Standing Out From The Competition
Adding value to customers and standing out despite having competitors in the market
When browsing for new apps on the App Store or Google Playstore, have you noticed and ever asked yourself “how are there so many well known X type of apps, even though they all do the same thing”?
That’s a question I oftern run into, especially when I’m working on an app idea and find out, or have friends tell me about competitors with similar ideas.
Competition is natural and exists in every industry. When you have a decent idea, chances are there are a lot of other similar, if not identical ideas out there in the market or in development. And the more you work on an idea, the more competitors you find along the way. And when you read about your competitors and realize how similar your ideas are, this might be your reaction…
When your idea already exists…
Naturally, finding out that someone else is working on an idea similar to yours could be discouraging and might even stop you from moving forward with your idea. However, as I’ve mentioned on another article: “What makes an idea unique”
“ideas are worthless, and it’s actually the execution of the idea which could make your product unique.”
The reason why we have multiple popular messaging apps is because they each have unique executions. Despite all of these apps being about ‘connecting people and helping them communicate’, each one has a unique value proposition that distinguishes them from one another — and thus, each app create its unique community.
So what do you do to execute uniquely?
When you become aware of a few competitors in your space, what do you do in order to make sure you execute differently? The answer is simple…
Study, Listen, Apply!
Watch their product closely and try to get a hold of some of their customers/users to hear of their experience. See if you can apply what you’ve learned from them and build something on top of your platform to attract more customers.
Once you’ve found your unique value proposition and applied it to your product, keep looking out for ways to use that to bring new customers and build a unique community — which in turn will help you stand out.
Competition is not only the basis of protection to the consumer, but is the incentive to progress. — Herbert Hoover
I hope you enjoyed this short post :) and hopefully it inspires more entrepreneurs to go after their dreams and focus more on delivering values than worry about competition.