Thursday 18 Mar 21
On 25th February 2021, you asked our amazing expert partner Joshua Bicknell:
And Joshua said:
Be mighty always, Farillio
“I think going back to the earlier question and answer, the fact that this person has found some competitors is a good thing. You shouldn't be scared by that, as we said it shows that there's a demand and a market for this. It's thinking about what they can add here. What can they do that's a little bit special, a little bit different to create value for customers? Unfortunately Validate can't tell you magically whether you have competitors, but what it can do is take you on a simple journey to help you find the answers to that. So, in the testing section we give you ideas for different ways that you could test, one of which is doing research. We give you tools for that, things like looking at Google trends and looking at what people are searching for example, to see what's current in the market, through to doing interviews with customers, which I think would be the most powerful way of really understanding if there's competition. The best question for that is asking do people have this problem and how do they currently solve it? How they're currently solving it is exactly the competition that you need to try and work against and add more value, so that they come to you instead. I think the answer to this will always be try and talk to customers. Try to figure out who they are and just have a good conversation with them. Listen and understand: Do they have this problem? Do they have this frustration? What are they doing right now? Then think about how you can solve that better. If you can solve it better, it doesn't really matter what all the other competitors are doing because they're going to prefer your product or service and come to you.”
If you have any questions that you'd like us to ask in a future Go Far Fast Show, send us a DM on Twitter or on LinkedIn. We'd love to hear from you!
You can also find Joshua’s answers to other questions being asked by you and your community in our Dear Farillio section on our blog site, and Joshua’s great guidance on business here.
Please note: The contents of this blog are not tailored business advice or legal advice. This is guidance and information, which we do our best to keep current, relevant and helpful. If you need business or legal advice, please use our Speak To An Adviser service or you can get in touch via our LiveChat.
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