MBA1682 How to Stand Out From The Competition + Free Ride Friday

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Is Free Ride Friday, so make sure you hang on to the end of the episode to hear who won this week's Free ride. Every Friday we give away a lifetime membership to one of our programs. We're giving away ezcourse, our 30 day course on how to build your own online course. It retails for $500 over at EasyCourse co. Or you can win it for free. Just leave us an Apple Podcast rating and review and you enter our weekly random draw. Listen in on Friday to see if you won. It's that easy. It's our way to say thanks for showing us love on Apple Podcasts. All right, let's jump into today's episode. Hey oh. Welcome to the $100 MBA show, the business podcast that delivers fresh new strategies every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online over at 100mba.net and in today's lesson, you will learn how to stand out from the competition. If you're in a competitive market, that's not necessarily bad news. It means that you're in a market that people actually are interested in. You have buyers, you have product market fit. But how do you stand out amongst the sea of competitors that are out? People are comparison shopping. People are taking a look not only at you, but your competitor's website. A lot of us try to compete, try to go tit for tat and don't realize it's a whole lot simpler than that. Standing out is not only about being different, it's about being better. And you can be better in a lot of ways, not just in your product or service. We got a lot to cover. So let's get into it. Let's get down to business. I can tell you from firsthand experience that being in a competitive market can sometimes be a bit overwhelming, be a bit intimidating and worrisome. My software company, Webinar Ninja, is in a very competitive space. Since I launched in 2014, there's been a slew of competitors that have come out. Some people lose sleep off the fact that there's so much competition out there. But that doesn't mean your business is going to die. It doesn't mean that you can't compete. It just means you need to have a strategy to compete. And that's what today's lesson is all about. How do you stand out? And I want to make sure that you stand out not because you're just different, but because you're better. One of the easiest ways to stand out in a competitive marketplace is to niche down is to speak directly to a particular niche or corner in the market. A lot of people worry about niching down because they feel like they're going to say no to business. Just because you speak directly to a particular niche doesn't mean other niches are not going to buy your product. It just means that you're really going to resonate and stand out from the crowd because you stand for something. For example, our company, Webinar Ninja, our webinar software really is targeted to creators, to coaches, to trainers, to people that teach and pass on a new skill to other people. If you're that type of person, if that's your business, you're gonna love our software. Cause we built it for you. People want to know that you have a solution for them. And if you actually tell them, hey, I built this solution exactly for these needs, they're gonna feel you're special. You're better than the competitors because the competitors might not speak directly to them or speak to a different audience. So niching really helps you really differentiate. What else can you do to stand out and be better? Well, you don't really need to do everything different. You actually can just deliver something in a different way. Your product can be uniquely different in one aspect. And all you need to do is highlight that aspect. So let me give you an example. Kia, the car manufacturer Kia is in a highly competitive space. The economic low cost car for the family, right? One of the things that they really flex, the things that they really promote is a differentiator, which is their seven year warranty. They have a seven year warranty. On all their new cars, they're always talking about it. They always have it on their website, they always have it in their commercials. Why? Because other car manufacturers don't offer that long of a warranty. Basically, they're telling their customers, if you buy this car, you don't have any worries for the next seven years. You don't have to worry about anything. We'll fix any of the problems because it will be under warranty for seven years. All you gotta do is just do regular maintenance and service. But if anything breaks down, we'll take care of it. So people that are looking for peace of mind, people that like reliability, if people want to not have a money pit, you know, out of pocket expenses, that's really something that's attractive to them. So they really get front and center and say, hey, we have this great warranty that comes with every car. They didn't reinvent the car. Right. It's four wheels and a steering wheel and a gas pedal and a brake. Right. It's very similar to other cars in the marketplace. Similar price, similar sizes, similar features, similar horsepower, all that kind of stuff. But their warranty is something that they can flex. They can really promote and differentiate. What can you do with your business? Well, we've done this at Webinar Ninja and what we've done is 24,7 live chat support. We noticed that our competitors do not do this. They don't have around the clock support, they don't have their back. And we constantly push this. We say, hey, when you buy our software, we always have your back. You can chat with us right inside the software for any time. We can answer your questions, we can make sure that you have a successful webinar. The other guys don't do this. Again, it's a very small thing, but it makes a big difference. And it could be just the difference your customer needs to choose. You remember when people are buying your product or service or looking to buy your product and service, they're going to be shopping around, they're going to be comparison shopping, they're going to be looking at your competitors. And if there's something that really stands out that you promote that has value, it's going to make your product look superior. Here's a little secret. A lot of companies do not promote their unique features. In fact, some companies might have the same features as you or might have something that's similar to yours, but people don't know about it. But because you promote it, because you put it front and center, people know about it and they say, hey, this company has this. I like that. So just getting in front of it and making sure people know about it can make a huge difference. Another way you can stand out is with your marketing. Take a look at how your competitors market. Often all your competitors will market kind of the same way. It could be either over salesy or too corporate. What if you marketed in a completely different way, in a refreshing way, in a funny way, in a personal way, in a educational way. You'll just stand out by the way you market. People will be like, wow, this company's different. I like this commercial, I like this video. I like the way they put this post together on Facebook. Let me check them out. Don't underestimate the power of cool. Something being cool is a differentiator and your marketing can be cool. Another way you can stand out is with your pricing. A lot of people, they try to compete with their competitors with price to try to stay in the same price bracket. They try to stay in the same price range. One way you can do it is to go either extreme. You can lower your prices where it's like you knock them out of the park, which is very dangerous because then your profit margins will be very thin, if any. Or you can go the other way and be a premium product and be a little bit more expensive or even a lot more expensive than the competitors. Some people like the expensive choice. They want to go premium. They want to spend money.

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Podcast on a product. You may not believe this, but it's true. This is why luxury brands Like Louis Vuitton and Fendi and Tom Ford and Mercedes. They don't go out of business because they have a good audience that love to spend a bit of money on something and feel like they actually bought something of value because it cost money. I know this may seem strange, but this could be just a differentiator you need where you just price your products higher than your competition. Competition is not necessarily a bad thing. It's actually a pretty good thing because it means that people are buying. But how do you make them choose you? We listed a whole bunch of ways you can differentiate and stand out, but here's one more get personal. One of the best things I did with Webinar Ninja is become the face of the company is to get in front of people. When your competition is faceless, it's hard to really like a company that has no personality. Many people sign up for Webinar Ninja because they've gotten to know me. They like my webinars, they like what I teach, they like my style, they like my blog posts. And they resonate with a person more than a corporation. I didn't invent this, right? I actually borrowed this from some of the people that I've studied, like Steve Jobs of Apple, like Elon Musk of Tesla, like Sarah Blakely of Spanx. These are great personal brands that are infused with a product or service. People gravitate to them because it's easier to get to know and trust a person than an inanimate company. Right? Something that you really can't understand or relate to. So don't be afraid to sign off on those emails. Don't be afraid to be the face of your business, to do the videos on your sales pages, to start a podcast, to write the blog posts, to do some interviews on some podcasts. I can give you countless examples. There's a lot of people that sign up for Basecamp the software, because they love Jason Fried and his philosophy. They love his writing, they love what he thinks about when it comes to business or his advice when it comes to business. Why do you think Nike signs athletes? Because they want to be a lot more personal than a big company. They signed Michael Jordan because people want to be like Mike. So they're going to wear his shoes. They can have a connection through his shoes or Lebron or the late Kobe. This is just how we tick as human beings. So get personal with your business. It could be the differentiator you need. Thanks so much for listening to the $100 NBA show. Today's episode's not over, though, because it's Free Ride Friday. Let's see who won this week's Free ride. And the winner is. Mario Ga. Mario Ga says great listen. Five stars. Just came across this podcast. I'm a few episodes in and I'm hooked. Thank you, Mario, for that great review. Your mission is to email me at omar00mba net so I can hook you up with a lifetime membership to EZcourse over at EasyCourse Co, our $500 course on how to build your own own online course in 30 days. If you want to win a free ride, just leave us an Apple podcast rating and review right now. Just do it right now while you're listening to this podcast and you enter our weekly random draw. Listen in on Friday to see if you won. It's that simple. And guess what? You enter the draw automatically every week until you win. So go ahead and do that right now and grab yourself a free ride very soon. All right, before I go, I want to leave you with this. Keep tabs on your competition. Check in on them from time to time. I say at least once every three months, but don't obsess over them. The more you pay attention to your competition, the more you'll start to look and start to be like them. You can't help it. They will influence the way you see your business. So stay in touch. Know what they're doing. Just enough so you can be different. Thanks so much for listening. I'll check you in Monday's episode. I'll see you then. Take care.

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