Does it exist? Does it really exist to the extent that it should deter you from pursuing or executing on that product, service, or experience you want to launch? Probably not. It’s more likely that your ego is chattering in your brain to protect you from the risk of the imagined catastrophic failure that could occur from venturing into the world of being something other than an employee.
For the most part there is nothing entirely new in the market. Whatever the new great gadget, it is likely an improvement on something already existing. Or if you seek to provide a professional service as an entrepreneur that you are now providing as an employee, there might be nothing new to the offering other than who is providing it. Yes, you will be offering that service amongst all the other providers out there, but is that sufficient reason for you to pull back? Probably not. You already know there is sufficient money in the economy to support your endeavor as you are already being paid for it. Likewise, you have proof of concept as once again you are being paid to perform this service by your current employer.
Even if you are moving into an area that is totally different from what you are doing there is one thing that will always distinguish you from others in your market. Even if everyone is offering something of similar quality at a similar price point, there is something unique about yours. There are likely many formal academic courses on LinkedIn, Coursera, or iTunes University around competition; and there are plenty of books around competition. Those resources will serve you well as you grow your venture. They will likely address the ways in which you can or should address market externalities.
But for the moment, let’s think of competition and differentiation from a very simple and different perspective: the uniqueness and individuality of you. Reality is you need to be self-directed, self-empowered, self-motivated, and self-regulated. So let’s focus on you, the most powerful competition crusher there is.
Realistically, it’s not even about being the “best” (fill in the blank) there is. Best is relative and on any given day any one of the top three in any category can be the best. Look down the virtual office hallway at all the other professionals. Is she, he, or you truly the best? All the time? Before all groups? Probably not. So maybe being the best is not what really differentiates you from others in the marketplace. However, I can think of at least six differences (in no particular order) that exist that will help you to stand out among others in the marketplace.
#1 - Your “True” Network
No, I’m not talking about the five thousand Facebook “friends” you have or the even the extensive number of “connections” you have on LinkedIn. I’m talking the narrower set of family, friends, and associates that are stored in your phone or are searchable in your emails; as well as colleagues in the social, professional, volunteer, religious, and other organizations you belong to; and the people you can reach out and touch.
Are they a potential customer? Maybe, maybe not. Yet within that network are people who know and trust you. People who believe in you and will become raving ambassadors for your venture. Having a network of people who will keep you top of mind to refer someone to you is priceless.
Stop It! This is not the time to say yeah but the “competition” also has a network as well. Yes, but their network is not YOUR network, and YOUR network is not their network. Work yours!
#2 - Your Local “Geographic” Reach
Although technology and the web allow even the smallest business to compete in a global marketplace, there still exists a “local” market. Here again that local geographic market is readily accessible to you – and not to someone who is outside of that area. I’m talking walkable, drivable on the ground “let’s have a meal” accessibility. Of course, they are also part of the “global” marketplace, but there’s only so much personal connection a virtual meeting can provide. Locally, another person may offer the same or a similar good or service, but for the other reasons outlined here, there are still significant differentiators working for you.
#3 - Your Personality
Everyone is hardwired differently. That hard wiring comes from nature and from our environments (particularly those of our formative years). Things like how you are energized (extraversion or introversion); how you take in or use information (detailed or big picture); how you make decisions ( feeling perspective v. thinking perspective); and how you interact with the world around you (experiencing it v. arranging it). When you begin exploring these four personality areas in conjunction with one another you will truly begin to realize how unique (even beyond the generalized sixteen Myers-Briggs personality types) you are. What does this mean? Even two persons in the same line of work or leading similar companies will perform differently. The same financial statement presented to both will be the same. Yet, how each leader takes in, discusses, assesses, and executes on the data will vary.
The most important thing about personality type is it is just a starting point; it does not limit us. Our greatest growth comes when we are flexible and can operate outside of our natural default settings.
#4 - Your Emotional Intelligence
By now you know our should know how important well developed emotional intelligence is to success in well …. anything involving another human being. In a super short summary, emotional and social intelligence involves perceiving and understanding emotional and social information for self-awareness, self-management, understanding others, managing interpersonal dynamics, and decision-making. These skills and competencies are all about the relational, interpersonal, conversational, emotional, and social aspects of life. You may have the next great invention, or you may have the best technical skills in your service area, but can you close the sale? Can you ask for the sale? Can you effectively lead the team to deliver on the contract?
#5 - Your Strengths
If there is only one thing that you do after reading this article, I suggest you invest $49.99 for the paid full version of the Clifton Strengths report. I am not providing a link, I am not receiving a referral fee, I am not part of any affiliate program. I just want to share with you information that will be eye-opening and maybe life changing. Don’t cheat yourself by using some lesser assessment that claims to be the free version of Clifton Strengths. Your report will explain everything you need to understand about Clifton Strengths – what they are; how to lead with your strong themes; how to navigate and manage your lesser themes; and how let go of developing those themes that are the weakest.
#6 - Your Story/Your Why
Your story and your why is the most unique aspect of you. Once again line up a dozen people who offer the same product or service and they each will have their own story and why. The good thing is many of those other people will not even have considered this as a differentiator, so although they know their story and possibly their why, some will never consider the impact of their story upon potential customers.
Yet your story is powerful. Think of the many brands you know of where you can identify with the personal story of a founder or the story behind the product or service. The ”why” or “reason” you launched your business can often create a connection that will set you apart just enough from others.
So how about it? Can you see the space that you can create to distance yourself from others? Intrigued just enough to keep going and not give up? Hopefully so!
Let’s continue the dialogue. Join me on LinkedIn Live Tuesday, August 30th @ 4pm ET to talk more about competition. Here’s the link LinkedIn Live.