Starting your own business is a good way to earn your own money but without the feeling of being stuck in a 9-5 job. However, to say that running a business will give you less headache is a big a mistake. Even if you started as a sole merchant in the market, there will come a time that you will be on your toes, struggling to overcome the new competitors that threaten to steal your market share. However, in such cases, you must take the competition as an opportunity to make your business better.
To sum up, here are the key takeaways from the infographic below provided by Business Coaches Sydney which present to us the eight ways competition makes our business much stronger and better.
- Differentiates your brand. Competition prompts you to establish a unique selling proposition that not only sets your product apart from the competition but your overall brand as well.
- Boosts your customer service. A good customer service delivery ensures that each of your clients will have a satisfying experience with your business than your competitors.
- Your business innovates. Competition makes your business develop new products or discover new tactics just to ensure that your loyal customers will remain in your business.
- Identifies your business strengths and weaknesses. Having a strong competition lets you know the areas in your business that needs further adjustments and workings.
- You discover new things from your competitors. You can adopt some tactics and processes from your competitors that you think will work well in your own business.
- Take advantage of industry trends. A strong competition signals that there is a high utilization of the products and services your business are selling. You can promote an emerging trend to generate a lot of social media buzz about your product and business.
- Prepares your business for the future. A business which doesn’t have any competitors will most likely rest on its laurels. Competition encourages you to try new challenges and invest in new tools that will further put your business in the forefront of the market.
- Prioritizes customer’s needs. As your business strive to overcome your competitors, you will learn that the best way to win your market is to prioritize their needs, before anything else.
To learn more, check out the infographic below.
Homerun Nievera is the publisher of Negosentro.com and WorldExecutivesDigest.com. He has interests in several tech and digital businesses as director and chief strategist.