💡 Business Tip - Different is Better than Better (Issue #30)
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💡 Business Tip - Different is Better than Better (Issue #30)
Don't focus too much on trying to be 10x better
Try this tip this week:
Take some time to think about what you can do to be unique instead of better.
When I still worked in Silicon Valley, I remember sitting in a strategy meeting and hearing someone loudly proclaim, “We need to be 10x better!”
This was all based on research that customers won’t switch to a new product unless it is 10x better than the one they currently use, in some way. For example:
10x better
10x faster
10x cheaper
“As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage.”
— Peter Thiel
Of course, that’s easier said than done.
If there is a market leader with a well-established product and a large customer base, good luck being 10x better than them! Once a dominant player reaches great success, it’s much easier for them to maintain that lead with the massive revenue and user base they have. They can get deals and do things at a scale you cannot.
However, you can be different. You can be unique.
This is especially true as a small, nimble solopreneur with a business you can build around your unique personality, experiences, talents, knowledge, and skills.
Someone else can never be 10x you because only you are you. The more your business is based on you and your uniqueness, the less anyone else can copy it.
However, this means you need to find niche customers who will value that uniqueness. Do not focus on the mass market of people who want faster, cheaper, and easier. If it’s mass market, the big players are already targeting it, because they have to in order to survive and keep growing.
“Yes, it’s good to be better. But it’s better to be different.”
— Sally Hogshead
When you do your market research to understand the competitive landscape, your competitors’ products and services, and the users, pay attention to the niches.
Who is being ignored (e.g., the market is too small)?
Who is not being served by the big players?
Who is using an existing product or service but isn’t happy about it?
Who isn’t being treated well by the existing players?
Who seems most aligned with who you are?
Who seems to be the kind of people you want to help most?
As a solopreneur, you don’t need the massive customer base that the dominant players do. You don’t need to focus on mass market appeal. Find an unserved or underserved niche, focus on them, and show how you are unique and different from the other players.
Be different and be noticed.
Hi, I’m Larry Cornett, a coach who can work with you 1-on-1 to design, launch, and optimize your business. You might also be interested in my “Employee to Solopreneur” workshop (coming soon). I currently live in Northern California near Lake Tahoe with my wife and our Great Dane while running my businesses 100% remotely.
