- by Rory Ramsden
So you’re about to launch your new product but are worried that as soon as your competitors catch wind of it that they will pivot and reproduce it or even come out with an enhanced offer.
It is important therefore that you define why your prospects should buy from you anyway. It is important that you have define your competitive advantage.
The situation that you face is not, after all, unusual.
For Avis it is all summed up in the phrase ” We try harder”
If you’re in the hire car business, you have to have a very clear idea of why someone should buy from you in the face of cut-throat competition.
For Federal Express, it is “When it absolutely has to be there overnight”
Before they defined the company with this guarantee, it was losing millions of dollars. Now they are the market leader. The market turns to them as the specialist logistics company that guarantees overnight delivery.
For Richard Branson’s condom company it is ” Giving never felt so good”
They give away one condom in a third world country for every one their customers buy. This is their ‘big idea’. It defines why their target market should buy from them
It should define what makes you special. Without one your product launch will go off like a bottle rocket. Without one your company will be unable to define why the market should buy from you even if you have a similar product to someone else.
It could be your location, your service, the value that you offer or simply it can be an idea that appeals to your target market.
– Instantly convey to your customers why they should buy from you
– Tell your employees what their mission in life is above all else
So, going back to your concerns about your competitors cloning your product…
– You will have first mover advantage
– Your will have defined yourself as an innovator
– And if you have targeted your new product launch well, you will have disrupted the market by coming out with a new way of addressing an old problem.
– Your product launch will have positioned you as the expert in that particular segment of the market and have your competitors scrambling to catch up.
And another thing
If this makes sense but you’re having trouble putting in to practice, leave a comment below telling us where you’re stuck…