Whether you like it or not, your business will come up against competitors and you will have to fight for your share in the market. But while this is a threat to your business, it is also a blessing in disguise.
Innovation: Competition leads to increased innovation and decreased complacency. To be the best in the industry, you and your colleagues and/or employees will be motivated to produce high quality, original products that otherwise would not have been thought of.
Learn from Others’ Successes and Failures: If you are the only company in the market, you will be the first to face challenges. With competitors, you can learn from their mistakes and emulate their accomplishments, pushing your enterprise to the top.
Good Customer Service: While a high-quality product and/or service is necessary to gain a loyal customer base, so is good customer service. Competition will motivate you to provide great customer service to gain and maintain your customers. In turn, your reputation will grow with positive testimonials, leading to more customers and perhaps even business opportunities.
Understanding and Increasing your Market: Competition will induce you to analyse your market thoroughly in order to understand your target audience’s wants and needs. By doing so, you can pinpoint their exact behaviours and preferences and adjust your product and marketing to appeal to them before your competitors can get there, leading to your business’ growth. On top of that, increased competition means a growth in your market – when customers are constantly faced with similar products, demand for these products increase, leaving you with many potential new customers.
Recognition of your Own Strengths and Weaknesses: Having competitors allows you to more carefully evaluate your own strengths and weaknesses as you have something to measure your own performance against. This then leads to creative solutions to amplify those strengths and correct or downplay the limitations of your business as much as possible, resulting in increasingly efficient operations.
At the very least, having competitors is proof of existing demand for your products or services. Whether you expand domestically or globally, these five benefits are vital to consider when you inevitably face competitors – rather than letting them drag you down, use them to drive your business forward. Bubufds Solution can assist you by providing thorough market research – for more tailored advice, contact us here.