Competition in the business world is often viewed as a negative thing, but it doesn't have to be. Competition can benefit you, your competitor, and especially your customer!
Let's look at some of the ways in which competitors can help you:
1) They prevent you from becoming lazy and overly comfortable in your business practices. It's easy to feel confident and relaxed in your business if you have a unique product that everyone wants. You don't feel any pressure to better yourself or your product. Everyone wants it, so it must be good as it is, right? Then one day another company comes along that begins offering similar products that are just a little bit better than yours. Uh-oh! Now you feel the pressure to perform. You don't want to lose your customers, so you need to continuously improve your product and your level of customer service. You now need to give your customers a stronger reason to keep coming back to you.
2) They encourage you to be more creative. So, now you're not the only one selling purple-polka-dotted purses anymore. What can you do? Develop more products! Stretch your imagination. Come up with some unique ideas that will either improve upon your existing products or design new ones. Come up with a line of new accessories, new color schemes, new sizes and styles. Don't try to copy what your competitors are doing, do something different and unique. Express your own creativity.
3) They help you to stretch out of your comfort zones. Perhaps you have a solid customer base and haven't had to invest much in promoting your company until now. But the attention is slowly beginning to drift away from you. Now you need to work a little harder at your level of visibility. You can advertise some sales or special promotions, get more involved with your local community, or donate a portion of sales to a worthy cause. Become as visible as you can in your community. Whether you have an online business or a brick and mortar one, you need to remain in your customers' minds. Put yourself and your company out there whenever you can. Be noticeable, be memorable.
4) They force you to charge reasonable prices. This sounds like a bad thing, but really it's not. Think of yourself as a consumer. Aren't you always looking for good value for your money? Of course you are. And so are your customers! While it's great to be earning a lot of money for your products, you also want to be fair to your customers if you want them to come back again. No one likes to feel like they're being over-charged or ripped off. You may need to explore different suppliers and materials in order to keep your prices in line, but your customers will thank you for it by returning again and again.
5) Joint ventures. These can be extremely profitable for both parties, if they're done right. Perhaps you and your competitor can offer discounts to the other's customers and do some cross-promotion for each other. Promote your competitor's purses and she will promote your scarves and shoes. Swap ads in each other's newsletters. Think of some ways in which both of you could work together to benefit yourselves, as well as your customers. Build each other up, rather than trying to tear each other down.
These concepts become a little more challenging when applied to distributors who work for the same company, but it's still possible to find ways to work together in growing your businesses. Perhaps you can co-host a home-business seminar and share in the product sales and recruits. Share the costs of advertising in a prominent publication and split the responses. Or each of you can target different markets and give referrals to each other. Working together will ultimately result in more sales for your company, which will benefit both of you also!
Competition can seem threatening at times, but the truth is, there is room for all of us! Just think about the popular burger places in the world today. I can think of at least 4 or 5 well-known ones, including the two most popular that are usually found within blocks of each other in any city -- or sometimes right next door to each other! These companies earn billions of dollars a year. Look at how these companies keep encouraging each other to do better. In their competition, they are creating menus that have items for only $1, new value meal combinations, new sandwiches and salads, later hours and more. It's benefitting the consumer by giving them more choices and better value for their money, and it's benefitting the burger places by earning them more money. It's a win-win situation all around.
So the next time you see one of your competitors, smile, wave and say, "THANKS!"
Wendy Betterini is a freelance writer and web designer who has been successfully working from home since 2003. In 2005 she launched http://www.CreativeWorkAtHome.com, a community and resource center for home-based professionals, and those who aspire to be. Visit today for tools, tips and information on how you can create your own home-based career, or further improve the one you already have!
![]() |
|
![]() |
|
![]() |
|
![]() |
We all know that competition is an ugly word but... Read More
How do window cleaning franchise businesses start? It is a... Read More
What types of companies do you want to align yourself... Read More
Think of all of your business ideas as tiny seeds... Read More
Deciding to start your own franchise is just one of... Read More
COLLABORATIVE NEGOTIATING:Collaborative negotiating is a win-win strategy that can focus... Read More
A recent survey showed that only 28.7% of small business... Read More
Boston itself covers 50 square miles of concrete and traffic,... Read More
A Mattress Cleaning Business might be just for you if... Read More
There are several well-known truck washes in the Great State... Read More
Financial Consultants are one of the fastest growing industries today.... Read More
A Private Investigator is a professional trained in the art... Read More
CONSIDERATIONS FOR YOUR INTERN: Specify the number of hours the... Read More
As a franchisor I am always asked by new and... Read More
One of the simplest ways to expand your marketing efforts... Read More
Each day we hear of companies entering the franchising industry.... Read More
When it comes to cost, how much can you afford... Read More
Having a successful business means also having a good working... Read More
In the world today, many people are further in debt... Read More
Shopping for a franchise is easy if you know what... Read More
I agree that knowledge should be free, but the next... Read More
Being a small or home-based business owner can be loads... Read More
Large corporations use employee manuals to both educate employees about... Read More
The following are six essential skills to business success. You... Read More
Ask anyone trapped in a cubical about their entrepreneurial dream... Read More
So you want to get into the auto detailing business... Read More
I only have to point to the 555 plus failed... Read More
My 16 year-old daughter said, "Gee Dad! You look just... Read More
Business Process Automation or BPA for short. This was a... Read More
Many small businesses do quite well due to the blood,... Read More
And is having a logo really that important?My answer to... Read More
When is advice free and when should you charge for... Read More
Pity parties are nothing new. In fact, we do it... Read More
According to the American Society for Aesthetic Plastic Surgery, since... Read More
Business consulting opportunities might be just what your are looking... Read More
In today's economic climate, the first priority for the small... Read More
Cleaning concrete is tough and there is an easy way... Read More
One of the hidden perks of raising six children is... Read More
What is a Family Business? A family business is basically... Read More
We visited Lexus USA, home of the Lexus North America... Read More
You've come up with the best idea since sliced bread,... Read More
Many times small businesses want to expand their businesses and... Read More
TACTIC #1 -- Never simply slash your prices, unless you're... Read More
Maximum efficiency in the cleaning industry is a key to... Read More
Many new ventures are preoccupied with all the money they... Read More
I love work, I can watch it all day.I am... Read More
Should your business have a toll free number for customers... Read More
I recently met with a very successful magazine publisher who... Read More
When we speak of branding most of the time people... Read More
How many hours do you work a week? When was... Read More
Achieving real success should be the goal of any good... Read More
Home based travel businesses are no longer the wave of... Read More
A corporate shell could be liken to a house that... Read More
Whether you are an Entrepreneur or Business Professional there are... Read More
Disclosure laws in franchising are suppose to help the consumer.... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
Thankfully, most of us will never find out. That is... Read More
Many years ago, I had warned the carwash industry of... Read More
Macon, GA goes after garage-gas station conversion detail/hand car washes... Read More
There is a rather famous true story called "Acres of... Read More
With the massive explosion of start-ups and home businesses developing,... Read More
There are many potential niches for pressure washing companies that... Read More
-- Beyond Cold Calling, "Warm" Calling and Sending E-mails --Many... Read More
To have one of the popular in home daycare businesses.... Read More
Why are we over regulation the franchising industry, what purpose... Read More
Many smaller businesses choose niche markets for various reasons and... Read More
Small Business |