Imposter syndrome is something we all deal with - even those who appear on the surface to be the most confident, assured, and successful.
It’s something most business owners encounter regularly. They see what others are doing, assume it’s working for them, and draw the conclusion that they must know more or in some way be better.
But what if they don’t have more clients than you? What if they haven’t truly discovered financial freedom? What if you’re not comparing like-for-like?
The problem is that their decisions will influence your every move, and that will play HAVOC with your business strategy.
Lessons learned from tripwire marketing
Tripwire marketing was the simple process of offering low-cost products with the intention of upselling more expensive products to the same customers later on.
The idea is that you reel more customers in by charging less to begin with. It was a smart idea - whoever invented it knew exactly what they were doing.
The problem was that everyone started doing it, which removed all the ingenuity and scarcity from the idea.
I’ve noted before that attracting attention from your clients isn’t enough - even if you do so with low prices. The tripwire marketing concept was a classic example of a growth mindset being hijacked by everyone.
You may have tried it. “If I offer ours for £7, I’ll do better than my competitor who’s charging £8,” you probably said to yourself.
But it isn’t the £8 price tag that was working for your competitor - it was the overall strategy and messaging behind it. As a result, your positioning may have weakened due to offering something that was TOO cheap.
That wasn’t the idea, was it?
The importance of self-belief in business
There’s one sure-fire way to get away from too much imposter syndrome in business (a little doesn’t hurt): self-confidence.
The people you’ve assumed are better than you are anything but. In fact, they’re more likely:
- making it up as they go along;
- looking at you just as much as you’re looking at them; and
- assuming (like you) that the “best answer” is beyond their own thinking.
The problem with that last point is that the answer you’ll eventually find will move you away from what’s truly you. You’ll lose the very essence of what makes your business special.
No one has the ‘right’ or ‘best’ approach, because they don’t exist. Instead, you need to look to yourself, because:
- you already have answers for your target market; and
- the problem you have isn’t a lack of knowledge.
That’s right - the thing you’re missing is self-belief.
How to overcome imposter syndrome
There’s been lots written about imposter syndrome, and as noted earlier, it is incredibly widespread.
The reason it exists is because we’re prone to comparing ourselves against others. We assume they have more insight, knowledge and skill than us.
Comparison is the disease at play.
You can address imposter syndrome by flipping the question, “is someone else better?” to, “do I have something helpful for clients who have a pressing issue?”.
Chances are, you do, and if you remove the focus from what others are doing, you’ll probably find that solution.
Can you learn more about what you do? Of course you can - no one is an expert. Everything evolves, constantly - it’s impossible to keep up.
Are you the best? Probably not. Does that matter? Not at all. You don’t need to be the best - you just need to be extremely helpful to your customers.
Finding solutions for clients is easy - when you know how
Your business, your offers, your products, the messaging, and the strategy behind it all are decisions YOU need to make.
The false assumption that others have more insight into YOUR market is hurting the business. So, it’s time to stop.
To find those solutions for your clients, you simply need to look ‘inside’ first. How can you help them? What do you know that they don’t? Start here - it’s all you need to focus your mind on.
Just remember that whatever is working for your competitors is unique to their business and their solutions. It almost definitely won’t play to your strengths.
Don’t know what your strengths are? Work with someone to identify them and in turn, you’ll discover the right plan for YOUR business.