If you’re still worried about competition, let’s go over many more ways that competition actually improves your business. If you can set your mindset right, you’ll soon realize that having competition means your business has a better chance than average of success and that you can improve your business by using the competition for your own purposes.
Building Self Awareness
It might seem contrary to your ideas right now, but the more you learn about everyone else, the more you’re going to learn about yourself. The more you educate yourself about what the competition is offering, how they set up their systems and processes, and who their ideal customer is, the more you’ll learn about yours.
Better Product Quality
Because there are others out there trying to do what you’re doing, you’re going to do a lot better job creating quality products and services for your ideal customers. When the customer has a place to turn to different from you, it will make you work harder to improve your product quality on a whole new level.
Superior Customer Service
Like product quality, when you have more competition, customer service gets better overall. When you can compete on something like customer service, this is an amazingly good thing for the industry as a whole because the more customers are satisfied, the more the industry will thrive.
Enhanced Brand Differentiation
Competition also helps each business define their differences more clearly. As you gather more data from the industry, from the competition, from the customer, and the community at large, you can narrow down branding to target the customer of one in a whole new way.
Expanded Industry Education
The more people involved in an industry, the more education will be available because it’ll become profitable to create it. Anyone involved in the industry with customers can also offer business-to-business education and materials once they’ve proven themselves and if the industry is large enough.
New Opportunities Through Partnerships
When you have competition, you also have the opportunity to work with them through strategic partnerships and joint ventures. You can benefit from outsourcing, affiliate marketing, and even subcontracting between competitors.
Extra Customer Satisfaction
The more choices a customer has, the more satisfied they’ll become with the industry. If they feel as if they’re buying from the best for them in the industry, they’ll just naturally be easier to serve because they feel like they have more choice.
Understand that using your competition to get ahead is not unethical. The fact is, the more you work with your competition and the more you understand about them, the better your entire industry becomes, and that winds up not just being good for you but also being good for the customer – and isn’t that why you’re doing this in the first place?