In the last few years the play between competitors have caught my attention. Uber/Lyft vs Taxis. PayPal/Square vs banks. Online only vs brick and mortar. SubscribeStar vs Patreon. Vidme/BitChute vs. YouTube. They all have fascinated me whether the new comers have succeeded or failed for the lessons they teach.
There are two major themes I noticed.
1.) Niche down too much, and you can’t grow, nor can you survive for long.
A lot of people want to feel special lately. They want to know that they are catered to. Businesses, by and large, have no problem with treating each and every one of their clients as individuals. The smaller, family owned businesses are more likely to treat each person as an individual in multiple ways from making special orders to remembering names and preferences. Bigger corporations are limited to only treating each person with dignity and respect.
The problem with refining your niche down too much is that you can get too specific and lose people. People that were interested enough to support you, buy products, be a cheerleader, and more. The most recent, poignant example, has been digital media. They started to ignore the majority in favour of catering to those that loved being outraged. They lost a lot of views which what they need to make money.
2.) You can survive if you play to your strengths while embracing your limitations.
The ones that have succeeded and done well in the face of adversity are the ones that played to their strengths. Uber and Lyft were able to reduce their costs with their system. BitChute and VidMe garnered support from video creators that wanted to be a bit freer with their language (usually swearing more often and not getting demonetised or talking about more controversial stuff). They embraced a specific aspect of their offerings and highlight it. The don’t niche down to that. They just highlight these unique aspects.
And the “bad” things? I remember once when Shari Alexander, a young lady teaching people about influence told us that people thought she was too young and inexperienced. She turned that into a she’s young, which means she could help her clients close the age gap.
Your competition will make you stronger.
A company and business opportunity exists any time your competition is “wrong” about something. It’s an opportunity for you to grow and serve.
Insanitek’s competition are maker’s spaces, universities, and traditional (and not so traditional) schools. We just wanted to focus exclusively on science and technology while streamlining the education process for those interested in being a scientist. No other niche to deal with than “science lovers.” Lots of limitations at the moment, though, as we are growing — like not having a good place to set up labs. But that gives us an opportunity to be better.
How does your competition create an opportunity for you?
