The upside of company competition

Here are three of the benefits competition can bring when it comes to bettering your business.

1. It can increase your product category.

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.

2. It can increase your product offering.

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.

3. It can improve your communication.

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.