

Here's an example of an experiment to see how many buy
when confronted with 2 sets of choices.

A experiment was carried out in a supermarket where 26 varieties
of jams were available for testing and another day, 6 were trialled.

The 26 trial had the most come up and taste with a lowly 3% bought.

The 6 choice had less take the taste test but 30% bought.

Another words, 10 times more bought when there was less choice.

They verified what they initially thought,
too many choices lead to confusion, and a confused mind does not buy.

So, you be the one giving reasons why the problem isn't being solved by all the other choices because they are only a band-aid for a deeper cause which nobody is addressing.

That's one way.

Another way is to be the one solution to one problem.

You split up the market and be the only one that does this one thing.

One problem one solution.

Another re-positioning for the battle of the mind, is to strip out
complexities and jargon.

Your more intellectual competitors will say you are over simplifying things and there a many shades of grey therefore one solution isn't going to work in all the situations.

That's a good sign, because that's what happens when an expert
captures the attention, hearts and minds of the market.

The intellectual are trapped by their superiority complex
which can't be translated to buyer benefits.

You have arrived.

In all these situations,
a crowded market works best.

Best,
Ewen
#offline marketing #competitors #great #lots #make #moola
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  • Profile picture of the author BamIPD
    Weird. I've read / heard on video, this same thing about 10 times in the past 2 weeks.
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  • Profile picture of the author Scott Stevens
    Originally Posted by ewenmack View Post

    As if you didn't need reminding, you have lots of competitors for your services.

    This means people have choices.

    And the choices can seem overwhelming.

    This leads to confusion.

    Then no action.

    Here's an example of an experiment to see how many buy
    when confronted with 2 sets of choices.

    A experiment was carried out in a supermarket where 26 varieties
    of jams were available for testing and another day, 6 were trialled.

    The 26 trial had the most come up and taste with a lowly 3% bought.

    The 6 choice had less take the taste test but 30% bought.

    Another words, 10 times more bought when there was less choice.

    They verified what they initially thought,
    too many choices lead to confusion, and a confused mind does not buy.

    So, you be the one giving reasons why the problem isn't being solved by all the other choices because they are only a band-aid for a deeper cause which nobody is addressing.

    That's one way.

    Another way is to be the one solution to one problem.

    You split up the market and be the only one that does this one thing.

    One problem one solution.

    Another re-positioning for the battle of the mind, is to strip out
    complexities and jargon.

    Your more intellectual competitors will say you are over simplifying things and there a many shades of grey therefore one solution isn't going to work in all the situations.

    That's a good sign, because that's what happens when an expert
    captures the attention, hearts and minds of the market.

    The intellectual are trapped by their superiority complex
    which can't be translated to buyer benefits.

    You have arrived.

    In all these situations,
    a crowded market works best.

    Best,
    Ewen
    Ewen, this is splendid.

    Chris Rivers recently made a post on the benefits of focusing on one niche. Your post sort of hits the same point.

    Great advice.
    Signature

    Yours in prosperity,
    Skochy - The Musical Salesman

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  • Profile picture of the author krzysiek
    I've been reading YES! 50 Scientifically proven ways to be persuasive and this exact study came up in the start of the book!

    Good stuff Ewen.
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    • Profile picture of the author timmykins
      Hi Ewen,

      This is great advice, my question is how do you go about finding out what the one problem is, because everyone has different problems?

      I very much agree with the "strip out the jargon" part, I recently gained a new client because they understood what I was saying but didn't have a clue what their previous website designer was talking about! It works!
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      • Profile picture of the author ewenmack
        Originally Posted by timmykins View Post

        Hi Ewen,

        This is great advice, my question is how do you go about finding out what the one problem is, because everyone has different problems?

        I very much agree with the "strip out the jargon" part, I recently gained a new client because they understood what I was saying but didn't have a clue what their previous website designer was talking about! It works!
        Great question.

        Today I sent out 6 emails to people in the same industry.

        I said I was doing research in their industry on what is their #1 challenge.

        Next I said their reward for answering it was I may be able to help,
        if it's marketing related.

        Then gave a case study of the challenge a client had in their industry had and how I specifically solved the problem.

        A few hours later the co-owner of a national branded line of products told me what his challenge was and sent through an attachment of their newsletter.

        Now I can get into a meaningful, to him, conversation what interests him,
        coming up with a fix to his problem.

        Pretty cool eh!

        Best,
        Ewen
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