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This business coaching session teaches why you must discuss your competition.

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Featured Coaching Excerpt - Notes & Transcript, Part 1

 

-Now, the next thing we're talking about here, this next point, is competition. Competition. I'm going to read this notable quotable to you.

"Describe why customers use your product instead of the competitor's. Describe any competitive advantages that remain after the competition decides to copy you exactly. Never deny that you have competitors. It's OK to compete, against anyone."

So let's get into the competitor-- the competitive analysis. Do you have competitors?

DANIEL: Yeah. They're not that good, but--

-OK. So what do you do versus them? What is one thing you do they don't do?

-One thing that I do, definitely, is I have better looking-- Well, I have better looking video, meaning the quality. They shoot at a much lower quality than I do. I don't know if that's-- Does that count?

CLAY: Yep. So you have better quality.

DANIEL: Definitely better

CLAY: So that's a win for you. They have low quality and you have quality.

DANIEL: OK. And another thing that I do is unlimited time. So there's that.

CLAY: Oh yeah, that's the move.

-Yeah, that's the move. So unlimited time compared to-- Like, for example, I do wedding videography as well, so people on there, like I only-- For 10 hours, this is how much you'll charge, or if it's more than 10 hours, then you have to charge this much. So I just do unlimited time for that.

CLAY: This is versus hourly.

-Yeah.

CLAY: You have to point out what they do better than you too.

DANIEL: Yeah. Yeah, that's true.

-So you've got to know-- I'm just making up an example. Let's just say that they have a better price. Let's say their price is lower.

DANIEL: Yes. Their price is lower.

CLAY: And your price is more.

DANIEL: So how would I-- Well, I guess I'm thinking of my one sheet, and so how would I justify-- I guess, say, this is what you're getting out of--

CLAY: This is your business plan, which will be different from your one sheet. But this is like-- And you've got to be able to explain to your people--

I'm just saying like a Starbucks is more money than the other coffee shop. So if you have an employee that comes to work with you, if you manage the Starbucks, and your employee walks up to you and says, hey boss, did you know our coffee's twice as much as the other guys? You want to not be shocked by that. You want to go, I know.

Why? Because we're the third place. We're not home. We're not work. We're the third place. We want you to pour your heart into every cup. We've got baristas. That's why we're twice as much.

But you want to clearly know you versus the competition on a business plan. If you don't, you end up in a weird vibe where the investor looks at you and goes, are you totally clueless to your competitors? Or your customers look at you, are like, are you from a different planet? Are you even aware of what other people charge? So you need to have some sort of concept. OK.

Featured Coaching Excerpt - Notes & Transcript, Part 2

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