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- How To Beat Bigger Competitors
How To Beat Bigger Competitors
Read time 0.9 minutes.
A few weeks ago, I talked about how you can use an emotional story to convey how you have the potential to beat bigger competitors like Apple, Microsoft, Google, etc., if they compete with you. Today I want to talk about how to fully answer that question and get investors over that mental hurdle.
So recently, I had to live out this problem. About 1-2 weeks ago, another pitching coach who has been doing this for a while longer with 10x the audience I do, blocked me on all social media, copied my brand new website, launched a free resource hub (weeks after I did) and copied most of my branding and marketing including setting the exact same fundraising goal I had. I had a more prominent market incumbent decide to take me out.
Back to you and your investors; there are two elements to a direct response to that question:
Don’t try to argue that you will 100% beat them. Instead, convince investors that there is a “chance” you can win and get wondering, “What are the odds they can do this?”
Now that you are no longer thinking in absolutes convince them that you, your team, and your company are the right people to bet on. Get those odds to continue rising in their head.
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When I started getting attacked, I had to think, what are the odds that I can win? I’ve been having so much success this year, but that’s easy to do when you aren’t in the spotlight, with no real competitors; now the pressure was on.
I know its a game of odds, so I thought:
I have accurate science-backed content, and competitors mostly have a bunch of BS that I regularly debunk and most VCs debunk.
I have a loyal following (you), and despite having a 10x smaller audience, I get more engagements on Twitter, views on Youtube, etc.
I am not the type to lose, and I particularly don’t lose to conmen. If I feel someone is acting immorally, it motivates me to work harder.
I convinced myself that I was a good bet. And this is what you need to do.
Getting investors to view this as a bet is easy; ask, “What if we win?” that will change the investor’s perspective, then it’s all about explaining everything you have going for you. Why you can outcompete the bigger guys and what advantages you have to counter their marketing, money, influence, etc.
So next time you get this question, turn it into a game of odds, not absolutes, then start laying on the information about why you are a good bet. You don’t need to convince them that you WILL win, just that you have a good chance, you are the right bet, and if you do, they will own the next big tech company.
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