Vickie Sullivan

Market Strategy for Thought Leaders

Resources  >> How to Compete with the Famous

Written by: Vickie Sullivan  |  December 01, 2020

How to Compete with the Famous

We compete against famous people in our space by exploiting two weaknesses: their market segments and their background.
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Remember Sophia Amoruso of GirlBoss fame? I wrote about her in a blog post published in the spring. Well, Amoruso has abandoned the live event market (yep, due to COVID), and she is coming in hot to the thought leader space with a $2,000 bootstrapping class for entrepreneurs. A Fast Company article from the fall features her new adventure.

Unfortunately, she isn’t alone. Other famous people – people who have big media attention and an engaged following – have entered this space. And we thought leaders regularly compete head-on with them. The big question for us: How do we “mere mortals” compete with someone famous?

Strategy to Compete with Famous People

We compete against famous people in our space by exploiting these two weaknesses:

• Their market segments. Check out Amoruso’s target audience: They are beginners. It’s the perfect place to leverage fame and media attention. What we can do instead: Go beyond the “one-stop shop for beginners” approach and focus on those already battle-tested and need additional help. This redirect promotes nuanced perspectives, which drives more high-end opportunities.


Listen: What the Pros Expect from Us


•  Their background. Look at Amoruso’s differentiation: She’s been in the trenches. That “I’ve been there” narrative isn’t enough anymore; everyone says that. And the cutesy labels contradict her claims of “more than inspiration.” Instead, let’s use our varied track records to show we can excel in more than one endeavor. Our message: We have more than one war under our belt.

Let’s get real: We won’t damper enthusiasm among a celebrity’s fans. And that’s OK. By shoring up what the famous can’t do, we can slow down their growth and be the viable alternative for those who need more help.


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Comments:

  • Author : Marcia Yudkin

    Published: 2020-12-08 07:38:39

    One more point: Many people would rather deal with non-famous folks. Really. I discovered that when I asked my fans if they would prefer hiring a financial planner who was often featured in the media. Quite a number said no, that would be a disadvantage to them. They assumed they wouldn't get much real attention from the person who was famous - they'd be spending too much time and ego burnishing their reputation.

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