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- Talking About Competitors
Talking About Competitors
Read time 0.7 minutes
Many clients hate talking about competitors in their pitches. This is especially true when companies like Apple, Microsoft or Google are their potential competitors.
Personally, I love talking about competitors. It is an opportunity to truly expand on your narrative or show the value of your company. Let’s get into details on the two ways I like mentioning competitors.
Proof of Problem
If you have read my content long enough, you’ll know that I LOVE talking about the problem.
If there isn’t a problem people want solved, then it’s hard to sell them the solution.
The fact that you have competitors can be used in a positive light to show that the problem does exist and that it’s big.
Especially if a company like Apple, Microsoft or Google is trying to tackle your problem, it must be a big problem as they don’t focus on products that can’t generate hundreds of millions in revenue.
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Unique Selling Point
The most common way of doing this is a grid showing two factors and how you combine them uniquely or a chart with all the features showing that you offer more. Both of these are way too standard and won’t help you stand out at all.
The way I like to do it with my clients is to try and find the common theme in the way competitors approach the problem and show how we are fundamentally building a different solution.
Example: Vault Hill - a recent client who is building a metaverse centred around building real connections with other people and partaking in virtual versions of real-life experiences.
We showed that existing metaverses are incentivized by selling attention for advertisers dollars which means their users need to be motivated by likes/followers. Their system made money selling therapy sessions and educational classes, so they were fundamentally different because their financial incentive was to build connections and sell experiences, not sell ads.
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