Competition in the business world is often viewed as a negative thing, but it doesn't have to be. Competition can benefit you, your competitor, and especially your customer!
Let's look at some of the ways in which competitors can help you:
1) They prevent you from becoming lazy and overly comfortable in your business practices. It's easy to feel confident and relaxed in your business if you have a unique product that everyone wants. You don't feel any pressure to better yourself or your product. Everyone wants it, so it must be good as it is, right? Then one day another company comes along that begins offering similar products that are just a little bit better than yours. Uh-oh! Now you feel the pressure to perform. You don't want to lose your customers, so you need to continuously improve your product and your level of customer service. You now need to give your customers a stronger reason to keep coming back to you.
2) They encourage you to be more creative. So, now you're not the only one selling purple-polka-dotted purses anymore. What can you do? Develop more products! Stretch your imagination. Come up with some unique ideas that will either improve upon your existing products or design new ones. Come up with a line of new accessories, new color schemes, new sizes and styles. Don't try to copy what your competitors are doing, do something different and unique. Express your own creativity.
3) They help you to stretch out of your comfort zones. Perhaps you have a solid customer base and haven't had to invest much in promoting your company until now. But the attention is slowly beginning to drift away from you. Now you need to work a little harder at your level of visibility. You can advertise some sales or special promotions, get more involved with your local community, or donate a portion of sales to a worthy cause. Become as visible as you can in your community. Whether you have an online business or a brick and mortar one, you need to remain in your customers' minds. Put yourself and your company out there whenever you can. Be noticeable, be memorable.
4) They force you to charge reasonable prices. This sounds like a bad thing, but really it's not. Think of yourself as a consumer. Aren't you always looking for good value for your money? Of course you are. And so are your customers! While it's great to be earning a lot of money for your products, you also want to be fair to your customers if you want them to come back again. No one likes to feel like they're being over-charged or ripped off. You may need to explore different suppliers and materials in order to keep your prices in line, but your customers will thank you for it by returning again and again.
5) Joint ventures. These can be extremely profitable for both parties, if they're done right. Perhaps you and your competitor can offer discounts to the other's customers and do some cross-promotion for each other. Promote your competitor's purses and she will promote your scarves and shoes. Swap ads in each other's newsletters. Think of some ways in which both of you could work together to benefit yourselves, as well as your customers. Build each other up, rather than trying to tear each other down.
These concepts become a little more challenging when applied to distributors who work for the same company, but it's still possible to find ways to work together in growing your businesses. Perhaps you can co-host a home-business seminar and share in the product sales and recruits. Share the costs of advertising in a prominent publication and split the responses. Or each of you can target different markets and give referrals to each other. Working together will ultimately result in more sales for your company, which will benefit both of you also!
Competition can seem threatening at times, but the truth is, there is room for all of us! Just think about the popular burger places in the world today. I can think of at least 4 or 5 well-known ones, including the two most popular that are usually found within blocks of each other in any city -- or sometimes right next door to each other! These companies earn billions of dollars a year. Look at how these companies keep encouraging each other to do better. In their competition, they are creating menus that have items for only $1, new value meal combinations, new sandwiches and salads, later hours and more. It's benefitting the consumer by giving them more choices and better value for their money, and it's benefitting the burger places by earning them more money. It's a win-win situation all around.
So the next time you see one of your competitors, smile, wave and say, "THANKS!"
Wendy Betterini is a freelance writer and web designer who has been successfully working from home since 2003. In 2005 she launched http://www.creativeworkathome.com, a community and resource center for home-based professionals, and those who aspire to be. Visit today for tools, tips and information on how you can create your own home-based career, or further improve the one you already have!
one time home cleaning Morton Grove ..How many "get rich schemes" have you joined? Or have... Read More
If you're anything like me then you dislike with a... Read More
Q: Is the online world the best place to sell... Read More
What is in an information plan?Before you even meet with... Read More
The FTC, Federal Trade Commission, is considering modifying the franchise... Read More
Competition in the business world is often viewed as a... Read More
My clients and many of my readers are small and... Read More
Many ventures are faced with the challenging task of raising... Read More
You can make your trade show experience much easier by... Read More
For really tough boat hull cleaning you will need to... Read More
Owning a small business in Wichita, KS might not be... Read More
It is most fascinating to study how entrepreneurs spot opportunity... Read More
We all know that a building has to have a... Read More
A solopreneur I know disappears from my radar screen for... Read More
During the 1980 presidential campaign, candidate Ronald Reagan vowed, if... Read More
Too often in business we get trapped into reviewing our... Read More
Here is an interesting case study of a company, which... Read More
If you run a pressure washing business it is a... Read More
In today's fast paced marketplace it is easy to neglect... Read More
After over 30 years of participating in hundreds of businesses,... Read More
Here are some of the questions that you need to... Read More
Many smaller businesses choose niche markets for various reasons and... Read More
Today required franchise disclosure documents are over 200 pages generally.... Read More
Are you responsible for your results?What comes to mind when... Read More
Everyday, customers and business owners are bombarded with billboards, logos,... Read More
eco-friendly cleaning service Glencoe ..Lance Armstrong this week won an unprecedented 7th Tour de... Read More
Your product is dying. With the same inevitability that we... Read More
Frankly, given the legal and regulatory requirements involved in attempting... Read More
Hi, Charles...here, Your Cap and t-shirt guy From Texas. How... Read More
It's Monday morning and Connie the Consultant sits in her... Read More
If you've been thinking about starting a business, but are... Read More
Why should you do informative talks to smaller groups?Informative talks... Read More
Before you start a business we encourage you to prepare... Read More
Why? Because they have access to world class public relations... Read More
Q: A friend told me that as a woman of... Read More
One of the first things you will need to set... Read More
Many companies wish to expand and a few wish to... Read More
I am simply amazed at the problems some of my... Read More
Each day we hear of companies entering the franchising industry.... Read More
Should your business have a toll free number for customers... Read More
Aside from the fear of losing a spreadsheet or research... Read More
One of the simplest ways to expand your marketing efforts... Read More
COLLABORATIVE NEGOTIATING:Collaborative negotiating is a win-win strategy that can focus... Read More
Entrepreneurs are hardy stock. But sometimes hardiness can get you... Read More
Announcements can be handed out as a business cardAnnouncements can... Read More
What could Seinfeld possibly have to do with marketing a... Read More
Many investors and business ethics professionals are calling for more... Read More
Search Engines account for almost 90% of all web traffic!In... Read More
The way you manage your money is one of the... Read More
Q: I'm curious. What is the dumbest business question you've... Read More
Small Business |