It can be frustrating if you’ve spent months or years building your business, and then suddenly a competing product hits the market. But competition doesn’t necessarily mean a downturn in sales and doom and gloom – in fact, it can help boost awareness of your products, get customers talking, and ultimately be the push you need to continuously improve your business.
Here are three of the benefits competition can bring when it comes to bettering your business.
It could be that you started out with a very niche product. The introduction of competitors doesn’t necessarily mean that niche will be overtaken: it could mean more eyes on the products within it, and, therefore, more customers.
It sounds counterintuitive, but well-known businesses making a foray into your area of expertise can help customers understand who you are, what you do, and trust the products you’re making.
It’s also a fantastic incentive to keep learning and growing. Nothing kills businesses like stagnation. So if you’ve already settled for the same old routine, competition can help boost your creativity and innovation.
If you’ve always specialized in one product, increased competition can help incentivize you to pursue other offerings. This can result in multiple product lines, multiple income streams, and a healthier, more diversified business.
If someone else is in your space, try not to view it as a challenge, but as an opportunity. Competition inspires change: how can you better communicate your message? Why is your product better?
Studies have shown that nearly eight in ten people are more loyal to businesses with stories, set values, and purpose than traditional businesses.
So even if your competition is larger and more established, don’t fret: if you can tell a compelling story, competition can be a fantastic growth opportunity.
It sounds counterintuitive, but well-known businesses making a foray into your area of expertise can help customers understand who you are, what you do, and trust the products you’re making.Click to tweet
While competition isn’t always what we wish for, it’s well within our abilities to make the most of the opportunities it brings. By pushing us to focus on communication, products, and quality, competition can be exceptionally valuable for a business.
How have you used competition to fuel your business?
- Lena Klein