Competition is inevitable in the business world. It is not a necessary evil but, rather, an important part of the commercial ecosystem. Competition can be an effective tool for growing and improving your business. The presence of competition means that customers have the option to choose either your business or a rival.
When there is competition, you must quickly understand that customers are using your business not because you are the only one out there but because you appealed to them most. Why is this? It is because your service or product may stand out more than the competitors. In short, it is not that you are so different - it is that, despite being so similar to other businesses, you have a distinct quality that sets you apart.
Competition can enhance a company’s online presence
Do you know that the more competitors you have, the more power your ranking holds? By increasing your online presence, you can rank higher than your competitors in search engine results pages.
Build loyalty
Customers do know what they want and, as a result, the more a customer chooses your product over a competitor’s, the more likely it is they will continue with you. If a competitor’s prices drop, or your business has a slip-up, loyal customers will still stay with your services not because you asked them to but because they wanted to.
Do not be afraid to embrace competition
Although it can be scary, embracing competition in business may be one of the best moves you can make, as it is through them that you can gain new ideas and perspectives, learn how to stand out, and progressively grow your business. Competition is good and can help to keep you on your toes, and become much more motivated to do better.
As a final point, there is much to learn from your competitors. Remember, if you are having difficulty in any particular area of marketing, find competitors who are doing it well and gain knowledge from them. Your goal is not to copy them, but adopting certain practices into your own plan is smart. Make it your business to use your competitors as a catalyst for change, and watch your business succeed. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.
NB: Columnist welcomes feedback at deedee21bastian@gmail.com
About columnist: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach
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