Today, more than ever, there is more competition.
It’s rare that I don’t run into someone complaining about a big box store, the Internet, and/or “the guy down the street who owns a truck and does it for half.”
Competition isn’t new; it’s been around for centuries. So suck it up!
You can either choose to let yourself get stuck in a hopeless spiral, or you can change the game and use competition to your strategic advantage.
Here are a few ways you can leverage competition to actually HELP GROW YOUR BUSINESS.
Competition leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re working in a crowded market, you won’t succeed by doing what everyone else does. Healthy competition encourages change – and change is good. It distinguishes your company from others through technology, product and service differentiation, or by improving the customer experience itself.
Dominate Customer Service
As one of several companies offering a similar product, you’re forced to compete for customers. Improving your customer service will garner loyal followers. Examples include: expanding your hours, offering delivery service, following up on orders placed, and delivering/returning e-mails and phone calls in a timely manner. While some of these examples may seem like common sense, for many businesses they are practices long forgotten.
Competition shakes off complacency. If your company is consistently trying to innovate and better itself, your employees will be encouraged to push themselves, too.
Refine Your Target Audience
Competition forces you to focus on your core audience. Be sure to remember who your best customers are and find ways to service them even better. If you’re targeting a specific geographic location or demographic, market challenges encourage you to better understand that setting. In doing so, you’ll be able to better provide to that group or focus on a new group that’s more profitable.
Why else are you thankful for competition? It’s a better way to frame and think about how you can be better, be unique, and improve the future success and potential of your business.
Go get ’em and show them you’re a force to be reckoned with!
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