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February 7, 2006
Competition & Marketing Wars: What To Do About Them
Today I received a written proposal for a joint venture. Nothing new about that. But the product was two books on how to sell pixels and make your own million dollar pixel page.
This caused me to think about competition and marketing wars. A phenomenon comes along ... a million dollar pixel page, John Reese selling a million dollars in 18 hours, a cheese sandwich of the Virgin Mary. Lots of folks see these great results and immediately rush in to copy. They seem to think that if they do the same thing, they will get the same results.
They won't.
They're doing the wrong thing ...
Instead of focusing on what others do, they (I) need to be coming up with their own creative ways of doing things. Instead of being an Also-Ran, become an Original.
And as luck would have it, Stephen Pierce had the same idea in a recent blog entry:
- - -
Here are 7 questions to ask yourself.
1. Who are you going to serve?
2. How are you going to serve them?
3. How are they currently being served?
4. How many different ways can you capture profits?
5. How will you be allowed to make a profit serving them?
6. How will you do it differently than everyone else?
7. How will you protect your business model?
Answering the above 7 questions is an important start in understanding how to capture and protect your profits.
If you are in a market right now that is profitless (for you) then you have to make a decision. You can do one of two things.
A. You can walk away from it.
B. You can look to invent a new way to serve the market and capture profits.
In summary, competition is not going away, it will increase. Duplication of business models will continue to drive profits down in many areas.
So, don't bank on things getting better, bank on YOU getting better.
- - -
Exactly, Stephen, exactly. Bank on YOU getting better!
Posted by SydneyJohnston at February 7, 2006 11:36 AM
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