Competitive Advantage: Beat the Competition!

How to separate yourself in a price competitive market. So I got a question recently from one of my YouTube viewers, love you guys, Transed Fury, who wrote in to say, "Hi Evan, great video, and as I, you believe in the power of belief. I strive to bring that every day to help separate me from the competition. I run into a roadblock as of late in my industry, two-way wireless Technologies. It's extremely price-driven and competitive with multiple brands and e-commerce. Any tips on helping separate yourself in a price-competitive market? This is such a super important question. I'm so glad you asked this. And it's— the advice here is not just for people in price-competitive markets, it's for all entrepreneurs, because no matter what industry you're in, you are going to have a lot of competition. And if you have no way to stand out, if you have no way for customers to remember you, if they can't differentiate between your company and somebody else, then the only decision they're gonna make their choice on is price. Price is important to everybody, okay? There aren't that many people who go out and say, "I don't care about the price, whatever. I'm gonna pick whoever, I'm just gonna pick randomly, I don't care about the price." That's not that many people, okay? Price is important, price is always gonna be important, but it's not always the only thing out there. People care about other things, you just haven't educated people about why you're different, and so they only make a decision based on price. So here's my advice for you, 3 strategies, okay? Number 1 is build a brand. What the heck is different about your company versus everybody else? You gotta let me know. Like, you told me about Believe, that's great. So if your word is Believe and that's what you're promoting, then that's gotta be everywhere in your branding. That's gonna be on your store, it's gonna be on your website. Then people who believe in Believe as well will be all over you, right? They'll wanna buy from you, they'll be willing to pay more for you. If your word is quality, and that's what you wanna focus on, you build a brand around quality, then I know that by buying from you, I'm getting a quality product. You're making my life easier. And the people who will scrounge around the internet to try to find, you know, 1 cent cheaper on the product You don't want those guys. Those aren't going to be long-term loyal great customers for you. You want the customers who will come to you because they know you provide quality and you're making their lives easier. You're selling convenience. You're not just selling wireless technology, right? So whatever it is that you believe in, whatever your one word is, whatever you're trying to build a movement around, create that brand to make it easier for people who believe the same thing as you do to buy from you. Then it makes it easier to charge more, get more repeat business, get more referrals. So number 1 is build a brand. Number 2 is service. If there isn't a lot of difference between the products that you sell, you stand out through your service. Here's a quick example. I recently did a video thanking my web server guy, Ed. And like, why would I— why would I make a video thanking my web host? Really? Web host? Come on. He's in the most brutal business, right? The web, web hosting business is cutthroat. It's drive to the bottom. People offering free web hosting, and I spend $500 a month with Ed as my web host where I know I could get it cheaper other places. Why do I do that? He's selling a commodity item, right? The exact same thing I can get from other people. I do it because of the service, because I value my time, because I want to work with a company that understands me, and Ed I know has got my back. If my site has some issue, he's going to be up till 3 in the morning or whatever it takes to solve it. So that's why I go with him and I recommend people to him. You go to BounceWeb, you can go check it out. So you got to stand on the service. Think about how can you better service your customers, how can you be their friend, how can you actually care about your customers. That may be a strange concept to a lot of people, but when you do that and you serve them well, they're going to keep coming back to you and pay more for that luxury of working with you as well. So number 2, good service. Number 3 is repeat business, and this comes hand in hand with 1 and 2. If you're building a brand, if you're providing great service, you're going to repeat business. But what you want to do is reach out to your current customer base, people who are coming back, people who are loyal to you, people who you've, you know, recently added to your roster because you're providing all this great service and they love what you stand for. Think about what else they need. Think about how else you may be able to help them. If you're introducing a new product or you know that they're having problems in certain areas. You can help solve that problem with one of your products. And again, here's an example from Ed, my server guy. He was launching an automatic backup plan where it would automatically back up all my data on my website. It's something I didn't want to do manually, and he knew that my data was important to me, and so he reached out and said, "Hey, here's something I'm launching. I think it might be a good fit for what you're trying to do." And it's not a sales pitch, right? It's not a sales pitch to me. Because Ed knows me and he cares about me, and I'm feeling the love when he reaches out to offer this thing to me. And I think about it, and I think, "Yeah, I could use that, Ed. Here's my credit card, sign me up." And so it doesn't rely on me coming back to his website and looking at what his new product offerings are. He's reaching out to me because he has something new that he thinks can help me. And that's what you want to do to your customer base as well. If they love you, if they feel that you care about them, if you reach out to them with a new product, a new offering that you think will help them based on what you know about them and what they bought in the past, then it's actually a service to them, right? And they're gonna open up their credit cards, give it to you, and say, "Go for it." So repeat business. So in summary, if you're trying to stand out in a price-competitive market, Number 1: Build a brand. Number 2: Service. Number 3: Repeat business. And believe. For those of you watching, you can subscribe to the channel to see more videos like this. Click on the link in the description to support me and leave a comment. Let me know what you think. I love hearing from you. Thank you so much. I'll see you soon.