In business, it’s essential to differentiate yourself from your competitors. When you copy what everyone else is doing, you become indistinguishable from the rest of the industry, and customers view you as a commodity. As a result, they will ask for quotes from your competitors and likely choose the lowest-priced option, leaving you with very little profit.
This is a common scenario, as only 35% of businesses make it to their 11th year, and less than 0.5% of them are sold. To succeed, you need to be among the top few percent, and the key to doing that is challenging the status quo.
The first step to challenging the status quo is identifying a unique group of people to target. By niching down your target market, you can understand their unique problems and develop solutions in a way that no one else in the industry is doing. This way, you will be able to charge what you need to charge without any competition, as customers will choose you time and time again.
The key takeaway is that to succeed, you must do what everyone else isn’t doing. Challenge the status quo, find a unique group of people to target, and solve their unique problems in a way that no one else in your industry is doing. By doing this, you will be able to charge what you need to charge, and customers will choose you over the competition.