Have you ever thought of a great way to start a new business? If you have or ever will, you will experience the "me too" phenomenon, which is what makes competition work.
What do I mean when I say "ME TOO"? Well, they say that imitating someone is the best way to show that you like them. If you make something that is successful or makes you a lot of money, other people will look at your business and decide that if you can do it, so can they. The sad thing is that they are right!
Have you ever heard of a person who starts a business, sells it, and then starts another? This is called a "serial entrepreneur." They don't do this just to take the money and run. They also know that eventually there will be a lot of competition in that market because everyone will see how successful they are and say, "Me too!" So it looks like starting a business and selling it is the best way to make money with one.
There is a different way to fight against ME TOO. That is to be creative. As others start their businesses, you start the race. To compete, ME TOO has to get up and running right away. They might start out with lower prices or bigger portions, but as long as you're in the lead, they have to keep running to catch up.
Sometimes the ME TOO gets tired of running, and if you stay in front, they will eventually just drop off along the road. Sometimes they might have a lot of stamina and be able to keep up with you. I've written before about the importance of knowing what sets you apart from your competitors. Being a constant innovator in your field can be the thing that sets you apart.
The ME TOOS will force you to be creative in your business, if nothing else. Price, size, and colour options will force you to think outside the box. To keep your business going, you will have to set the pace and run the race faster and smarter.
Here's a practise for you if you've never done this before.
Take a minute to write down what makes you unique in your field. Make it about more than just your business. Get personal.
If you know what sets you apart from your competitors, it will be easier to explain that to your prospects. If you can explain that difference well, it could mean the difference between winning and losing the business and the race against the competition.
Keep in mind that innovation can be your secret weapon. After you've made your product or service, keep making it better and adding new features to stay ahead of the "ME TOO" crowd. When things are going well, you might want to sell the business and move on to something else. Just remember that if I'm good at business, everyone will want to be like me.
ME TOO!
