Embracing Competition to Grow your Business - Competition is Good
26 Feb 2018
Competitors are businesses that provide products and services similar to each other. In an ideal economy, marketing would be so easy if there were no competitors. But this would not foster important aspects such as innovation and excellent customer services. There are various benefits to having competitors which include:
1. It improves customer service.
It is not always easy to evaluate each client especially when the business is experiencing a boom. It is important that the business finds a way to appreciate the customers so that if competition arises, the customers will not go anywhere since they will already be having the best.
2. It encourages innovation.
Completion brings about innovation since a company needs to have the one thing that makes it stand out. When a company is the only one in the market, it does not get any challenge, to innovate.
3. Brings awareness of the strengths and weaknesses of the business
Competition makes a business recognize aspects that it is excellent in and those that it is not so good at. When a business realizes its strengths which the competition does not possess, then it can optimize on it and increase the number of customers it has.
4. Stops Complacency.
The competition takes a business out of its comfort zone since there is the need to offer the best service. When a business moves away from the comfort zone, then it is able to beat its previous records and more so stand out among its competitors.
5. Consumers benefit from competition.
When competition exists, there are promotions offered and other things that capture the consumers such as discounts.
6. Provides ideas that a business can implement on its products and services.
From what the competitor does, you can learn what to put in place and how to adjust your plan to dominate your competition. One is also able to make inferences over how the competitors run their business.
7. It allows working together on common industry or on similar market issues.
When there is competition, monopolies are in existence and thus regulatory bodies are created in the industry which acts as the watch dogs for those that may be defaulting in some areas.
8. Helps you to work smarter.
With competition, the company is always alert and cannot afford to work at a snail’s pace. One is expected to be up and doing and to speed with the market needs at all times.
9. Makes you become a voracious knowledge seeker.
One always wishes to come on top when they have competition. To make this possible one has to always read and do research to ensure they are abreast with the market issues.
10. Provides room for learning.
You learn a lot from the competition and one is thereby able to broaden their horizon and also add to the growth of the brand.
11. It improves the employees.
The employees can adapt many skills such as knowing how to handle customers in the face of a boom and to deal with situations when the competitors have more clientele.
12. Room for development
A lot of the experience gained help to develop your brand. By checking the track records of bigger similar brands, one can see that they put to good use the experience they have come across.