Are you losing sleep because more people are starting businesses similar to yours? It may be hard to believe but a little competition is actually a great thing! Competitors aren’t your enemies, they are in fact good for your business, here is why;
They Make You More Attentive To Your Customers
Having a close competitor will make you devise other ways of presenting your product or service in a friendly manner. Every consumer wants to be able to have a choice. Choice of whether to spend one naira on a product when they can spend that same one naira on another product or products. Point out two or three close competitors offering almost the same price (or exact price) and then emphasize the benefits your consumer would get at the price you are asking.
Having a close competitor will make you devise other ways of presenting your product or service in a friendly manner. Every consumer wants to be able to have a choice. Choice of whether to spend one naira on a product when they can spend that same one naira on another product or products. Point out two or three close competitors offering almost the same price (or exact price) and then emphasize the benefits your consumer would get at the price you are asking.
They Help You Discover Your Strengths
If a competitor has better products and services, if they have better equipment, better customers, better staff, don’t get depressed. Just leverage! You have the greatest edge to leverage on what are they doing wrong, or not doing well enough to the satisfaction of consumers you’re both seeking. Find it out and infuse it into yours. Stalk your competitors’ website or social media see how they do things. Find out all their strengths and weaknesses and see if your company’s strengths and weaknesses could complement theirs.
If a competitor has better products and services, if they have better equipment, better customers, better staff, don’t get depressed. Just leverage! You have the greatest edge to leverage on what are they doing wrong, or not doing well enough to the satisfaction of consumers you’re both seeking. Find it out and infuse it into yours. Stalk your competitors’ website or social media see how they do things. Find out all their strengths and weaknesses and see if your company’s strengths and weaknesses could complement theirs.
They Increase Your Knowledge Of Your Product/Service
When you have a competitor you are forced to constantly do everything it takes to develop yourself till you get better at what you do. Without competition, companies stagnate. You begin to seek ways to give your products or services the edge required for it to stand out and ultimately beat your close competitors.
When you have a competitor you are forced to constantly do everything it takes to develop yourself till you get better at what you do. Without competition, companies stagnate. You begin to seek ways to give your products or services the edge required for it to stand out and ultimately beat your close competitors.
They Make Your Products/Service More Popular
When you have a similar product or service with a close competitor, it creates more awareness for your brand. If for some reason that other brands seems not to be satisfying the consumer, the consumer will go to the close competitor hoping he gets what he needs. If the consumer doesn’t he would go to the other next close competitor and so on until that particular need is met. This implies that the more people keep talking about the product or service your close competitor has the more they talk about yours, thus you do less of educating the consumer about what your brand offers.
When you have a similar product or service with a close competitor, it creates more awareness for your brand. If for some reason that other brands seems not to be satisfying the consumer, the consumer will go to the close competitor hoping he gets what he needs. If the consumer doesn’t he would go to the other next close competitor and so on until that particular need is met. This implies that the more people keep talking about the product or service your close competitor has the more they talk about yours, thus you do less of educating the consumer about what your brand offers.
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