Just to be on the same page… Let’s kick off with a streetwise definition of what a me-too commodity is.
According to Alex Hormozi (from Gym Lord’s fame), a commodity is a product available in many places. For that reason, it’s prone to purchases based on “price” instead of “value”. If all products are “equal,” then the cheapest one is the most valuable by default.
In other words, if a prospect compares your product to another and thinks “these are pretty much the same, I’ll buy the cheaper one,” then they’ve commoditized you.
How embarrassing! You are a me-too copycat!
Are you shaking your head? Saying, “that’s not me, I’m unique!”
Prove Me Wrong. Take A Quick Test.
If you can’t instantly convey what makes you unique and of particular value to a particular market, you are a me-too copycat in the eyes of the market. Which is the only place where it matters.
If a potential client, a podcast host, a summit or event organizer, a joint venture partner, an influencer, or someone who could potentially refer you to a possible client, can’t quickly figure out what makes you special, you’re sunk.
Take the following test developed by Theresa Lina (see References) to see how you stack up. Answer Yes or No. Count your answers.
- Are most of your sales calls non-competitive? Giving you a 100% conversion rate.
- Are you able to charge premium prices, regardless of what the competition is charging?
- Is it easy for prospective clients to quickly grasp what your coaching or service does?
- Is it easy for them to quickly see what makes your offering unique?
- Is it crystal clear as to why a prospective client should turn to you instead of someone else?
- Is it difficult for a client to make an apples-to-apples comparison of your offering vs. a competitor’s?
- In one sentence, can you state what you stand for?
- Can you state it in one brief phrase?
- Can you capture it in 1-2 words?
- Would we get the same answer from each of your clients?
- Can you make claims about the results you deliver that no competitive alternative can say?
- Do your offers, marketing materials, website, etc. have a unique voice?
- Do you have such a strong market position that clients actively seek you out?
- Do podcast hosts, event organizers, and joint venture partners seek to work with you vs. your top competitors?
If you answered, “No,” to any of the questions, you have a problem. If you answered, “No,” to more than seven, you are a me-too copycat commodity and in dire need of a course correction.
And if you’re feeling a little beat up right now, don’t, because it’s really tough to stand out in today’s marketplace.
Let’s look at the other side of the coin. How does it look when you’re not a me-too copycat?
What It’s Like To Be In A “Category of One”
The other side of the coin is when you’re in a ‘category of one”. Or, to use another great phrase from Alex Hormozi, “when you sell in a vacuum”.
In Rainmaker terminology, when you’re in a category of one, you’ve become the Go-To for a solution to a market problem.
Apart from avoiding the me-too death spiral, becoming the Go-To in your chosen niche is incredibly powerful and profitable.
A Go-To sometimes turns work away. She names her terms. Prospects may even compete for her business, not the other way around. She’s able to command premium prices, work with premium customers, and hire premium service providers.
The great news is that any coach, consultant, or expert can pursue becoming a Go-To. Your goal is to get people to seek you out and believe so firmly in your ability to solve their problem that they will pay you whatever it takes.
Let’s Take Another Quick Test
What does it really mean to be the “Go-To” for something?
According to Theresa Lina, Go-To status sits on a continuum, but here’s the ultimate ideal. Let’s see how you stack up on her Go-To Test.
You know you are the Go-To when… Answer each statement with a ‘yes’ or a “no”.:
- You are the first name that comes to mind when buyers think of ___________ (insert your speciality area)
- You are the first one people turn to for solving a particular problem.
- No one can deliver on this problem like you can.
- There is wide recognition and respect for your brand.
- Your stellar reputation precedes you.
- Prospects hope you’ll be willing to work with them.
- You rarely, if ever, compete for business or write proposals.
- You never have to give anything away.
- You actually turn some business away, because it’s not the right business.
- You name your price, often receiving success-sharing premiums.
- You have a waitlist of people wanting to work with you.
- You work with the most progressive, successful companies or people in your market.
How did you do? If you answered, “No,” to any of the statements, you have a problem. You are a me-too copycat commodity and in dire need of a course correction.
If you answered, “Yes,” to all of the statements, CONGRATULATIONS. You are a Go-To.
Send me a message, I’d love to hire you as my mentor. You can name your price. I’ll pay it. Upfront.
To avoid the all too common me-too death spiral, you have to become the Go-To in your field.
As the Go-To in a particular field, you take “spiritual ownership” for understanding and solving your field’s most pressing problems. That puts you in a “category of one”.
There are tremendous economic, operating, and long-term impact advantages in being the Go-To in a given field. By having a reputation that precedes you, being able to name your price, and having customers seek you out, you stand above competitive jockeying as an also-ran. You earn healthy margins that fuel growth and investment in your future. And life is just easier. – Theresa Lina
Those that achieve Go-To status in their chosen fields follow a particular set of strategies that me-toos typically don’t. In the next newsletter, we’ll look at eight things Go-To’s do differently.
Theresa M. Lina. Be the Go-To: How to Own Your Competitive Market, Charge More, and Have Customers Love You For It by
P.S. Here are three ways you can develop and polish your Rainmaker skills:
- Build your own Badass Rainmaker Quest Model.
- Plot your own Badass Rainmaker Quest Map.
- Start your Rainmaker Mastery Program,