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Tag: Competition

  • 6 Ways to Outpace Your Competitors During a Recession | Entrepreneur

    6 Ways to Outpace Your Competitors During a Recession | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    There’s been a lot of debate about whether the U.S. is in a recession or not. The economic signals have been confusing at best — interest rates are rising, two banks have failed, and there have been many well-publicized layoffs at major tech companies.

    However, the jobs report has been largely positive, and signs indicate that inflation is slowing. In short, whether or not we’re headed for a recession is anyone’s best guess.

    But as a business owner, you can take steps to prepare ahead of time. By planning and acting strategically, you can use economic uncertainty as an opportunity to grow your business and stand out among your competitors.

    Related: 4 Ways Entrepreneurs Can Achieve Massive Growth in a Recession

    Build up your cash reserves

    A cash reserve is always important because it improves the financial stability of your business. But it’s even more critical during a recession when your revenue and profits can suddenly drop, putting a strain on your cash flow.

    Poor cash flow can make it difficult for your company to pay its bills, resulting in late fees and strained relationships. If the situation gets bad enough, you could even be forced to close your business altogether.

    One of the best ways to improve your cash flow is by watching your spending. Look at your budget, and identify any areas that can be reduced or eliminated. You can negotiate your contracts with suppliers and reduce any discretionary spending.

    From there, focus on building up your cash reserves, especially your emergency savings. You can also consider taking out a line of credit as an additional cash reserve. With a line of credit, you can draw from it on an as-needed basis but only have to repay what you actually borrowed.

    Invest in technology

    Next, look for ways to increase your operational efficiency by investing in technology. The right technology can help you improve your internal processes and better serve your customers.

    For example, self-service chatbots allow you to keep in constant contact with your customers, even when your sales team isn’t available. Investing in analytics can help you identify what’s working and what isn’t, so you can make data-driven decisions about your business.

    Investing in technology ensures that your business can continue to thrive during the recession. That way, when the economy does rebound, you’re not starting over from zero.

    You might think that making an investment of this caliber isn’t worthwhile in poor economic times, but the savings you yield after you’ve implemented new technology could offset the cost of your financing and drive further revenue. With the right lender, you can use financing to cover the purchase and preserve cash flow.

    Related: 5 Ways to Protect Your Business From a Recession

    Focus on customer retention

    During a recession, you should double down on your customer retention efforts. Keeping a customer is always less expensive than acquiring a new one, so the majority of your efforts should be focused on keeping your current customers happy.

    Make sure your customers are happy with the service you’re currently providing them. Focus on quality above quantity — during an economic downturn, the worst thing you can do is sacrifice the quality of your products or services in the name of productivity.

    Come up with a marketing strategy focused on customer retention. This might include offering discounts or implementing a loyalty program to reward repeat business.

    Expand into new markets

    Many people don’t realize that recessions can be a great opportunity to expand your current business model. That’s partly because there’s less competition during a recession. Instead of looking to expand, most businesses will retreat and focus on survival above all else.

    Layoffs are common during a recession, and businesses that are hiring will often lowball potential employees out of fear of spending money. That means you’ll have more access to talented employees who can help move your business forward.

    Unfortunately, some businesses will be forced to close their doors, which will create an opening in the market. Customers will be looking for new solutions to meet their needs, which allows you to step in.

    Before you can successfully expand into a new market, you’ll need to take some time to pay attention to shifting consumer demands. Over time, you’ll find opportunities to offer additional products and services and expand your current customer base.

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    Focus on company culture

    During a recession, most employees will start to feel worried about their jobs and financial security. That’s why it’s important to continue focusing on company culture. Your employees are your most important asset, and when they succeed, your business will succeed.

    Look for ways to continue engaging your team and offer good pay and benefits. Not only will this create more loyalty among your current employees, but it will make your company more attractive to future job candidates.

    Consider taking out a line of credit

    Finally, it’s a good idea to consider taking out a line of credit before you need it. During a recession, banks and credit unions tend to tighten their lending standards, so it’s a good idea to secure the funds you need before your credit line is reduced.

    A line of credit is a good option for businesses with fluctuating cash flow needs. It can help you fund new investment opportunities as they arise. For instance, if you plan to invest in new technology or additional inventory, a line of credit gives you access to the funds you need.

    Even if you don’t have any immediate plans to invest in your company, a line of credit can be used as an additional cash reserve for your business.

    An economic downturn brings a lot of uncertainty, but there are opportunities to be found as well. Focus on staying visible in the marketplace and continually look for new opportunities to expand. This will put your company in a good position once the economy begins to recover.

    Joseph Camberato

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  • 4 Key Questions to Ask When Analyzing Competition | Entrepreneur

    4 Key Questions to Ask When Analyzing Competition | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Whether pitching your company for funding from startup investors or putting together a business plan to present to the bank, building a competitive analysis is a typical exercise when you launch a business. On that plan, you’ll always see competitors’ names, customers’ demographics and pricing strategies, and you may even plot them nicely on a graph to show where your brand sits within the competitive landscape.

    But, far too often, the competitive analysis is just that — an exercise — and it should be much, much more because understanding the competition and having valuable insights to adjust your own business strategy has never been more important.

    We talk a lot about how many businesses fail in their first years, but the truth is that entrepreneurs are still keeping at it. According to the Small Business Administration, approximately 25% more new businesses opened than closed from March 2020 to March 2021.

    While this is exciting news, it means that there are even more competitors out in the world trying to scoop up market share, which means that doing a competitive analysis is only the first step. Getting the right information and putting it to work in your business strategy is essential.

    Here are the four things you need to learn from your competitive analysis and why:

    1. What are the actual products and services being offered by my competitors?

    One of the common mistakes that a founder will make is simply identifying their competitors by which businesses out in the world are serving the same target customer as they are.

    Why is this a problem?

    Not every business that serves your customer in the same niche is a competitor. In fact, they might actually be a great strategic partner.

    Start by taking a hard look at what your competitor is doing. Does their product or service have the same features? Does it have the same benefits as yours? Ask yourself if a customer can use both products or if using one cancels out the need for the other.

    If you’re unclear about whether or not a company is a competitor to yours, dig deeper. Sign up for a demo, purchase a sample, or reach out and talk to their customers.

    This is how you determine if a company is actually a competitor; if your customer can reasonably shop with both brands, you may not be in direct competition like you previously thought.

    Related: The Ultimate Guide to Competitive Research for Small Businesses

    2. How are your competitors positioning themselves, and who are the customers they appeal to most?

    Years ago, I worked with a client in the activewear space. It’s easy to see that the space was very saturated with competition. Some initial customer research got us responses from people saying, “That’s so expensive; why would I pay that much for a pair of running pants when I can get them for $20 at X?”

    And every time, the founder would say, “Well, that’s not our customer.” She knew that her ideal customer wasn’t just any woman who liked to workout. Her niche was the customer who was a serious athlete and cared more about the quality of the running pants than their price.

    And she was right.

    According to a study conducted by HubSpot, companies that prioritize their niche marketing strategies experience a 75% higher conversion rate than those that do not. The study also found that businesses focusing on their niche are more likely to generate qualified leads and achieve higher ROI.

    Once you determine your true competitors, it’s time to learn more about their position in the market — and yours. Every brand has a niche where they are the perfect solution for the pain points of a particular type of customer — the key is figuring out who that customer is by taking a deeper look at what language your competition is using and who exactly they are trying to speak to.

    3. What is the competition doing for marketing?

    Marketing is an essential part of building a business today. There is so much competition out in the world; it would be folly to expect our customers to be able to find us on their own.

    According to a report by Marketo, companies that prioritize marketing efforts are 13 times more likely to see positive ROI than those that don’t. The report also found that businesses that prioritize marketing can achieve higher brand recognition and increase customer loyalty, ultimately leading to increased revenue and brand growth.

    By analyzing what your competitors are doing on the marketing front, you can gain valuable insights into what works and what doesn’t in your market. You’ll gain critical insight into where you should be spending your energy and budget for maximum returns.

    Keeping an eye on your competitors also allows you to stay ahead of industry trends and respond quickly to changes in the market.

    Have they stopped doing Facebook messenger and started engaging customers via SMS?

    Are they moving their social efforts from Instagram to Tik Tok?

    Are they spending more time engaging influencers to create video content instead of posting blogs?

    By learning from your competitors, you can continually improve your marketing strategy and maintain a competitive edge, improve your marketing efforts and avoid costly mistakes when it comes to how you spend your time and budget.

    Related: You Need to Spy On Your Competition to Succeed: Business Spying 101

    4. Discover areas of opportunity

    As businesses, we can always do better, and that’s very true of your competition. Competitive analysis can help you not only identify where your competitors are crushing it but it will also allow you to discover any gaps in the market that you may be able to fill.

    Once you’ve analyzed your true competition, you may find that they are ignoring a specific customer segment, lack in customer service or experience, or are failing to innovate.

    These are all opportunities of untapped potential that will allow you to differentiate yourself from your competitors and create a blue ocean for your brand.

    According to a study by McKinsey & Company, companies that create blue oceans outperform their competitors by an average of 14 times over ten years, allowing them to escape the fierce competition in existing market spaces (red oceans) and develop new pathways to profitability.

    I agree with Simon Sinek’s perspective that our biggest competition is within ourselves, but we start separating our brand from the pack through competitive analysis. Despite the challenges in gaining a competitive edge, it is a worthy pursuit that can be achieved by selecting the right questions and using the insights gained to guide strategic decisions. Through this process, brand leaders can successfully differentiate their companies and achieve serious growth.

    Shauna Armitage

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  • Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    Do You Know Why Your Customers Really Buy From You? | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    The following is a simple question for business owners. Why do your customers buy from you?

    I told you the question was simple, but an accurate answer, on the other hand, can be far more complex and perhaps even elusive. To achieve long-term, sustainable success, your understanding of why your customers choose to do business with your company needs to be both correct and substantial.

    Many business owners develop a customer value proposition (CVP) alongside their company mission and vision statements. The brief declaration is supposed to document why a customer would opt to buy your product or service over the competition.

    While developing a CVP is commendable in its customer-centric approach, it often falls short of its intended purpose due to ambiguity, a lack of self-reflection and sometimes even outright insincerity. Dollars to doughnuts, there is not a single CVP out there that reads, “Our customers turn to us because we deliver lackluster service and a marginally good product.”

    Related: Who Is More Important — Your Customers or Your Employees?

    I would also assume that there are many businesses whose CVPs portray an exaggerated sense of the company’s true customer value. CVPs should never be created based on hype or manufactured mantras; instead built from sincere, astute insight.

    Bravado and disingenuousness are not the only ways business owners are misguided in their understanding of customer engagement and loyalty. The following are common misconceptions related to the question of why customers buy from you.

    “We are the cheapest”

    Sure, this value statement might be dressed up as “We deliver the best value,” “We are the low-price leaders,” or some other cost-based differentiator. But when I hear any form of “My customers buy from us because we are the cheapest,” I cringe. Competing on price alone is simply not a good model and is often unsustainable. There is always some other business owner who is willing to run out of cash faster than you are.

    Most customers – both B2B and B2C – understand the balance between cost and value. They walk that tightrope in every purchase they make. Contending that cheapest is the key attribute that keeps them coming back shortchanges both your business and your customers.

    “We have the best employees”

    Forgive me for being a bit skeptical about this assertion as well. Sure, your business may have good employees; but are they really the best? You may provide excellent service, but your competitors probably do as well. Is it truly your employees that keep your customers coming back? With the rare exception of that ultra-charismatic salesperson who charms the socks of buyers, the answer in all likeliness is a resounding no.

    That is not to say that hiring for personality and alignment with company values is unimportant. It most definitely is. But to put the onus of success and customer loyalty squarely on the shoulders of your employees is shortsighted.

    Related: 3 Reasons Why I Gladly Welcome Competition

    “We’ve got the best product on the market”

    While possessing a corner on the market is a great position to be in, it does not account for innovations in the marketplace and often fickle changes in consumer preferences. Evolving customer motivations and expectations, coupled with aging business models, have been the downfall of even some of the most successful industry titans.

    Consider Blockbuster, that for more than 20 years, was the largest and most successful video rental company in the U.S. Then industry innovators like Netflix and Redbox entered the arena with new and improved ways to provide the same service and completely changed the playing field. While the business’s products and services may have been “the best” in their heyday, innovators with more modern and sustainable business models came along and essentially put the video rental titan out of business.

    Suffice it to say even the best products and services on the market have competitors nipping at their heels.

    So why do your customers really keep coming back?

    What you are selling vs. what they are buying

    In considering why your customers continue to purchase from you, it is important to understand the difference between what you are selling and what they are buying. This is such a crucial distinction. As Harvard Business School professor and economist Theodore Levitt famously said, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!”

    An accounting firm may see itself as selling tax preparation services, but its customers are seeking peace of mind. Apple offers not just its technology but a modern retail experience. A mechanic sells an engine tune-up, but the customer is purchasing a quieter and safer ride.

    As a customer-conscious business, it is essential to sell the hole, not the drill.

    Related: Do You Actually Understand Why Your Customers Are Buying?

    Understanding customer loyalty

    How do you identify the true reasons why customers buy from you? Get ready for a shocker. You ask them.

    While this may sound flippant, you might be amazed by how many business owners never ask the right questions or truly listen to what their customers have to say. HubSpot recently reported that 42% of businesses do not survey their customers or collect any sort of customer feedback. Those that do elicit feedback often do not ask the right questions. And even fewer business owners take any action based on the responses they receive.

    Performing a customer survey can be a real competitive advantage for you. You can communicate by phone, on your website, in an email campaign or in person. The platform matters less than posing smart questions that evoke insightful answers. How important do they consider price? How would they rate your customer service? Why do they prefer you over the competition? Create a system for recording the answers you receive, which might be as basic as a spreadsheet or as comprehensive as entering responses into your CRM or other sales and marketing tools. Feedback should not be a one-and-done; make it a habit to speak to your customers regularly.

    Then the next time somebody like me enquires about why your customers buy from you, your answer will accurately reflect the true value your business brings to the marketplace.

    Jason Zickerman

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  • Use This Powerful Theory to Be a Better Leader | Entrepreneur

    Use This Powerful Theory to Be a Better Leader | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Adept and nimble leadership is essential in today’s fast-paced and ever-changing business world. Those in such positions are responsible for setting the tone, driving innovation and inspiring others to achieve. This is a heady mix of tasks, but how to perfect them? One powerful way is by leveraging Rene Girard’s mimetic theory.

    Girard, a French historian, literary critic and philosopher, developed a theory of human behavior that emphasizes the role of imitation and desire in social interactions. His concepts were based on the idea that, from a very young age, human beings are fundamentally imitative creatures, and that our desires and behaviors are largely shaped by the desires and behaviors of those around us. The resulting theory has gained a significant amount of attention in recent years, particularly among business leaders and entrepreneurs, not least because it provides a powerful framework for understanding both employee and consumer behavior.

    The process plays out simply: When we see someone else achieve or acquire something we desire, we are more likely to imitate their behavior in the hopes of doing the same. And leaders might be well advised to apply this incite in the process of motivating and inspiring teams.

    Related: To Be Heard and To be Admired

    In a sense, we are always in competition with others, trying to outdo them in our pursuit of shared desires. However, this competition can often lead to conflict and rivalry, especially in a business setting where individuals may have different goals and aspirations. Mimetic theory helps leaders understand this, and ideally to find ways of channeling it positively, such as promoting healthy competition and collaboration in which team members work together to achieve shared goals. In such a culture of camaraderie and innovation, employees can feel valued, engaged and motivated to achieve their full potential.

    To leverage Girard’s theory, leaders can choose from several strategies (or apply them all):

    • Lead by example and demonstrate the behaviors and attitudes that they want others to emulate in an organization.

    • Identify shared desires and goals, and align those with the goals of the organization as a whole.

    • Create a culture of collaboration that values teamwork, open communication and shared ownership.

    • Encourage innovation and creativity by creating an environment that values pioneering ideas.

    Related: 9 Ways Your Company Can Encourage Innovation

    To put these strategies into action, follow these steps:

    1: Evaluate the current company culture and identify areas for improvement.

    2: Set goals and objectives that align with the company’s vision and mission.

    3: Communicate this new approach to employees and provide training and resources to support their success.

    4: Monitor progress and make adjustments as needed.

    To illustrate a few key aspects of mimetic theory, consider the example of Microsoft. In 2014, the company’s new CEO, Satya Nadella, adopted a “growth mindset” that emphasized collaboration, creativity and innovation. He encouraged employees to work together to achieve shared goals and provided platforms for them to exchange ideas. Under Nadella’s leadership, Microsoft’s stock price nearly tripled, and the company’s market capitalization grew to more than $2 trillion.

    An example of a different kind can be found in F. Scott Fitzgerald’s classic novel, The Great Gatsby. The character of Jay Gatsby, who supposedly embodies the American Dream, becomes the object of desire for many other characters in the novel, including narrator Nick Carraway and Gatsby’s former lover, Daisy Buchanan. They imitate his behaviors and embrace similar desires, hoping to achieve the same success and happiness. Ultimately, however, the desire for imitation and competition leads to conflict and tragedy, which helps highlight the dangerous potential of unchecked mimetic desire. Business leaders can learn from this, too, by finding ways to channel desire positively — fostering healthy competition and collaboration.

    Related: Entrepreneurship and Eudaimonia: The Pursuit Of Lasting Happiness

    Giraud’s theory offers a roadmap for understanding the power of imitation, and so achieving success. With the right strategies, leaders can leverage it to their teams to achieve greatness and take companies to the next level.

    Christopher Myers

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  • Most Entrepreneurs Miss Out On This Crucial Step to Success

    Most Entrepreneurs Miss Out On This Crucial Step to Success

    Opinions expressed by Entrepreneur contributors are their own.

    It’s not hard to imagine this scenario: An entrepreneur experiences a problem and decides to build a solution to solve it. It works well, they love the solution and choose to start a business around it. The entrepreneur puts in a lot of energy, time and money to bring the new business into the world. Then they launch the business. And nothing happens. They simply can’t sell their solution.

    Whether you’ve launched a new small business or a high-growth startup, you’ve got an uphill battle before you. About 20% of startups won’t survive past their first year in business. There are many reasons why a new business won’t make it, but the one thing I see consistently as a fractional CMO is that the entrepreneur in charge hasn’t done their research.

    Doing market research in the early stages of building a company — and regularly after launching — is essential to validate a business idea and build something your market wants to buy.

    Yet, this essential step is often overlooked or simply ignored by many business owners. Why?

    First, it can be a lot of work. Furthermore, according to Vernon Research Group, you can expect to spend anywhere from $4,000 up to $50,000, depending on your research.

    Put those two factors together, and it becomes clearer why entrepreneurs are skipping this step. The truth, however, is that market research can be easy and cost-effective for small business owners. Here are four strategies for running effective market research on a budget.

    Related: Why Applying Constant Pressure on Yourself Can Significantly Improve Your Productivity and Success

    1. Interviews and surveys

    My favorite way to gather information for market research is to write down the questions I want answers to and have the answers documented through video interviews or surveys.

    The more people you can get to give you their insights, the better. To get the most responses for your survey or interviewees to meet with you, you’ve got to start asking. This can be done by posting on your own social media channels, identifying your target customer on LinkedIn and sending them a message asking for help, or even running ads on social media.

    The key here is to get scrappy, don’t be afraid to put yourself out there and keep going until you have enough information documented to make an educated decision about how to move forward.

    Related: The Best Ways to Do Market Research for Your Business Plan

    2. Competitive analysis

    Although it is often undervalued, there is a lot to be said for conducting a thorough competitive analysis to inform the next steps to take in your business.

    Researching your competition means stepping beyond comparing your business to one or two others. Find eight to 12 companies that could be considered your competition and analyze everything they do, not just their product features. Who are they identifying as the target market? What are they highlighting in their messaging? What are their price points? How are they showing up on social media?

    A strong competitive analysis will help you to identify more clearly how your market is currently being served and how you can fill the gaps.

    Related: How To Spy on Your Competition With Social Media

    3. Tap into the communities of your target market

    We are now connected online more than ever before in human history, and people gather in digital spaces over the things that connect them, from their love of pets to their personal challenges. Find the communities where your target market spends their time, follow their conversations and start engaging.

    Facebook groups, Twitter and LinkedIn are ideal platforms for identifying and joining communities where your ideal customer might connect with others around a problem you are solving.

    4. Start asking questions publicly

    Arguably, Quora and Reddit could also be called communities where your target market lives. However, the way people engage and interact on these platforms is fundamentally different. On Facebook groups, Twitter and LinkedIn, you need to spend time engaging and building rapport with others in the community.

    On Quora and Reddit, it’s a bit easier to join an existing conversation or post a question and get a direct response from the community at any time, as long as you have a thoughtful, non-promotional question to ask.

    These two platforms will likely be the quickest way to start your market research.

    The big problem with skipping market research is that you risk building a product or service that no one wants. It’s essential to spend the time — before you start building — to identify your target market, find them, and get feedback on what you’re trying to create.

    You simply can’t afford to overlook it or assume you know what the market wants or needs.

    Market research is a key component to successfully launching any new business. With a little time and effort, you can successfully confirm that your product has a spot in the market and move forward confidently.

    Shauna Armitage

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  • The First Ever AI Fashion Week

    The First Ever AI Fashion Week

    This event is a great opportunity for designers to showcase their talents and for the public to see the potential of AI in the fashion industry. It will also be a great opportunity for sponsors and fashion industry leaders to see the potential of AI in fashion and to support and invest in the industry.

    We are currently in talks with fashion industry leaders to build a respected judge panel and bringing in big-name sponsors to offer cash prizes to the winners. We are also planning to have the event taking place right after the Fashion Week calendar (around March 17th) to attract more attention to the event.

    The final cut-off date for submissions is set for March 1st and the date for the event have not yet been determined, but we will be providing more information and updates on the upcoming event in the next weeks.

    It’s time to level up your style game and join us in this journey of AI Fashion Week, where the future of fashion will be showcased and the potential of AI in the fashion industry will be discovered. Stay tuned for more information on sponsors, jury, and participants.

    TL Team

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  • ‘The Traitors’ Agent of Chaos Kate Chastain’s Strategy: “I Trusted No One”

    ‘The Traitors’ Agent of Chaos Kate Chastain’s Strategy: “I Trusted No One”

    She schemed, she memed, and in the end, she “had a nice cold martini.” The Below Deck alum and breakout from 2023’s first excellent reality-competition show tells all.

    Savannah Walsh

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  • 5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

    5 Proven Tips for Better Defining Your Business’ Unique Value Proposition

    Opinions expressed by Entrepreneur contributors are their own.

    The business world is incredibly competitive — which is undoubtedly why roughly 45% of businesses fail within five years of opening.

    While there are many reasons why a business could fail, one of the biggest roadblocks to success is not having a well-defined unique value proposition (UVP). If you can’t effectively communicate to your customers why your business and its products or services are unique from your competitors, you’re going to have a hard time standing out.

    On the other hand, when you are able to better define your unique value proposition, you can stake out a strong position in your niche and make a lasting impression on customers.

    Related: Your Value Proposition Is Crucial. Here Are 5 Steps to Ensure It Resonates.

    1. Focus on your ideal customer

    You won’t get far if you don’t understand your ideal customer. Many brands achieve this by creating buyer personas through market research and gathering insights from their current customers.

    The deeper you can dig into your ideal customer’s wants, needs, struggles and so on — the things that “make them tick” — the easier it will be to identify the types of messages that will be most impactful for them.

    2. Understand the core elements of your unique value proposition

    A successful UVP focuses on the benefits of your product or service, as well as how you are different from your competition. These elements are what ultimately communicate the value of your brand and why it would be worthwhile for your ideal consumer to do business with you.

    Start by listing the benefits offered by your product or service. How do you solve the specific problems your ideal customer faces on a regular basis? Then, identify the ways your offering is different from the competition. This will likely require extensive market research, but it could include anything from more affordable pricing to additional features not found in competitors’ products.

    With each of these lists, you should consider how the unique aspects of your product or service provide value to your customers. This then becomes the core focus of your messaging, and your next step is to communicate that message in a way that makes sense and appeals to your target audience.

    Related: How to Develop a Winning Value Proposition (Infographic)

    3. Frame your UVP with storytelling

    At my marketing agency, we use storytelling to pitch our clients because quite frankly, even though numbers can be convincing, they are also boring. After working on the previous two tips, you’re in a good position to tell a story that places the customer as the hero and then highlights what you’ve learned from your own challenges and how it can help them with the problem they’re trying to solve.

    Entrepreneurs should try to frame their UVP in a storytelling format to hone in on presenting it in a way that will truly appeal to the customer. Customers don’t want to hear about how your team went to work and accomplished what they set out to do. But they will connect with relatable stories of your own struggles and lessons learned and how they can be applied to their lives in the form of your product or service.

    4. Identify what you don’t do

    One way to better differentiate yourself from others in your niche is to take the time to define what you don’t do. This could include the things that you’re not good at or the things that others in your niche do that you actively dislike and avoid.

    Related: What is Your Value Proposition?

    5. Test and iterate

    When it comes to writing books, authors are sometimes advised to put their work through a whopping 10 drafts before their work can be considered complete. Think of the amount of time and effort that would go into continually revising a 300-page novel. Your UVP may not require as much revision time, but it certainly deserves its share of testing, revising and optimizing before it becomes your core marketing message.

    Ideally, you should enlist the help of your target audience when revising your UVP. Use their impressions and feedback to identify how you can improve your messaging and make it more clear. A/B testing of multiple versions of your UVP could also be helpful to see which message resonates best with customers.

    When developed properly, your unique value proposition can be so much more than a corporate statement. It can be the true core of your brand identity that drives your decision-making and how you market yourself to your target audience. By developing a compelling UVP, you will make a far more convincing sales pitch that puts your business on track for long-term success.

    Andres Tovar

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  • The 5 Steps of Competitive Analysis On Social Media

    The 5 Steps of Competitive Analysis On Social Media

    Opinions expressed by Entrepreneur contributors are their own.

    Competitive analysis is an analysis of who your potential competitors are, what marketing activities they do and what results their campaigns get. It is a crucial part of the groundwork done by every business hoping to stand out and sell well.

    When doing detailed social media competitor analysis, people usually start with the number of followers, content assessment and the level of engagement. After this, they should go deeper into the social listening stats.

    With social media competitive analysis tools, you can reveal:

    • Competitors’ online visibility and brand recognition 
    • Real-user feedback on products and services
    • Customer insights
    • Influencers and mass media

    This is a simplified version of a multi-layer process. Knowing your competition lets you perfect your unique value proposition, develop best-selling products, improve your marketing strategy and identify new market segments when done right.

    When done via social listening, competitor analysis is not only doable but also worth doing, even if you’re going for it on top of your daily tasks. 

    Let’s walk through competitor analysis with the help of a social media competitive analysis tool, one step at a time.

    Related: 3 Reasons Why I Gladly Welcome Competition

    Step 1: Pick competitors and start monitoring

    While this might seem self-evident, picking the right competitors to benchmark yourself against is a task of its own. If you’re thinking big and want to conduct comprehensive market research, you need every name of the competitive brand on the list. Big and small, well-established and new to your industry. 

    For more customizable competitive analysis, you’ll need direct competitors only, preferably a company list of comparable size.  As soon as you are ready with the lineup, jump to a tool. We need to set up mentions in a monitoring tool to start tracking. You’ll need to put in your brand name as well as your competitor brand names; you can use Awario for it or try other similar tools.

    When you set up your alerts, give the tool some time, and it’ll pick up recent mentions as well as some historical data — this way you’ll be able to do an initial analysis. The more information you have, the more thorough your competitor analysis will be.

    Related: Five Reasons Small Organisations Should Invest in Social Listening

    Step 2: Go through basic social listening stats

    Once the tool has collected data, you can visit the dashboard and look at the analytics.

    Mentions and reach

    The mentions and reach metrics will show you how much weight each of your competitors’ accounts has on social media platforms. The buzz a name generates corresponds to brand recognition and overall visibility.

    In social listening terms, measuring share of voice — the number of times a brand is mentioned on the web and in social media posts vs. the number of times competitor brands are mentioned — is the closest to measuring market share. 

    Countries and languages

    The countries and languages sections will give you an idea of the geographical distribution of mentions. Depending on the markets you operate in, you can check specific locations to see if any market segments are overlooked and underserved by business competitors. You can see how the competition spreads and analyze what that means.

    Age and gender

    These sections show who mentions your brand most and reveal the age of people that post messages on the web about your company. It helps you to meet your target audience.

    Sources

    Next is sources —the distribution of the buzz among social networks and the web. This is an important metric that shows where the mentions come from, platform by platform. More often than not, there are unexpected insights into how well content competitors create, how their advertising is performing across social networks, and how much buzz is coming from the web and news. 

    Related: Don’t Use The Same SEO Playbook As Your Competitors. Use These 3 SEO Tactics Instead.

    Step 3: Dive into mentions

    The mentions feed is the storage of all the mentions collected by the tool.

    Here, you can access raw data and filter it in the way that serves you best. Say you noticed a spike in mentions of your competitor, and you know that most of them appeared on Twitter. Therefore, you want to do Twitter analytics and pull the influencers who have talked about the brand in the last month. Go ahead and apply the filters.

    Meet the influencers

    Influencers are the biggest drivers of brand visibility. When applied wisely in social media management, influencer marketing is an effective and often free tool used to generate engagement and build that genuine brand-to-customer connection other forms of marketing may fail at.

    Exploring influencers working with your competitors is made easy with competitive analysis tools. First, you can filter mentions by reach to find the most influential people who’ve talked about competitor brands. This way, you discover significant and minor influencers as you go through the mentions sorted by Reach. 

    Related: Influencer Marketing 101: A Blueprint for Running a Successful Campaign

    Step 4: Explore social listening reports 

    It’s a shortcut to the insights social media competitor analysis tools uncovered. For a marketer, reports offer an overview of all the metrics discussed in this guide. With them, you can measure competitive performance on social media in detail.

    Compare brands and get back-to-back performance reviews by:

    1. Share of voice
    2. Counties and languages
    3. Sentiment
    4. Topic Cloud
    5. Top mentions
    6. Age and gender
    7. Influencers
    8. Sources

    Step 5: Sit back and feel proud of the work well done!

    Good job! We’ve come a long 5-step way, having reviewed primary social listening stats and analytics.

    You can try various solutions for analyzing your competitors. The metrics I mentioned are available in most of them. Some social media competitive analysis tools provide integrations with other marketing apps like scheduling posts or template-creating ones.

    Please use this guide as a roadmap for future social media competitive analysis. Remember: the longer you track mentions, the more insightful and comprehensive your analysis gets. 

    Aleh Barysevich

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  • These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry

    These Co-Founders Are Using ‘Quiet Confidence’ to Flip the Script on Cutthroat Startup Culture and Make Their Mark on a $46 Billion Industry

    Kevin Lee and Kevin Chanthasiriphan were raised with a set of values that, in many ways, directly conflict with those in the startup space — but they’re using that to their advantage and taking noodle brand Immi to the next level.

    Amanda Breen

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  • How to Beat Your Number One Competitor (It’s Not Who You Think)

    How to Beat Your Number One Competitor (It’s Not Who You Think)

    Opinions expressed by Entrepreneur contributors are their own.

    While studies such as CB Insight’s report on the top 13 reasons startups fail indicate that cash flow, no market need and internal dissent amongst founders are what leads to corporate closure, I argue that customer apathy is actually the root cause; those are simply the symptoms. Apathy is defined as a “lack of responsiveness to something that might normally excite interest or emotion.”

    In a fickle world stymied by a melee of advertising from deep-pocketed corporations and a plethora of products auditioning for our limited and desensitized attention span, it’s more than differentiation (that our business schools used to implore us to follow) that will unlock customers’ wallets. We need to be firing on all cylinders in order to build what our customers are begging for quietly and focus our attention solely on them more than our competition does.

    Related: 5 Ways to Dominate Your Competition

    Customer proximity is a competitive advantage

    Attentive, unbiased listening, feedback-driven product development and empathetic relationship-building are paramount in a transactionally driven, utilitarian and apathetic world.

    The crux of this design-thinking approach can credit its notoriety to the leading design and innovation firm, Ideo (Palo Alto, Calif.). Tim Brown, Executive Chair of Ideo, offers a simplified definition for us, “Design thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.”

    A key piece of the design-thinking model includes empathy — which, by definition, requires the designer (entrepreneur) to get as close to the user as possible to fully understand (empathize) their problems, identify their shared goals and design viable solutions that hit the mark (all within the limits of the business’ predefined constraints).

    Ideo’s design-thinking framework unpacks the technique further, “Thinking like a designer can transform the way organizations develop products, services, processes, and strategy. This approach, which is known as design thinking, brings together what is desirable from a human point of view with what is technologically feasible and economically viable. It also allows people who aren’t trained as designers to use creative tools to address a vast range of challenges.”

    Related: How Design Thinking Can Help You Ask the Right Questions (And Get the Right Answers)

    Knowing your customer’s fears, goals and challenges helps you design experiences that delight and spark joy

    The small restaurant owner that spends considerable time sitting down with clients to revise the menu and optimize for specific personas (groups of customers that hold shared beliefs — e.g., vegan, plant-based options, Kosher items, etc.) makes a lasting impression that builds transactional empathy which counters de facto market apathy. The coffee shop owner that launches a valued customer punch card that rewards patrons with a free cup of coffee every ten cups instills reciprocal goodwill that spurs future repeat business. The ecommerce shop that overnights that gift just in time for the party and waves the fee gets an A+ in the shopper’s mind and fills up their hearts with lasting, intangible goodwill.

    Related: 3 Super Simple Ways to Understand What Your Customer Wants

    Design thinking uncovers which emotions founders must build products and services around

    Great products and services connect on a deep, emotional level with their users. By focusing on your customer more than your competition does, you can win faster and far easier — and spend less time staring at your competition. This may sound trite, but I have seen it over and over in my consulting with small business owners and founders, whereby they spend the first few months focusing on understanding the market needs and then (post-launch) pivot completely away from a user-driven (design thinking) model and later shift into a market-driven model where they focus on beating the competition. This often leads to service mimicry, discounting (which erodes gross margins) and eventually downsizing or dissolution.

    While understanding where your competition is currently playing on a market matrix is helpful, it’s actually quite distracting for most entrepreneurs and pulls them further away from serving their customer base. In my opinion, the primary goal isn’t to beat the competition on market share — it’s to win customer loyalty, and you can only do that by paying more attention to them than your competition is willing to do. Market share is a byproduct of winning hearts and minds first.

    For the next 30 days, instead of worrying about what your competition is up to, try focusing intently on your own market leveraging a design thinking approach. Innovation, customer service and customer retention get supremely easier once you begin to listen more and design from your customer’s point of view.

    Reagan Pollack

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  • How to Produce Quality Competitive Intelligence

    How to Produce Quality Competitive Intelligence

    Opinions expressed by Entrepreneur contributors are their own.

    Competitive intelligence, or CI, is a crucial component of business strategy. It helps you understand your competitors, identify new opportunities and better predict market trends.

    Competitive intelligence is a continuous process, not a one-off briefing document. It is also not just about the competition. It also includes insights into your client and their needs, which can help them to get ahead of the game in their industry. You’ll be able to anticipate trends and opportunities before they happen, giving your clients a competitive advantage over their competitors and allowing them to grow their business faster than those who don’t have access to this kind of information.

    Related: Your Business is Failing Because You Have a Bad Strategy. Here Are 5 Hacks for the Perfect Business Strategy

    Don’t rely on what you think your clients or competitors want

    We often assume that we know what our clients or competitors want — this is a mistake. It’s easy to do this when you’re working with a firm from a similar industry, but it’s important to remember that every client has unique needs and interests.

    You should always start by asking questions about the business objectives of your client or competitor. These questions will give you insight into what they are trying to accomplish and how they hope to achieve it — information that can be invaluable when crafting reports for them in the future.

    Gain other perspectives

    There are four primary groups you need to speak with:

    • Users of your product or service, including current and former users. They can tell you how they use it, why they like it or don’t. They can also give insight into the people who don’t like it. And if they’re former users, they may have valuable information on why they left. You’ll want as much detail as possible so that you can make use of that data in competitive intelligence analysis later on (for example, “Users say this feature is confusing.”)
    • People who do not use your product or service but would potentially be interested in using it if they knew more about what it does and how well it works. These are potential customers for whom there may not currently be an opportunity for purchase — they don’t know enough about your offering yet! Get them talking about their business needs so that you can market effectively in the future. For example: “This company thinks our product could help them solve their problem.”
    • People who do not currently use a competitor’s product or service but would potentially become a customer if offered one at an attractive price point or with better features than those offered by competitors (e..g., “These guys love our product because we provide X at only half its competitors’ price.”) If these folks were already using something else — and had a good reason why — you’d want to know if there’s anything specific about those products/services which makes them unsatisfactory; if yes then perhaps these shortcomings could be remedied through innovation efforts within yourself?
    • People who are already using your product or service but have not yet been convinced of its value (e.g., “We’re working on getting these guys to see the benefits of our product; we think they will like it once they try it.”). These are potential customers that you may need to spend more time educating about why your offering is better than competitors’ offerings.

    Related: Customer Intelligence As a Revenue Predictor

    Fully understand your audience and their needs

    It’s imperative to understand the needs of your audience and the needs of your competitors. A comprehensive competitive intelligence program can provide a wealth of information that will help you better understand the landscape, your customers’ needs and how they behave toward their competitors.

    Understanding the needs of your audience is essential for any successful business venture. You need to know what matters to them so that you can meet those needs with an innovative solution or product. This can be as simple as knowing who they are (demographics), where they live (geography) or what they like (lifestyle). It could also mean understanding what motivates them; why would someone buy one product over another? How many people do I need to sell my product annually to break even?

    Related: 9 Ways to Meet and Understand Your Audience

    Identify different audience segments

    Once you’ve identified your audience, the next step is to segment them into different groups based on their needs. This will allow you to craft a solution that meets all those needs. For example, if you’re selling a product aimed at helping people lose weight, one group could be people who need something simple and easy to use. Another group might be more tech-savvy and want something more complex and customizable. Knowing how each audience segment views fitness products will help you see what aspects of your offering are most important for each audience type.

    Related: 7 Outdated Habits That Will Paralyze Your Business

    Experimentation can help understand clients and competitors and identify new opportunities

    Experimentation is a vital part of the process. Experimentation can help you better understand your clients and competitors, identify new opportunities and discover how to make your offerings more competitive. Such an example is A/B testing. This type of experiment compares two versions of a single element to see which one performs better by improving conversions, sales or whatever else you’re looking for. For example, it could be an email subject line A/B test comparing “Doing these four things will help you grow sales” with “Doing these four things will help you grow sales 50%.”

    Ensure you are fully informed before you move forward with a new product or service

    To stay ahead of the curve, you must constantly gather information from as many sources as possible. Talk to your clients and ensure you are fully informed before moving forward with a new product or service. Conduct interviews about what they think are missing in the market, and see if a gap needs filling. Look at data from recent surveys, reviews or complaints that your company has received. Look at what competitors are doing and take notes on what’s working for them and what isn’t. Talk to people in your industry who can give feedback on how they perceive your business and suggestions on how it could improve its services or offerings.

    Christopher Massimine

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  • Competition For The Hottest Jobs Is Increasing: Here’s How To Win

    Competition For The Hottest Jobs Is Increasing: Here’s How To Win

    The economy is tightening, and competition for jobs is heating up. Within this context, you’re smart to know which jobs are most in demand and where the best opportunities might be. Getting a jump on your job search and setting yourself apart will be critical if you want to land a great role.

    The Jobs Landscape

    A new study by Semrush found the top three jobs people are searching for in the U.S. are flight attendant, medical assistant and jobs in security. And the jobs with the biggest growth in searches compared to previous years are data analyst, project manager and proofreader jobs. On the other hand, some jobs are declining in popularity. These include pharmacy technician, administrative assistant, nanny, firefighter and jobs as tutors.

    What about remote or hybrid roles? Overall, hybrid is declining in its level of importance compared with things like job security, but the desire for greater flexibility about where and when people work is still important. Searches for these kinds of roles have quadrupled in popularity. Especially hot are searches for “remote jobs near me,” “part time remote jobs,” and “entry level remote jobs.”

    Tech companies are also especially popular in searches for jobs. Interest in Amazon, Meta, Google, Netflix and Apple has doubled in searches both in the U.S. and globally. Monthly, an average of 7 million people view Amazon’s career page and 1.2 million view Meta’s career section.

    Get a Jump Start

    Data on searches can inform your job search in important ways, and one of the first things you can do is act quickly. With more media coverage about layoffs or belt-tightening by companies (think: cancelling open positions), people who want new opportunities will accelerate their efforts—and you’ll want to get to the front of the line if you can.

    Search now and search regularly for new roles since things are constantly in flux, given the volatility of the market right now. In addition, companies often reduce search and hiring activities during the holidays, so now is the time to get a jump on finding and pursuing new opportunities.

    Seek Adjacencies

    If the most in-demand jobs are also on your list of those to pursue, you can expand your options by thinking creatively and considering adjacent roles. Think of these as the “adjacent possible.” For example, if you’re interested in being a flight attendant because you love the travel industry and are moved by the power of airplanes, you could consider searching other roles which are related, like gate agents, airplane mechanics or marshallers. Or if being a medical assistant seems exciting because you love healthcare, you could also consider exploring roles as a phlebotomist, an EKG tech or a medical claims examiner.

    Also expand your search by seeking related data and considering the economy and which jobs are fast-growing. The U.S. Bureau of Labor Statistics publishes a list of the 20 occupations with the highest projected percent change of employment between 2021-2031. They include jobs like nurse practitioners, wind turbine service techs, ticket-takers and projectionists for movies, restaurant cooks and data scientists.

    Activate Your Network

    The hidden job market—those jobs which haven’t yet been advertised or which are just emerging in the minds of leaders—is alive and well, and the best way to tap into these less-visible opportunities is to activate your network. Announce you’re looking for a job and ask your network for leads and support. Or if you want to be more surreptitious about your search, reach out to people privately and ask them to introduce you to others or refer you for a position.

    The most helpful people will likely be in your secondary or tertiary networks, rather than your primary network. This has recently been proven in a study by MIT. Those you know best probably know many of the same people and they’re aware of the same opportunities that you are. But those who are farther afield—and those you’re not as close to—will have access to new information or fresh intel on what roles might be available. If you’ve supported others along the way and maintained good relationships, those network connections should be especially powerful in your search.

    Focus On Your Core

    Often, when companies are pulling back or protecting their positions in a contracting market, they are more interested in hiring people who are already experts and can hit the ground running in a role. They want to hire people who have proven track records or who can demonstrate they will perform quickly and competently. As a result, you’ll want to focus on your areas of core competence and demonstrated success.

    Emphasize Your Potential

    That said, of course companies also want to hire people who will grow with them and who have future potential. Emphasize your ability to perform today, but also talk about how you are committed to learning, growth and contributing to their organization in new ways over time. It will be a balance, and the message is nuanced, but it will be worth it to articulate both your value today and your value tomorrow.

    In Sum

    If you like your current role or your existing employer, great. But if you’re looking for the next big thing, now is the time to get a jump start, jump in and jump forward in seeking a new opportunity—either pursuing what you know will be interesting or thinking creatively about similar roles which could offer new learning and growth.

    Tracy Brower, Contributor

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  • Calling All Bakers: Voting Opens Soon for Greatest Baker Competition, Run by Colossal

    Calling All Bakers: Voting Opens Soon for Greatest Baker Competition, Run by Colossal

    Professional fundraiser to run online Competition geared toward bakers on behalf of DTCare

    Press Release
    –

    Oct 20, 2022 14:00 MST


    PHOENIX, October 20, 2022 (Newswire.com)
    –
    The search is officially underway for this year’s favorite baker. Colossal Management, LLC is thrilled to announce that it will run the 2022 Greatest Baker Competition on behalf of DTCare, a U.S. 501(c)(3) charity.  

    The Greatest Baker is an online, public voting Competition hosted by celebrity bakers Alice Fervonia and Sophie Faldo, both finalists from past seasons of the Great British Bake Off. These culinary experts will offer helpful tips throughout the Competition. The Greatest Baker winner will take home the title, $10,000, and a two-page feature in Bake from Scratch Magazine. 

    Greatest Baker will be operated as part of a fundraising campaign on behalf of DTCare. Donations from votes cast during the Competition will go directly to DTCare, which will then grant the donations, minus Competition fees and costs, to Andrew McDonough B+ Foundation, whose mission is to provide financial and emotional support to families of children with cancer nationwide and fund cutting-edge childhood cancer research.

    The Competition is sponsored by three companies that are giants in the baking space: Silpat, the maker of a range of non-stick mats and molds that allow bakers to make any kind of pastry or savory dish; Bob’s Red Mill, a 100% employee-owned company that makes more than 200 products, including whole grains, stone-ground flours, oats, baking mixes, snacks, and more; and Twinkle Baking Decor, run by a team of passionate bakers who produce a wide selection of gluten-free and nut-free products ranging from sprinkles to frosting. 

    Anyone interested in registering or learning more about the Competition or prize can visit greatestbaker.com. Public voting opens on Monday, Oct. 24, 2022. 

    Source: Colossal Management, LLC

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  • China’s COVID lockdowns spell relief for Europe’s energy security worries

    China’s COVID lockdowns spell relief for Europe’s energy security worries

    Press play to listen to this article

    China’s President Xi Jinping has some good news for Europe — his country’s draconian zero-COVID policies aren’t likely to be dropped.

    That’s a relief for European buyers of liquefied natural gas, as China’s economic slowdown has freed up LNG cargos crucial to replacing the Russian gas that used to supply about 40 percent of European demand.

    “Regardless of what you think about the Chinese zero-COVID policy, simply looking at it only from the perspective of European gas supplies, it would be very helpful if China continued this policy,” said Dennis Hesseling, head of gas at the EU’s energy regulator agency ACER.

    Xi took to the stage Sunday to kick off the week-long 20th Communist Party congress, and he doubled down on the zero-COVID approach, calling it a “people’s war to stop the spread of the virus.” 

    The once-in-five-year summit is “mostly a political meeting for within the party itself” but it does send crucial signals, said Jacob Gunter, a senior analyst at the China-focused MERICS think tank. So far it indicates China plans to “stick with [zero-COVID] for a while,” he said, adding that’s partly because government pandemic messaging has so spooked the population that lifting it would cause “chaos,” while Chinese vaccine hesitancy also remains high.

    Since the outbreak of the pandemic in 2020, China has ruthlessly pursued its policy of crushing the coronavirus, involving snap lockdowns of entire cities accompanied by mass testing, surveillance and border closures. The slowdown in growth and depressed demand led to China’s LNG imports sinking by one-fifth, or 14 billion cubic meters, year-on-year for the first eight months of 2022, according to Jörg Wuttke, president of the EU Chamber of Commerce in China.

    China and the EU each imported around 80 million tons of LNG in 2021, but China’s imports will fall to 64 million tons this year, according to data by market intelligence firm ICIS. That’s helping the EU buy gas on the global market and using it to fill the Continent’s storages ahead of the winter heating season.

    “Europe is lucky that China has a severe economic downturn which will last well into 2023,” said Wuttke, adding that the drop in demand from China — historically the world’s largest LNG importer — is “roughly equivalent to the entire annual LNG imports of Britain.”

    2023 worries

    China’s President Xi Jinping | Anthony Wallace/Pool/AFP via Getty Images

    With EU gas storage now over 90 percent full, the conversation in Brussels has already begun to shift to securing enough supplies for next year. At last week’s summit of EU energy ministers, International Energy Agency chief Fatih Birol warned that “next winter may well be even more difficult.”

    As things stand, Beijing’s LNG imports are likely to rise back to 2021 levels next year, according to senior ICIS gas analyst Tom Marzec-Manser, with deliveries typically increasing around the winter season and then likely to ramp up again next summer.

    China has already ordered its state-owned gas importers to stop reselling LNG to the EU to preserve stocks for the winter season at home.

    But if the zero-COVID policy is scrapped, that could lead “to a step-change in growth again,” said Marzec-Manser.

    European countries are well aware of this risk.

    In a presentation given by ACER during last week’s informal Energy Council, ministers were told that “China’s COVID-driven demand decline in LNG volumes is currently being absorbed” by the bloc. “This raises questions as to when China’s LNG demand may turn back towards normal growth rates,” it added.

    Although Russian shipments have fallen to less than 9 percent of EU demand, some Kremlin gas is still getting through. But “that may not be available at all next year,” said ACER’s Hesseling, adding that if there is no Russian gas and Chinese demand comes roaring back, more radical energy-saving measures would be needed in the EU.

    EU leaders will meet later this week to discuss further measures to tackle sky-high energy prices in Europe, including measures for next year such as joint gas purchasing.

    According to one senior EU diplomat, “competition from Asia [is] mentioned constantly,” adding that “it’s quite evident” a change in Beijing’s lockdown policy “may raise global demand and raise prices.”

    “China is indeed a competitor and that needs to be taken into account whatever we might be doing,” they said.

    This article is part of POLITICO Pro

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    Victor Jack

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  • 4 Smart Ways to Deal With Your Competitors

    4 Smart Ways to Deal With Your Competitors

    Opinions expressed by Entrepreneur contributors are their own.

    The subject of competition can be a very polarizing thing. Many of the world’s most successful professionals proclaim they’re obsessively competitive, almost to a fault. The reality is that if you’re starting a business and you plan to have your business grow, you’ll eventually run into someone who had or has a very similar idea to the one that you can’t stop thinking about. In fact, there are probably 20 different articles on the subject of competition that are competing for clicks with this very article!

    So as entrepreneurs, how should we be thinking about our competitive landscape? These are a few of the observations I made as I wrestled with our competitors in the process of building my company:

    Related: How to Set Yourself Apart From the Competition

    1. Don’t ignore it

    When starting something new, it’s important to do a complete market scan to understand what and who you’re up against. Size your market, and list out your direct competitors, frenemies, as well as firms that are one or two moves away from becoming direct competitors. Figure out how much they’ve raised, the depth and breadth of their product offering and the experience of their founders and team. Use tools like Google Trends to understand key terms that are popular and commonly searched in your category to help inform your positioning relative to your competitors.

    If you’re unable to find at least three competitors in your space, that’s usually a pretty bad sign. It’s rare to be the first and only product to market. In most cases, entrepreneurs that claim to be “the only product” in the market are still searching for an actual market and problem to solve. Unless you have a unique insight with real customer traction inside of a category you’re creating, it’s usually easier to innovate and disrupt incumbents in an established category with a known problem and a defined buyer profile.

    2. Don’t be afraid to share more

    Oftentimes, entrepreneurs are hesitant to share any information publicly about their business or the product they’re building. In reality, your incumbents, particularly large established vendors, couldn’t care less about what you’re building. You could literally call the lead product manager working on a product in your space and share your business with them. There’s a very low likelihood that they do anything with the information you share with them.

    Big companies have established roadmaps that are difficult to adjust. Even if one of your established competitors wanted to compete with you, it would require them to shift resources off of their current priorities to do so. We went as far as publishing our roadmap publicly for customers and prospective partners to see when and how we were prioritizing things. That actually became an opportunity and moment for us to flex our position and our focus.

    When we built our company, one of our direct competitors immediately signed up for one of our free trials. They even took a prospective “partnership” call to get intel and information about our business. Two years later, that same company came back to us and offered to acquire us for a generous multiple of our revenues. In short, it could work to your benefit to share MORE with your competitors. Established competitors may realize how far behind they are in your category and make you an acquisition offer to accelerate their roadmap or build out their team.

    Related: 3 Reasons You Should Spy on Your Competition

    3. Don’t be an a-hole

    As markets heat up, competition can become fierce, particularly if there’s a limited window or land grab opportunity to establish yourself as a category leader. In the heat of battle, it can be tempting to start trash-talking your competitors when in a shared sales cycle. Don’t do it.

    It’s okay to highlight the differences between your product and your competitor’s product but do so in a way that elevates both positions while allowing you to reinforce your advantage. For example, if you’re selling to an enterprise customer segment and speaking with a SMB customer, there’s no harm in referring that prospect to a competitor that is focused on selling down market. Not only are you signaling that you genuinely care about the product fit for that customer, but you’re also demonstrating that you don’t NEED their business. Confidence is cool.

    When you elect to throw stones at competitors, it suggests you’re overcompensating for something. Prospects can smell desperation from a mile away, and that smell can carry over to future selling opportunities if you let it. Most importantly, don’t disparage your competitors in written form. I’ve had multiple prospects forward me emails from my competitor’s founders/CEOs with all of the apparent flaws in our product and business.

    Not only was this great bulletin board material that motivated our sales and product teams, but it also helped us uncover a new market opportunity that we hadn’t considered and that our competitor was beginning to sell successfully. We were second to market with this product; However, we executed better and ultimately won the category, thanks to the insight from our largest competitor.

    4. Don’t let it consume you

    Competition can be addictive. The highs and lows of success and defeat are what make the game of entrepreneurship fun. It can also be incredibly humbling, particularly when we’re on the losing end of a competitive sales scenario.

    Related: Don’t Declare War. Respect Competitors, and Capitalize on Your Own Strengths.

    I’m not suggesting that our marketing teams put down their battle cards or that we stop arming our sales teams with the resources they need to set “landmines” for competitive sales scenarios. However, your competitors are one data point that can help inform your understanding of the market you’re operating in. Use competition as an accelerant for your own learning and self-improvement. There can (and will) be multiple winners in a category. This is validation that your category is growing, which in turn drives more attention to the space you’re building in. Don’t run from it. Embrace it.

    Justin Vandehey

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  • See the 2021 Fab Over 40 Winner’s Photoshoot and Learn About Her Spa-Cation in NewBeauty Magazine

    See the 2021 Fab Over 40 Winner’s Photoshoot and Learn About Her Spa-Cation in NewBeauty Magazine

    Teri Coleman shines in the pages of popular beauty magazine.

    Press Release
    –

    Sep 30, 2022


    PHOENIX, September 30, 2022 (Newswire.com)
    –
    Colossal Management, LLC announced the launching of the annual competition to celebrate women over the age of 40. One winner will receive $40,000, a dream spa-cation in Scottsdale, Arizona, and an ad feature in NewBeauty Magazine. 

    Last year’s winner, Teri Coleman, earned her spot at the top and received this fabulous experience that included an exclusive photoshoot and interview for the feature. Coleman, a mother, adventurer, and skincare enthusiast, encourages other women to not only embrace their age but to face it head-on. “Don’t look at the calendar; just keep celebrating each day as if you will not have tomorrow. Always look at your age as just a number and nothing else. I am 50, but I don’t feel it,” she states in the piece. Find the winner and runner-up feature in the Winter 2022 edition of NewBeauty. 

    NewBeauty was founded in 2005 and has become the authority on all things beauty. The magazine gives readers a look at new products, innovations in the industry, and breakthrough technologies. NewBeauty covers everything from skin and hair to well-being, trends, A-list celebs, and everything in between. Its luxury sampling experience Test Tube delivers approximately $200 worth of editor-approved beauty products every other month for just under $40.

    Colossal Management, LLC is set to run the 2022 Fab Over 40 Competition on behalf of DTCare, a 501(c)(3) charity. Donations generated during the Competition will ultimately benefit National Breast Cancer Foundation. Learn more about DTCare and Fab Over 40 here. 

    Pick up a copy of NewBeauty at magazine retailers or visit newbeauty.com.

    Source: Colossal Management, LLC

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  • National Breast Cancer Foundation Selected to Be Designated Grantee by DTCare and Fab Over 40

    National Breast Cancer Foundation Selected to Be Designated Grantee by DTCare and Fab Over 40

    Press Release
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    Sep 28, 2022


    PHOENIX, September 28, 2022 (Newswire.com)
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    National Breast Cancer Foundation (NBCF) has been selected as the designated grantee by DTCare for the 2022 Fab Over 40 Competition. Colossal Management, LLC, a nationally registered professional fundraiser, will run this year’s Competition on behalf of DTCare. 

    Chief Executive Officer at Colossal, Mary Hagen, states, “We are thrilled to have the opportunity to make some noise for NBCF this year and honored to be entrusted with the campaign.” 

    Fab Over 40 is an annual competition inviting women over the age of 40 from around the world to compete for a 2-page ad feature in New Beauty magazine, a luxurious spa-cation, and a $40,000 cash prize. The winner will also experience a glamorous photoshoot and an exclusive interview for the magazine spread. The winner is chosen through public voting and every vote purchased is a direct donation to DTCare who will then subsequently make a grant to National Breast Cancer Foundation after the winner is announced. 

    NBCF will dedicate the funds to furthering its mission of inspiring hope to those affected by breast cancer through early detection, education, and support services. The organization was founded in 1991 by breast cancer survivor Janelle Hail. 

    Get involved or donate directly to help support women in need. 

    Source: Colossal Management, LLC

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  • Fab Over 40 Fundraiser – It’s Not a Contest, It’s a Competition

    Fab Over 40 Fundraiser – It’s Not a Contest, It’s a Competition

    Press Release
    –

    Sep 27, 2022


    PHOENIX, September 27, 2022 (Newswire.com)
    –
    Colossal Management, LLC announces that after thousands of women over 40 have entered the 2022 Fab40 Competition, voting is set to open on October 10. Colossal will run Fab Over 40 as part of a fundraising campaign on behalf of DTCare, a 501(c)(3) charity. 

    It’s up to the public to decide who will win $40,000, a two-page feature in NewBeauty magazine, and an exclusive spa-cation in Scottsdale, Arizona. Fab Over 40 strives to honor and celebrate women around the world who are 40 and up—because all women are fabulous, regardless of their age. Unlike a “contest”, competitors are not required to pay an entry fee to participate. That’s right, it’s totally free to compete.

    Last year’s winner, Teri Coleman, was beyond thrilled to have earned the inaugural crown, “I would never want to single out any of my supporters, but each of them helped me finish strong, and for that, I am truly indebted.” 

    This fabulous experience, sponsored by NewBeauty, and its brands TestTube® and BeautyPass, is an opportunity to show the world why beauty and elegance have no age limit. “Don’t look at the calendar; just keep celebrating each day as if you will not have tomorrow. Always look at your age as just a number and nothing else. I am 50, but I don’t feel it,” Coleman added. 

    Powerhouse actress and musician Cathy Rankin is the feisty and over-40 host of this year’s Competition; her contagious energy will surely make this an unforgettable journey for the competitors.

    Every vote purchased is a direct donation to DTCare, which will then subsequently make a grant to National Breast Cancer Foundation after the winner is announced.

    Women over 40 can visit votefab40.com to register before voting commences in October.

    Source: Colossal Management, LLC

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  • UPDATE: XPRIZE Launches the Racial Equity Alliance to Inspire Innovation for Equity and Justice

    UPDATE: XPRIZE Launches the Racial Equity Alliance to Inspire Innovation for Equity and Justice

    Part of the new Alliance is a four-month, $50,000 competition open to the public.

    Press Release
    –

    Feb 25, 2022


    LOS ANGELES, February 25, 2022 (Newswire.com)
    –
    XPRIZE, the world’s leader in designing and operating incentive competitions to solve humanity’s grand challenges, today, launched the XPRIZE Racial Equity Alliance (REA), a  coalition accelerating solutions for racial, social, and economic justice in the United States.

    The XPRIZE Racial Equity Alliance seeks to dismantle structural inequity, especially as it relates to the Black Community. Alliance partners represent multiple industries across the private sector, government, academia, and philanthropy.     

    “The key towards meaningful social change is unlocking human potential,” said Damon Woods, XPRIZE Racial Equity Alliance Director. “The XPRIZE Racial Equity Alliance will leverage collaboration and innovation to produce tangible impact.” 

    The REA is currently designing high-impact incentive competitions and projects across seven primary tracks of work: Economic Empowerment, Education, Health, Food Security, Environment, Workplace Equity and Criminal Justice Reform.

    Part of the Alliance’s launch is the Ideas Competition, presented by Intel, a four-month, $50,000 challenge to generate ideas for future XPRIZE incentive competitions with the goal of advancing education equity in the United States. Any interested individuals and organizations may register for the Ideas Competition. 

    The Ideas Competition officially kicks off on February 24, 2022, with a purpose that this and future competition concepts will lead to millions of dollars behind innovative, actionable ideas to fix what’s broken.

    XPRIZE, in partnership with Presenting Sponsor Intel, and supporting sponsors eBay Foundation, Comcast NBCUniversal, and AARP, as well as 18 partners, continue to build a unique network of influencers, leaders, subject matter experts, and a Brain Trust that provide the vision and direction of the REA and engage other members of the ecosystem. The REA welcomes new partners and sponsors to join the Alliance and help accelerate this critical body of work.

    Learn more at https://www.xprize.org/alliances/racialequity.

                                                                                                      ###

    About XPRIZE

    XPRIZE is a global future-positive movement of over 1M people and rising, delivering truly radical breakthroughs for the benefit of humanity. For over 25 years, XPRIZE has used competitions as the most efficient way to leverage philanthropic investment for impact and an exponential return, in some cases multiplying prize purses 10x – 50x. The first-ever XPRIZE competition, the $10 Million Ansari XPRIZE for sub-orbital spaceflight, captured the world’s imagination and catalyzed a multi-billion-dollar commercial private space industry. XPRIZE most recently made headlines by launching the largest incentive prize in history, $100 Million XPRIZE Carbon Removal funded by Elon Musk and the Musk Foundation on Earth Day 2021, with a goal to rebalance Earth’s carbon cycle. In total, XPRIZE has launched 25 competitions with more than $293 Million in prize purses. Join XPRIZE to help create a better future for everyone, everywhere.

    Contacts: 

    Monchiere’ Holmes-Jones

    MOJO Marketing + PR

    (e) mhjones@mojomktg.com

    (p) 615-307-1438

    Caden Kinard

    XPRIZE 

    (e) caden.kinard@xprize.org 

    (p) 949-280-0182

    Source: XPRIZE

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