The word ‘competition’ often brings up a lot of emotion for those who are running their own business. It might cause you to feel threatened, unsuccessful or even incapable. But I believe there are lots of secret benefits of competition in your market.
With years of experience in teaching about e-Courses, one of the biggest mindset blocks that I hear is:
“I can’t do that because it’s already been done”
Don’t worry, this is a completely normal limiting belief. It’s normal to have some fear of competition and want to put the most unique and interesting content out into the world.
But honestly, I don’t think competition should stop you from entering the market with your e-Course topic and here is why.
NOBODY HAS A MONOPOLY ON A MARKET
Did you know that Apple wasn’t the first company to launch the smartphone? In fact, the term ‘smartphone’ was coined 10 years before the first iPhone debuted. But that didn’t stop Apple from entering the market and creating their own unique design. Could you imagine if Apple had decided not to launch the iPhone because someone had already done it before?
Now I know what you’re thinking, e-Courses are a bit different to smartphones. But not really! I believe there is always a space for you to add your own unique style, experiences and approach to the market.Nobody does it quite like you! Click To Tweet
The perfect example is my own business where I have many competitors. But that hasn’t stopped me (or others after me!) from entering the market and owning my point of difference.
My points of difference include:
- I’m female and Aussie
- I’m approachable and accessible
- I’m vulnerable, very honest and I don’t put myself up on a pedestal (in fact, I want you to learn from my mistakes and even “failures”)
- I’m not so far ahead so that it feels unattainable but far enough that it is inspirational and aspirational
- My tribe love my attention to detail, high quality materials and focus on the customer experience (e.g. gifts in the mail)
- My tribe like that I have a soulful side but am also a strategy maven who is extremely organised and loves systems
These qualities as a whole are all unique to me and are different to other people in the market who are covering similar content.
So what is your point of difference? What is different about you and what can you do better than those already in the market?
If you’re ready to explore these questions then download my Reframe Your Competition Worksheet to work through your fear and find your unique advantage!
Not only is there space for you to enter the market with your unique style and approach but there is already a demand from your existing tribe who want to hear from YOU!
Your customers, clients or social media followers already recognise and trust you as an expert in your area and they don’t want to purchase an e-Course from someone that they don’t have a connection with. Don’t miss the opportunity to serve your existing tribe in a way that only you can.
Competition shouldn’t stop you from entering the market but there are also some hidden benefits if you’re willing to take the challenge.
BENEFITS OF COMPETITION #1 – IT ENERGISES THE MARKET
Having competition means that people are already interested in your topic (and most likely want more). For example, Ezzie Spencer’s popular Lunar Abundance e-Course isn’t the first resource to talk about the lunar cycle. I could list 20 other entrepreneurs who are covering a similar topic. But having competition means that there are people who are excited and want to hear more on this topic, creating a space for Ezzie and her unique approach to working with the lunar cycle.
Does your e-Course topic have a number of competitors already covering it? Is the market energised and wanting more? How can you bring your unique approach to the topic and carve out your own space in the market?
BENEFITS OF COMPETITION #2 – COMPETITION EQUALS DEMAND
Competitors generally mean that your idea has been tested and there is an existing demand for the information. To put it simply, competition means you’re on the right track and that you’re delivering information that is in demand. Don’t be put off by your competitors, follow their lead.
Who is leading the way in your zone of genius? How can you learn from them? Are there parts of this topic that aren’t being covered?Competitors push you to achieve more. Click To Tweet
BENEFITS OF COMPETITION #3 – COMPETITION CREATES OPPORTUNITY
Now let’s get a little strategic. There may be a number of competitors in your market but that doesn’t mean they’re doing a great job. Take a look at their work and answer the questions below.
Is there opportunity for you to do it better or differently? How can you fill the gap?It’s not competition, it’s a doorway. Click To Tweet
BENEFITS OF COMPETITION #4 – ACTS AS A BENCHMARK OF POSSIBILITY
Finally, competition shows you what is possible. It acts as inspiration and gives you something to aim for. One of my biggest mentors is Marie Forleo who really paved the way and proved what was possible in the realm of online business and e-Courses. And instead of squeezing people out of the market, Marie Forleo has cheered on an entire generation of online business owners and e-Course creators following in her footsteps.
Who are your biggest teachers? Who inspires you to play big?
Explore these questions in more detail using my free Reframe Your Competition Worksheet which you can download below!
There is always room for your knowledge, skills and expertise. No matter how many times it’s been done, no-one has done it like you!
So what are you waiting for? Your dream, your lifestyle, your freedom, your idea … they’re all worth investing in.
It’s time to stop postponing your happiness.
Start taking action on creating the kind of business (and income) you truly want with the e-Course Launch Formula.