Short answer: If you feel like you have competition, then you’re doing a horrible job at being unique, different, or bringing value to your audience and customers.
I get this all the time: other beauty brands who want to work with our brand on the editorial side, find out that we also have our own cosmetic line of products, then suddenly sees us as competition to their own business.
Besides those other beauty brands simply projecting their frustration with their own sales/revenue onto us, it’s incorrect to assume that the TMB cosmetic line is even their competition.
Ohhh snap, that sounds so egotistical!
But it’s actually true. The value proposition (or what makes the TMB brand unique) is so different from any other beauty brand on the market (whether it be green or conventional) because of the business model and product offering itself:
Sure, we sell blush. But not in the way that other green brands do. From ingredients (being 100% natural, vegan and dye-free), to its typical pressed powder format, to the packaging, our products are unlike others in the green space today.
And our sales process is very different. TMB is a “subscription brand,” a term I originally coined to describe that we manufacture our own products like a normal beauty brand would, but our sales process is through a monthly subscription where those products are limited-edition and prospective customers are signed up to a Waitlist before purchase. What other beauty brand even does this?
It’s our value proposition that actually determines how we don’t have competition. Taking into account our unique spin on green beauty products, within a subscription brand model for sales, I simply don’t know of another brand who is 100% like ours.
And that’s why we don’t have competition, our products and business are so different that we provide a different level of value to the marketplace. Hence why we can promote and work with other beauty brands we love through our editorial platforms (whether it be through TERIMIYAHIRA.COM or social media), because we don’t see anyone else as competition.
Having a unique value proposition was what I personally struggled with before I started the TMB brand. Because how can you make beauty products unique anymore (beyond creating new product categories, like how Korea made BB creams which other brands soon followed). Because I knew that I didn’t want to have competition (at least for a while, until another business comes along that literally copies our model), the value we bring to the marketplace had to be extremely different, new, and not typical.
So if you feel like your business has competition, ask yourself what makes your own business/product/service unique in comparison.
Sure, two life coaches are in the general industry of life coaching, but if one life coach focuses on relationships, while the other life coach focuses on productivity, then those two life coaches have different value and thus are not in competition with one another. Even though those two individuals are in the same industry of life coaching, saying they are in competition with one another is like saying that pens and pencils are in competition with one another (even though both have very different functions yet are in the same category of office supplies).
It’s the function that matters. The most important attribute is that your clients and customers will have a very different experience with your brand compared to others. They buy something from your business that they cannot buy from others (whether it be tangible like a product, or intangible like the sales process or experience).
What makes your product/service and business unique in your market? Focusing on how you can differentiate yourself, thus providing more value to your customers, is what will grow your business. Worrying about another brand “stealing” your sales/customers simply means that you need to come back to the core of your business and ask yourself the tough question about what unique value can you provide that no one else is currently doing. Once you eliminate that feeling of scarcity (that others are taking sales/customers away from you, which actually comes from a place of fear of failure), you will be able to truly innovate in your space and the increased revenue will automatically come because there’s no choice but to buy from your business if your product/brand is that unique.
Now do you see why Steve Jobs and the iPhone are so revolutionary? He created a product that was so different that there wasn’t another product to be in competition with the iPhone at the time. Jobs creating a “zero competition” environment when launching that product, and thus Apple soared because customers could only buy an iPhone from Apple.
Even though the iPhone became a whole new consumer technology category, that doesn’t mean you need to create whole new industries yourself. Think about what can make your business unique, research what problems your market currently has, and find a way to fill that void and create an answer for your industry. If you can do this, you will no longer feel like you have competition, and you can use your newfound energy to continue innovating, creating value and helping the consumers in your marketplace.