Welcome to day 2 of Module One of Hautecelerator!
If you did the work yesterday (and if you didn't....stop and go do it because today's work won't be as powerful if you don't have that work done, trust us), you now have a good idea of your industry, the status and likely future of that industry and how you have to think about pivoting or revamping what you do to stay relevant and viable with tech changes in the future, AND you should have a very good idea of who your ideal client or customers is. Armed with that important information, you are now going to learn one of the most powerful skills you can have as a CEO: the ability to study, learn from, riff off of and leap frog over your competition.
Let's jump in!
Modules One: Sales & Network
Understanding why people buy - and more specifically - why people will buy what YOU are selling - is core to developing a profitable business model.
This week we will focus on understanding who your ideal customer is, who your main competitors are, and how your competitors market and sell their goods or services.
Understanding all of this can help you improve how you sell to your own customers, and how you can distinguish yourself and stand out and above your competitors.
The goal is to become the obvious choice for your ideal customers, so you have to know what motivates them to buy and what makes them come back to you again and again.
HAUTECELERATOR MODULE ONE, PART B
Now that you did the Industry and Ideal Client work from yesterday, you can turn to learning as much as possible about your most successful competitors, and especially how they are already marketing to those customers you want to win over. This is such an important step in your development as a founder and CEO. You can’t afford to skip this process. It will also help you begin to develop almost a second sense about how to stay relevant and nimble in a crowded marketplace. Always be studying your competitors so you can stay ahead of the curve in everything you do.
Sales & Network: Your Competition
You’ve spent the early part of this week gaining a deeper understanding about your company’s industry, your competitors as well as exploring who your ideal customer is. These make up the core of your company’s sales ecosystem.
But one of the most important parts of increasing our reach into new markets or deeper within our current customer base comes from having the right network.
When we first launch our first company, we often do so with a very narrow network that may consist of family, friends, and colleagues from work or school. It can be exhausting, expensive and eat up valuable time we could be spending on our company if we try to grow our network by attending every local event or showing up to all of the conferences focused on our company’s industry.
While showing up to certain events - and learning how to make the most out of that event - is necessary, it is only the beginning of how we should be creating the network around us that will help us extend our reach, increase our access to the right industry leaders, and provide the needed support for us to achieve our goals.
It takes being very strategic and focused in our efforts to truly take advantage of the power that lies within having the right network in helping us scale our businesses.
Access the PDF below and watch the video to complete the assignment.
Who is My Competitor?
As you launch, the last thing you want is your competitors staying ahead of you, or coming up behind one of you and beating you to market, so let's talk about YOUR competitors. Most of us can say that we know who the main big competitors are, but we want you to research your top 3-5 competitors, and make a "report" about the following topics for each of them.
And just for the record, “I have no competitors” is not a valid answer. Whether someone else is doing exactly what you are, there are companies that are serving the very same demographic to address similar needs or wants with enough similarities that you need to consider them your competitor.
To determine if a company is your competitor, ask yourself if a client or customer would have to make a decision between your offerings and those of the other company. If so, they are likely a competitor. Watch the videos below and then use the worksheet to complete this exercise.