5 Reasons Competition is GREAT For Your Business

5 Reasons Competition is GREAT For Your Business

Competition is Good for BusinessOne of my favorite new client objections is that they have too much competition. This is a common comment from both new and established companies.

Having competition is not only healthy, it can come with some tremendous advantages.

1. Makes You Focus On Your Customer

We have all dealt with a company that we had no choice, but to interact with. You know, the one that has some sort of monopoly so we HAVE to deal with them.

So, how customer focused are they? How often do they give you the time of day or even have any real empathy for your situation?

The answer is none. Because they know you can’t go anywhere else.

If they know there is a competitor out there, just waiting to snatch up their business, they try harder.

Competition forces you to do the same.

 

2. Competition Forces You To Focus on Your Market AREA 

In addition to focusing on your customer, it forces you to focus on your marketing area.

Shotgun marketing, the idea of just throwing your message out there, doesn’t work. You need to be targeted.

Where is the competition located? Other side of town? Your own back yard? Online?

Competition helps you hone in on where you should place your marketing efforts for the best results.

3. Competition Forces Innovation

Without competition, we don’t move forward. What does your competition do? What can you do better?

Maybe it is something as simple as they close their store early. Or they aren’t open on Saturdays. Small tweaks in your business can be a big deal!

Competition also tempts us into trying something new. Something we would not have normally done, but do out of necessity to do better than the competition. Sometimes these new ideas are homeruns.

4. You Don’t Need to Invent the Space or Product

For the most part, Apple never really ‘discovered’ much. They were not the first smartphone, tablet, or watch. What Apple did do, at least according to millions of raving fans, is DO IT BETTER.

Some would argue that Apple wants everyone else to ‘play’ with a new product out there first…intentionally. Think about it. Let someone else pay all the upfront money to try and educate and create a new market space. Then just swoop in with a better message.

5. Forces Differentiations

Let’s fact it. You are not going to get ALL the business. People gravitate to the business or person that resonates with their need.

Having a choice…a different choice…is key in the marketplace.

It really doesn’t mean that one choice is ‘better’ than the other. The one that wins is the one that better sells the concept.

About the Author:

Fred Rewey is the co-founder of Exposure One and author of Be The Lime...the world has enough lemons. He is a full time #SocialMedia Ninja, Author, NSA Speaker, Marketing Consultant and part-time technology geek. You can hear his Be the Lime Podcast on iTunes or you can chat with Fred on Twitter @Godfadr.

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