How Important is Rivalry in Business
Like most other business owners, you probably believe your life would be so much easier if you had no business competitors, right? Wouldn’t it be nice if there were no other companies that sell the same merchandise you do? Of course, this would mean all the clients would be yours, and you wouldn’t have to work hard to make a sale.
Well, regardless of how perfect this seams, having a business rivalry actually has many benefits. Yes, we know, this sounds odd, but it is true, and in the following article, we will tell you why.
Have a clear goal
Surely, your main goal as a business owner is to take your company to the top and be the best one in your line of business, right? Let’s think a bit about the path you have to take to get there. That’s right, you have to beat your competitors. At first, this might seem more like a problem than a benefit but think about it.
Both you and your entire team will feel motivated to destroy the common enemy you have. What’s more, they will be more effective in their work because they have a clear goal in front of them. They will know what their ultimate reward will be, so they will be willing to work extra hard to get it.
One of the best ways to beat your competition is to offer customers a product that is better than theirs. How can you do this? Well, by being innovative and thinking outside the box. There is no other way for you to achieve this, right?
Let us put it this way. If you were to be the only company on the market that offers a certain item, you wouldn’t have to work on improving it since the clients wouldn’t have any other option but to buy yours. Well, this might sound dreamy, but in reality, it is bad. Innovative thinking and the improvement of your company should always be one of your main goals and having competition forces you to do exactly this.
This benefit is quite similar to the previous one. The most thing that ensures top customer experience is the quality of service, and you wouldn’t have to work on boosting it because you would know that your customers would never leave you.
It basically means that your company would always stay in the same place, meaning that it would never improve, and this isn’t something that any business owner wants. However, this is not the luxury you can afford when having multiple competitors watching your every step.
This is why it is crucial to acquire all the data and learn all the information regarding your customers’ shopping habits. Let’s be realistic – otherwise, not only would you not possess any of this data, but you also wouldn’t be interested in gathering them.
Okay, this benefit is probably more significant to the customers. Basically, the more competitors there are, the lower the cost of the product will be. Nevertheless, it is also a benefit for the business owners. They are not only required to lower the prices but also to improve the quality of the merchandise. You have to offer your clients the best product possible at a reasonable price.
Increased efficiency and motivation
When you have a competitor, you must do your best to become better than they are. This means that you have to fully commit to every task that comes your way and that you must invest 110% of everything you have got.
You won’t only do your job better, but you will create and use better strategies, you will find a way to better utilize the resources you have, etc. In addition, the same thing goes for your employees and the entire company. We have already elaborated on this, so there is no need to discuss it any further.
How to stay ahead of the competition?
Now that we have explained how and why competition is important, let us give you some tips on how to always stay one step ahead of them.
First thing first, you have to get to know them. You cannot compete with someone if you don’t know what you are competing against. This means that you have to learn as much as you can about them. We are not only talking about details of their products and services but also about the way they conduct their business, strategies the use, and so on.
Secondly, you have to improve your customer service. Your customers are your most important asset, which is why it is crucial to keep them satisfied. Even if they don’t have any remarks on your work, you should try to think of a way to boost their satisfaction.
Furthermore, be active online, i.e., social media. These days, the best way to reach the clients and improve your business, and therefore, beat the competition is to use social media platforms. According to research, 95% of users follow their favorite brands on these platforms, which means that you should become one of them.
Moreover, when it comes to social media and digital marketing, there is some planning you have to do. Firstly, you have to figure out which platforms are used by your target audience. There is no point in creating profiles on some that are not frequently visited by your potential customers. Next, you have to create the right content. We are talking about texts and articles, photos, videos, different types of ads and commercials, etc.
Finally, we have one more advice for you. Try to always think about the future. Before you make any important decision, do not only think about the ways in which it will affect your business in the present but also try to imagine what effect those changes will have in the future.