Know Your Competition: Status Quo

Who is your biggest competitor?

It's not who you think it is. 🫢

No, it's not the guy or gal across the virtual street selling a slightly different product in the same category as yours.

Your biggest competitor is when your buyer chooses NOT to change what they're currently doing.

In other words, they choose to maintain the status quo, even if it isn't perfect.

In its early days, Slack's biggest competitor was not a competing chat product.

It was good 'ole inter-office email.

For Airbnb, it was hotels.

For Netflix, it was cable television.

Maintaining the status quo is your obstacle to winning the minds of your buyers.

Questions to ponder:

•What is the status quo that I'm up against?

•Am I effectively motivating buyers to choose my solution over the status quo?