There is a competitor that you should be scared of.
And that competitor is…
Yes, status quo is a competitor that is more powerful than your most powerful competitor. Status quo as you are aware is for your prospect or your target audience to do nothing or continue to do what they are doing without being touched by what you are offering.
If you don’t defeat this competitor, there is no progress possible.
So, why would you ignore such a formidable competitor?
Here are a five reasons:
1. You definitely LOVE your product more than others do
You LOVE your creation – no surprise there. But you take it a bit far thinking what’s obvious for you is super obvious for everyone. You are so convinced that what you got is REQUIRED by the marketplace that you simply ignore comments from those that don’t “get it.”
What to Remember: Your bias will blind you to information that does not support the “fantasy.”
2. You think any smart person will “get it” – it’s a no brainer
You have showed what you have created to others starting with your family and friends and even friends of friends. Everyone has given you positive response. You later talked to potential customers and they said cool things about it. Some of them even asked you to keep them posted. It is no wonder that you think smart people will get it – it’s a no-brainer.
What to Remember: Smart people are always curious and want to know what you are doing. That in no way should be construed as they are interested in “buying.”
3. You are enamored by getting ahead of the competition
You have assigned one team member to be in-charge of competitive analysis. Your team member is very diligent and thorough. He keeps you abreast of the latest in the world of your competitors. You put your product team on fire to ensure that you are well ahead of the competition. You are not just stopping there because you know your competition is working on the next big thing…
What to Remember: You cannot focus on the competitors at the risk of losing focus on your prospects and customers.
4. It was easy for you to get used to your product. So, it should be easy for others
You are very comfortable using your own product. Yes, there were some initial hiccups, a few bugs to deal with but finally you got there within no time. It is now in your second nature to use your product. How hard could it be for others to adopt it?
What to Remember: Change is HARD. Think long and hard about the “first-time use.” Most initiatives fail right there.
5. The First Few Customers are Happy
You have worked hard to ensure that your first few customers are delighted. Unfortunately, you have forgotten that all of these people are those that you have had a prior relationship with. They are more forgiving because of this prior relationship.
What to Remember: You have to cross the CHASM to be successful. The early adopters are usually a minority. Winning over them is a good start but not everything.
In summary, there is NOTHING good that will come out of ignoring this competitor. So, you might as well face him/her head on.