3 Reasons To Love Your Competition
Volunteering and working at a community center, you get to meet different people. It is amazing how much diversity there is in a small town. When it comes to business personality, you find that some individuals can be more untrusting than folks from a big city. As an example, we are getting ready for a big event that invites different types of craft vendors to display and sell their wares. Many different types of vendors will be here including people who are selling baked goods. More than one individual has mentioned that they do not want their booth next to anybody selling the same types of products. It is not about not liking another person, rather it's about not wanting immediate competition.
Why are so many people afraid of competition? The fear is not regulated to vendor events but also to people trying to operate online businesses as well as brick and mortar businesses. Nobody wants competition. They just want to run competition away. That's just bad business.
Competition should be embraced. Competition should be encouraged. Competition will actually create more curious onlookers who will develop into customers. Instead of looking at competition as an evil, there are many benefits to love and encourage competition in your market.
Reassure Potential Customers and Create More Customers
The more people who are marketing the same or similar products in the marketplace, reassures customers that the product or service is in demand. Long-term customers are almost always careful how they spend their money. New products and services make potential customers uneasy at first because they don't know whether they actually need or will benefit from the new product or service. More people who are marketing the same or similar items instills a sense of “need” within potential customers. Obviously if you look at your business long-term, once the “need” is instilled more people are willing to purchase a product or service. This isn't just regulated to “new” products, but even to easily recognized products and service.
Competition Helps You Develop Your Skill
Your immediate competition helps you to constantly learn and hone your product or service. Ultimately you'll want to do things better than the competition. This results in better service, a longer lasting product, a more beneficial product or even a new part of your business that was not there. These new skills will also result in more business because your customers will notice that you are just another “seller” but someone who strives to increase the value of your product or service.
Encourages Growth Within Your Business
Competition helps to get your creative juices flowing. When dealing with competition, you look at their strengths and their weaknesses. How can you, as a business owner, match their strengths? How can you capitalize on their weaknesses? These things help you to deliver more value to your customers. The more value you bring to the table, the more loyalty you build with your customers. Remember, people purchase from people they trust. Competition assist you in creating a stronger business and in turn higher revenues.
Today’s marketplace is filled with competition regardless of the product or service. However, more competition usually means more potential customers. The more people talking about a product or service, the more other people want them. This expands the customer base and also increases your revenue. Once potential customers realize the need and demand of a product or service, the key ingredient for your business is to make the product or service the best choice. Competition doesn't take customers away. Competition encourages customer growth and also encourages constant refinement of a product or service to make it better. What are you doing to encourage or embrace your competition?