Welcome to 2013 the absolute worst time in history for those
looking to do something unique. Long gone are the days when to “matter” we just
had to create something “pretty good” and scream at the top our lungs about it.
Now there’s a sea of “us”. And they’re all doing exactly what we’re doing…or
what we want to be doing.
It’s depressing. And it’s noisy.
Questions:
- What are you supposed to DO
when you come up with a great idea, but your competition is bigger, badder
and richer?
- Is there even a point in
pouring your heart and soul into an idea that’s already been done (in some
way/shape/fashion) by someone else before?
- Should you just curl up in
a ball and die?
- Should you find another
idea?
Don’t answer! Those are rhetorical Of course, rhetorical means
that I’m going to answer you. But first, let’s dig a little deeper.
THE MYTH ABOUT CREATING SOMETHING
“NEW”
Here is a
little story i think can help out;
Nwams is a member of TAP and she’s the CEO/Co-founder of a
Houston-based startup that helps women (or men?) find the best prices on hair
weaves and extensions by connecting them to hundreds of sellers and comparing
prices. Ever been on eBay and compared prices on two nearly identical products,
then chose the one that had the best value? Easy Weave is just like that but
for hair. Awesome right?
But….as usual, there’s a problem…
The main idea behind EasyWeave is not a new concept….not by a long
shot. And the competition is as stiff as possible. Nwams has 4 main
competitors: Alibaba, Etsy, EBay and Amazon.
Ever heard of those guys before? Yeah, they are global wrecking
crews. All of them move millions and millions of dollars worth of hair weaves/ extensions
every year.
At a cursory glance, it pretty much seems like EasyWeave is dead
in the water. Nwams’ competitors are bigger, stronger, wealthier and much more
well known. They’ve got it on lock. It’s like that crazy basketball game in
Space Jam where Michael Jordan had to go up against those freaky 12-foot
bodybuilder aliens. With odds like that, most people just curl up and hope for
death.
“Please, just make it quick and painless.”
- How can Nwams still give
her startup a chance at succeeding? Is there even a point in continuing when
EasyWeave is a mosquito in a room full of vultures?
- How can Nwams even have
the audacity to think that she’ll make money when there are so many bigger
players out there doing the exact same thing she’s doing?
Most startup founders run into this wall and get scared. We
immediately try to think of a new product we can make that will be drastically
different than what’s already on the market. We don’t just want to reinvent the
wheel. We want to reinvent the car, the streets and the stop signs.
We’re searching for something NEW to differentiate ourselves
because we’re scared the competition will gobble us up if we don’t create
something unique.
But that unique product isn’t a new product at all.
It’s your personality.
YOU: YOUR UNIQUE SELLING
PROPOSITION (USP)
Let’s face it – when we’re first starting out, the competition
will be better armed, more visible and in many cases, they will have the
ability to undercut us on price point.
In Nwams’ case specifically, the first thing I noticed is that her
market (hair weave) is flooded. Most people get discouraged by a saturated
market. I don’t. To me, it means she made a smart move. A flooded market means
that her concept is solid. People want what she’s selling.
A flooded market gives you the opportunity to rise to the top
because although there’s a ton of competition, 98% of them will be doing the
WRONG thing. The majority of businesses can’t really sell what they make.
That’s why they go out of business.
The second thing I noticed is that EasyWeave’s market is saturated
with faceless online retail giants. You don’t have a connection to an Ebay or
Alibaba when you buy from them. You are just purchasing what you need – and if
you can find a reason to purchase somewhere else, you will. There’s really no
loyalty involved.
So we need to give people a reason to buy from EasyWeave that
outweighs the blind reflex to just look for the lowest price.
Nwams has a reason: herself.
Remember this: You
don’t always have to be better, or cheaper, or faster, or more high tech than
your competition.
Oftentimes, just
being yourself is enough.
You can create a brand around yourself, with your personality and
story as the USP (unique selling proposition).
Let’s zoom in here a little bit and think about the psychology
behind why we buy.
WHY WE BUY (VS WHY WE THINK WE
BUY)…
When you buy a new piece of clothing, a new convertible…or even a
bottle of wine, what are you really buying?
Sure, you’re buying something physical – but behind that physical
object is the feeling that you’re hoping to capture by possessing the new
object. Even if the feeling only lasts for a second.
- You’re not buying the
shirt. You’re buying the way you feel, and the way others percieve you,
in the shirt.
- You’re not buying the
convertible. You’re buying the warm summer breeze through your hair.
- You’re not buying the
wine. You’re buying the buzz and the off chance you might get freaky
with that girl you met at the restaurant last night.
Everything we buy is in an attempt to capture a feeling – and
we’re hoping that the feeling will stick. Because when it’s all said and done,
all we’re left with is our stories.
Human beings connect with stories. And if you’re launching a
startup that caters to human beings (umm…this is probably everyone), then you
can leverage considerable influence over even the most vicious competitors by
creating a more compelling story than them. A story that sparks feelings and
emotions in the potential customer.
In EasyWeave’s case, this is really easy because all the faceless
giants we named don’t even HAVE a compelling story. They’re just…there.
People will buy from you because they like your story and want to
take part in your journey. They feel like they know you. Get this: they
actually ENJOY buying from you and PREFER it over somebody that they don’t feel
close to. Even if your prices are a little higher.
HOW TO CREATE A COMPELLING STORY
(HINT: STOP TRYING TO “COMPETE”)
The first step in creating a more compelling story than your
competitors is to make the conscious decision NOT to compete in the same game
everyone else is playing.
You have to actively seek out (or create) another ocean for
yourself that no one else is swimming in. In order to stand out and really
start differentiating yourself, try to answer these four simple questions. They
are often overlooked, but if you can answer them, you’ll have no shortage of
buyers who want your unique flavor
I blatantly stole these from my good friend….. He’s brilliant.
The questions are:
- Why
you? (as in, you, the seller)
- Why
me? (the prospect)
- Why
this? (your product or service)
- Why
now?
When you answer these question well, others can try to copy but it
will be obvious and lame.
