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Tuesday, 20 May 2014 19:15

Why competition is good for business

Most small business owners dread the idea of comparing their brand with their competition. We often see their facial expressions change dramatically when we ask them about their competition during a discovery meeting. While dealing with competition seems challenging and stressful, it is important to understand that competition is actually good for your business. New competitors frequently come and go, but only those who are really savvy, focused and good at what they do will survive the daily race towards winning the trust and loyalty of their customers.

In fact, competition is what drives successful brands. When we're not challenged, we tend to opt for the status quo and do things the way we have always done, which is perhaps the most dangerous way to run a business a straight road to obsolescence and failure. It's important to realize that there's always someone out there who knows better and can do better. This is an uncomfortable reality check that drives us to strive to offer the best products, services and customer experiences we can possibly offer. Let's face it: we live in world of choices. We have multiple choices and/or substitutes for just about any product or service we can possibly think of. All it takes is a simple web search and a world of possibilities is waiting for us at our fingertips. Marketing has never been so sophisticated, and competition has never been this fierce.

Published in The Marketing Edge

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