BEST Way to Create Authority in a New Market

Summary

• When introducing a product that's first to market, excellent communication about its value and function is essential.
• If your market can't value or understand your product because there's nothing similar to compare it to, emphasize education during the sales cycle.
• We learned with our AI software, ALLEN, that we had to educate potential clients extensively on what the product does because it was unique and without comparison.
• Establish authority or credibility before selling to your clients, as it influences their willingness to listen and trust you.
• Position yourself as an expert, even if it's not directly related to your product, to leverage the trust built in one area and transfer it to another.
• Work on making yourself or your business a known entity to gain trust, which will make it easier to sell something innovative or new.

Video

How To Take Action

I would suggest implementing clear and simple education about your unique product or service first. This means you should break down how it works and why it's valuable in a way that even someone who has never heard of it can understand. Think about teaching a friend who knows nothing about your field.

To help people understand your product when there's no comparison, over-emphasize education. Share examples of how it solves problems or improves things for others. Use stories and simple terms, not fancy jargon. You could create short videos or write blog posts explaining it.

Before you start selling hard, work on becoming an authority in your area. Even if it's not directly about your product, being seen as an expert in something related helps people trust you. Share your knowledge freely. Write articles, give talks, or even help others in online forums. As you become more known for your expertise, people will likely trust your new product more.

Build trust by showing what you've done before. If you have a track record of success, tell people about it. It could be businesses you've built or projects you've completed. If you're new, you might share stories of smaller successes or how you've helped others.

Try these steps, and remember, patience is key. Be ready to explain a lot and keep building your authority. As more people learn from you and trust you, they'll become more open to trying your innovative product.

Quotes by Leila Hormozi

"If there's nothing for the market to compare your product to, they have no idea what to value your product"

– Leila Hormozi

"First mover disadvantage, which is, if you are the first to market in a certain sector, you have to be able to absolutely communicate to a level that many can never do"

– Leila Hormozi

"Oftentimes if you have a new, really innovative product, that's what's missing is you have to have an over emphasis on education for the buyer"

– Leila Hormozi

"If you have no positioning in the market and you're trying to push something new, you are new, the market is new, there's two new unknown variables"

– Leila Hormozi

"The easiest thing to do is to try and make yourself known, try to make yourself an authority"

– Leila Hormozi

Full Transcript

certain sector you have to be able to absolutely communicate to a level that many can never do what your product does and what it is valued for and how valuable it is sometimes the market isn't ready for an idea and what's really tough and what a lot of people that are very innovative come against is that the market is not educated on their product if there's nothing for the market to compare your product to they have no idea what to value your product so why would they buy something that they don't know how to value let alone use and so what a lot of people come up to is there's first mover advantage on the other side first mover disadvantage which is if you are the first to market in a certain sector you have to be able to absolutely communicate to a level that many can never do what your product does and what it is valued for and how valuable it is so i can give you an example which is our company called allen that we started three years ago it was a software that used ai to work leads for companies people had seen things like manychat and sms flows where they had automated messages that came in but nobody had ever seen a machine that literally had ai built into it that would generate authentic responses to humans in real time and so people had no idea how to value it they didn't understand what it did they couldn't predict it and because of that many people got a no they didn't want to use it because they didn't understand it and what we didn't do well in the beginning and we had to learn as we continued to roll out the product was that we had to have way more education during the sales cycle than any other kind of company because we're not just educating them our product we're educating them on what our product does and the market in it itself because it didn't exist at that point right there was nothing to compare it to when people don't have something to compare to they don't know what the patterns of that product are so they can't predict what the product's going to do for them oftentimes if you have a new really innovative product that's what's missing is you have to have an over emphasis on education for the buyer and you have to be able to communicate in very clear concise ways what that product does and the benefit for them otherwise they're just not going to buy it even if it's exactly what they need i think that you have to build more authority or credibility with the client prior to selling them so it's really difficult if you're coming from a place if you have no track record you have no authority why should they listen to you versus if i come in and i've said hey i've sold three businesses i've built this i've built x this is the next new thing so what you have to think of is how you can get creative in creating a sense of authority in yourself or in your business before the client even talks to you so that when they come in you're already positioned in a way that you are an expert or authority in something it doesn't even need to be that thing because it's uh it's what they call like the hair stylist dilemma you go to your person the hair stylist and she's there to do your hair she's an expert on hair but because of that for some reason you think she can solve your marriage problems your work problems your friendship right and you give her all your problems it's the same with like a sale so you might not be an expert in the thing that you're selling but if you're an expert in something or if you can bridge the gap of there's something that you're an authority of then people will see you as that in that new domain and they'll associate you with that and then it'll be much easier to sell to them because they'll actually listen to what you're saying if you have no positioning in the market and you're trying to push something new you are new the market is new there's two new unknown variables you need one to be known the easiest thing to do is to try and make yourself known try to make yourself an authority so that then the new thing that you're pushing they trust you and so by proxy they trust the thing what's up guys thank you for watching my video thank you for being on this channel um i wanted to ask if you could do me a favor which is i put these videos out just to help you guys and what helps me the most if i get feedback so if you like this video leave a comment let me know what you liked about it if you didn't like this video leave a comment let me know what you didn't like about it um i would super appreciate it thank you so much i will see you on the next one