Article

Otoabasi Umonting
Otoabasi Umonting 21 July 2016

3 Reasons Why You Need Competition In Business

There's no doubt that being in a competitive industry can deter a business's ability to achieve their set goals, especially when it comes to lead generation and sales. But, the truth is, having competition is actually a good thing, and on this post, I'll explain why that is.

Let's examine 3 reasons why your business needs competition and what to do to ensure you stay on top of things.

#1. It Eliminates Complacency

The reason some of the top brands you used to hear about or bought from in the past are no longer in business today, is because of this very issue - they became complacent.

They didn’t change when things changed around them. Every new thing to them was a “fad” until reality struck!

It is said that "complacency breeds failure" and that holds true, because change is a constant. What works today may not work tomorrow, so we need to keep up with the times (especially online).

When you start embracing the fact that there's competition within your industry, you will be able to structure your marketing and sales processed more effectively, to attract ideal clients to your business.

What to do:

  • Study what the competition is doing right (learn from them)
  • Study how the market is shifting and adapt to it
  • Survey your audience and learn more about what they want/need
  • Create and share more valueable information than before

#2. It Triggers Innovative Thinking

When things are not looking good, then it's time to get creative. Most businesses do not like new ideas; they prefer to carry on doing what they have been doing, which in some cases, never worked from the get go.

Consistency works along side innovation, because when you discover a new way of doing things, and it actually works, you can afford to stay consistent in doing things that way, until there's a need for change.

Competition allows you to think deeper (in a more innovative way), not necessarily on how to beat the business down the road, but mainly on how to create new and outstanding educational information that projects your services/products, which the market actually wants.

The reason businesses stall in terms of sales is because they are busy trying to beat competition. That's when they indulge in things like competing on price.

What to do:

  • Redefine your selling proposition... make it more dynamic
  • Think more on strategy, than tactics
  • Learn more about the changes in your industry, in order to know how best to adapt to them and make a positive impact
  • Set your price(s) and only give discounts when necessary

#3. It Helps You Narrow Things Down

When you are prone to doing too many things in the bid to get clients, you're only a few yards away from burnout. But when you learn to narrow things down, you're more likely to stand out, even if there's fierce competition.

This will help you set operational standards within your business and also help you stay focused on your primary goal.

The marketplace now determines how we market, so rather than position yourself (or business) as a commodity, like what your competition is doing, it's best to project what makes you different, based on your highlighted service(s).

What to do:

  • Draw out a plan of action based on what you hope to achieve
  • Figure out who exactly it is you want to market to, and approach them with something that is valueable to them
  • Market to attract your ideal clients, and to also repel the wrong people
  • Create a qualifying system (lead filtering)

Conclusion

The more competition we have, the more creative we can get. With that said, it's not a walk in the park... it involves work.

If you're facing too much competition today, start seeing it as a good thing, and approach the market with new ideas and concepts that will leave your competition's jaws hanging!

I hope this was helpful? Leave a comment below and share this with your network!

To your success!

Otoabasi Umonting

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