Fitness industry is highly competitive, as I'm sure you already know.
So when we're making an assessment of what else is out there,
we can also start kind of evaluating competition versus people that we might
actually be able to team up with. So,
competitor analysis is who's offering the most similar products or services?
Well,
everyone and their brother is offering online coaching or fitness programs,
but what makes yours different? This is where, again,
being more specific with your target avatar,
your ideal client will help you narrow down those number of people that you're
trying to talk to and potentially narrow down the people who are actually com
directly competing with your business for those customers.
So understanding your kind of unique, uh, what would call it, uh,
like your ne unique service proposition, your US p um,
what makes your product, you know, potentially better than another one.
Are there things that, you know,
your quote unquote competition is doing really well that maybe you could learn
from and take advantage of, right? Maybe they're really good at, you know,
their ad images or the way that they write their content,
or the way that their videos are edited.
What are some characteristics that are making them successful that potentially
you replicating could actually help you? So, you know,
customers are not always going to be 100% loyal to the first person they buy a
product from, right? There's, you know,
millions of people out there who buy products from all kinds of people.
So don't assume that just because somebody is following this person,
that they're no longer potentially your customer. They're not loyal to anyone.
It's whoever provides the best product or best service for that,
for them for the best, you know, perceived value or price.
So sometimes actually, you know,
partnering up with people who have a similar demographic for that very reason
could be beneficial. Um, that's, you know,
one of the things from doing podcasts, uh, you know,
coach Hassam goes on a lot of different podcasts with people who, you know,
have quote unquote competing products, uh,
from like workout programs and online coaching and stuff that we also do.
But that doesn't mean that, you know,
our customers might not buy a program from them or vice versa. So partnering up,
um, might also provide value to, you know, each other's audience, right? That's,
again, it's understanding where your unique, uh,
knowledge or expertise lies,
and finding maybe someone who compliments that, right,
who is maybe very knowledgeable in a similar area and vice versa,
where working together you can provide more value to more people. And again,
potentially, uh, both of you benefit.
So that's where kind of the, the allies comes in, right?
So a well done collaboration can benefit everyone. So networking,
going to networking events, especially, that's where, why so
Many masterminds are very popular. It's not necessarily the, uh,
information you get at the event.
While many of them do have valuable information,
it's al also the connections you make when you go there.
So going around and meeting other people, right? So maybe you specialize in,
you know, training, but maybe nutrition isn't an area of expertise.
Maybe you find a really good nutritionist, hey,
maybe you partner up with them to create a really awesome product that then you
can sell to more people that's more valuable. So networking, uh,
to, you know, build affiliates, um,
or if maybe somebody is selling a product that you don't and maybe you think you
could promote that to your customers. There's always ways you could do, uh,
you know,
affiliate sales and things like that as we get into more kind of like advanced
marketing marketing strategies.
So being able to admit that, Hey, I'm good at this one thing,
but this person I think is really good at this,
you gain the confidence and you gain the trust of your clients and customers by
being honest with them, right? So in this case, maybe referring out to someone,
uh,
could actually build your credibility with the people who are already following
you.
So those are things to keep an eye out for when doing your analysis of who is,
you know, similar or selling a competing product in your industry.
Not always to look at it in a negative light. There may be some, you know,
golden nuggets or opportunities there that you can take advantage of.
So we'll talk about this more, uh, as we get later into the course. Again,
this whole first module is just kind of laying the groundwork to understand
where we're going to start diving in, in more detail. Next up,
we'll actually start getting into, you know, products.
You already have a product that you wanna sell, most likely,
how do we figure out what the best way to price that, leverage it? Um,
and diving into all of the details of the different types of pricing strategies
that you can use to maximize your business revenue.