Ways Competition Makes Your Business Stronger [Infographic]

Garret Norris https://www.businesscoachessydney.com.au 4m 1,056 #competition

The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.

Love The Competition For Your Business!

Do you believe that competition does more good than harm in today’s business context? While this may sound like a contradiction when past and conservative business conditions are taken into consideration, it may not necessarily be so in recent years. In fact, many start-up companies and businesses in the past managed to survive competitive pressures during their long foray and had developed into the most successful businesses nowadays.

Some of these businesses include Apple, who had to compete against higher competitions not only with computer units but also with mobile phones; Google, who bested its top competitor Yahoo! as the leading search engine of today; and Amazon, who is still considered as one of the top performers in terms of online markets despite numerous other competitors.

They are prime examples of how many of today’s biggest brands consider the presence of competition as an opportunity, rather than an obstacle, to showcase the best that they can offer to their market. They are brands that learn from the nature of their market and of their competition to figure out how to best position themselves and learn the areas they can improve on based on their surroundings.

This means that, regardless of how aggressive or how popular your competition is in your industry today, this can be the chance to make your business improve in various aspects and make your performance better and smarter. By watching how your competitors are doing, you are able to assess where you can stand, and therefore, allowing you to outgrow your competition sooner than your expected.

Here are some ways that your business can get stronger via your competition, as presented by this infographic by Business Coaches Sydney:

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WAYS COMPETITION MAKES YOUR BUSINESS STRONGER

From Apple, Google, and Facebook to Netflix, Amazon, and Toyota, many of today’s biggest brands grasp competition as an opportunity, rather as an obstacle to showcase the best that they can offer to their market.

This means that regardless of how aggressive the competition in your industry today, this could make your business perform much better and smarter, allowing you to outgrow your competition sooner than expected.

1. DIFFERENTIATES YOUR BRAND

Your competitors will always try to improve their customer service, product offerings, and marketing tactics in order to stay on the top. Certainly, all people will only demand the best solutions for their specific needs.

Competition prompts you to differentiate your product from the competition, and ultimately, deliver products and services to your customers with much greater value.

2. BOOSTS YOUR CUSTOMER SERVICE

One of the growing pains in a start-up business is that you don’t have ample time to schedule a regular evaluation of your customer service level.

However, when you are being drowned in your competition, take this as an opportunity to reassess the performance of your service deliver, as well as identify the expectations of your market in your industry, and more specifically, in your brand.

Develop new ideas to attract them once again and provide them with all the service they need right after every purchase they made.

3. YOUR BUSINESS INNOVATES

As the old adage says, innovation stems out from the strong necessity of something new. Another good thing in competition is that it makes your business constantly innovate.

Unlike when your business is in a monopoly type of market, which innovation is often ignored, competition ensures that your company is always moving forward in terms of new developments- whether in your business model or in your product offerings.

Innovation is very important and is embedded into the core of what great businesses do.

4. IDENTIFIES YOUR BUSINESS STRENGTHS AND WEAKNESSES

After years of operations, you might only have been sitting on the laurels of your success, enjoying your time whee you are the sole provider of a solution to your market.

This could be great, but not until a new company starts to penetrate your market and provide them with better products and services, stealing a huge chunk of your customers in the process.

5. YOU LEARN NEW THINGS FROM YOUR COMPETITORS

Competition makes your business more watchful to the moves of your competitors. This is not only to anticipate their next attempt to steal your market share but also learn more about the strategies and resources that may or may not be the same as yours.

If you proactively learn from how your competitors manage and grow their operation, you will discover new ways to apply those lessons learned to your own business.

6. TAKE ADVANTAGE OF INDUSTRY TRENDS

Strong competition means hat there is a strong demand for the product or service you are trying to sell. This strong consumer demand further strengthens the reason why you put up your business in the first place.

If you proactively learn from how your competitors manage and grow their operation, you will discover new ways to apply those lessons learned to your own business.

7. PREPARES YOU FOR THE FUTURE

As easy as it is to stay within the comfort zone of our business, though, it is also easy to get lost on where our company might be heading in the future.

Without competitors, your company can get lost in the day-to-day exercise of maintaining your business.

As new companies joint he market, make sure that you start challenging yourself to accomplish more.

8. PRIORITISES CUSTOMER NEEDS

Last but not least, competition transforms your business into a customer-centric organisation. One of the secrets of many successful companies, in fact, is not focusing on the competition itself, but on their customers who expect them to deliver products and services with tremendous value.

Prioritising your customers before anything else is the best way to win their loyalty, as well as an effective deterrent against aggressive suppliers or vendors who want to steal your clients.

Just remember that more than your competition, it is your customers that can make or break your business.

Competition can certainly affect your business regardless if you act on it or not. But instead of letting your business be the passive player in the game, take full advantage of the opportunities available when there are other companies trying to reach out to the same audience and customers as yours.

Created and Design by: Business Coaches Sydney Sales, Marketing & Coaching

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