This session of CAKE was recorded based on our talk in week 8.
We weren’t running cameras that early on, so we revisited this talk because surviving competition is vital to the success of a business.
Let’s face it, you want to be number one in your field. If you’re trying to take on Nike, that’ll be darn near impossible. There is still a chance to be number one if you narrow down your field.
You can approach competition in various ways, but in most cases you’ll either try to out-spend or out-educate the competition. By now you should know that CAKE isn’t going to recommend trying to out-spend anyone. This is why we’ve developed a few steps in identifying and dealing with your competition.
First you’ll have to investigate who you’re dealing with. Start with a Google search for a good overview of the main players in your area. If your competition isn’t on Google, that’s good for you. Make sure you talk about your business to as many people as possible and get immediate feedback. Don’t be afraid of someone stealing your idea, chances are they won’t be as motivated as you. By chatting about your business to others, you might find out about similar ventures in your area that weren’t on you radar until your friend brings it to your attention.
When you scope out the potential competitors in your area,
ask yourself these questions:
- How big is the business?
- Who are their customers? Who’s willing to pay them money?
- How long have they been around?
- Where do they advertise? What platforms are they using for marketing?
- Where do they get supplies from?
More notes can be found from our first session: Make Peace, Not Competition (part 1).