Competition in business does a lot more good than most people realize. The businesses that survive in the world today are those that have identified the potential of the competitors to help develop their businesses. Without the competition your business faces, you wouldn’t be as efficient as you are in business. Competition is a major driver of efficiency. Through competition, businesses are tasked to develop new products and services that are better than the previous services they offered. This is very common in the telecoms industry.
It is often seen that when a telecom company reduces their call rates, their competitors would follow suit. This competition creates an avenue for improvement, and tasks business owners to think outside the box. Your business’ fighting spirit against the competition is what drives it to succeed and survive in a constantly evolving world.
The Co-Founder of HubSpot, a marketing and sales software company is quoted saying “Startups come down to pureexecution of strategy on a daily basis and maintain the faith for the longhaul. Most startups don’t lose to competition, but because they lose the willto fight”. I have personally noticed that it is this ‘will to fight’ that keeps businesses active.
Competition
is very healthy for business. Rivalry makes you work smarter with the resources
at your disposal. Let’s take an analogy from the wild. The lion is such a great
hunter because of the competition from lions in other packs. If it doesn’t
learn how to hunt, another predator would deprive it from having food. This
competition is what charges one to survive. Competition is therefore not only
healthy, but a necessity for survival.
Competition Helps You Avoid Complacency:
This is the major killer of businesses in the world today. Once a startup starts to generate income and develops a presence among consumers, a common problem is for that startup to grow complacent. I have personally seen a number of startups that crumble just a few months after publishing profits, simply because they started to grow complacent. This is the quickest killer of innovation. When a business starts to grow complacent, it starts to lose its will to innovate and create new products, services and ideas. They then grow comfortable earning a particular level of income. This will ultimately lead to the death of such a business if it is not careful.
Competition Helps You Build A Brand Clout And Differentiation:
The willingness to stand out is what gets businesses and brands noticed by consumers. Business is no different from pop culture. The brands and celebrities that dare to create new music are the ones that get recognized by the public. It’s the same with business. The businesses that think outside the box and try to create something new are those that ultimately get noticed by the consumers. The audience will grow to appreciate your leadership through thought and this would make them choose you over the competition.
Competition Makes It Easier For You To Exploit Trends In The Industry:
Thanks to the existence of competition, you don’t have to conduct every single survey by yourself. You can learn from the trends the market follows because of the competition. The existence of competition helps you to save costs that may be incurred through market surveys. For example, if you the notice the competition are taking advantage of trade shows and exhibitions and getting results from them, you already know that this system works. You no longer need to conduct a survey to find out if this works.
Competition Brings Up The Possibility Of Partnerships:
If you can’t beat them, join them! The honest truth is that sometimes, there is a lot that can be derived through partnerships. If you admire some of the qualities of the competition, why not make up for each other’s weaknesses and form a partnerships.
Narrowing Down Your Niche:
Competition helps you to identify your strengths and makes you notice your niche. Identifying your niche can really help you take control of the market.
These are ways through which competition can help the growth of your business. Instead of focusing on how much hardship the competition is bringing you, why not focus on the positives and learn a thing or two from the competition you are facing.
Jess Wolodkowicz
Tradeshow Strategist | Account Manager
Phone: +61 (02) 8093 3806
Mobile: 0417 468 487
No comments:
Post a Comment