Why Your Business Needs Competition

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Business would be so much easier if there was no competition wouldn’t it? No need to guess whether someone else is going to undercut you.

No more worrying about losing your existing customers to somebody else.

But here is the real irony. With no competition you would most probably have no business at all. No competition is usually a sign that there is either:

  • no real demand for what you sell or provide; or
  • not enough people willing to pay the sort of price you need to charge in order to make a profit

And don’t forget that competition means you have the opportunity to shine. If no-one else does what you do then you will always be the best but also the worst provider in your customer’s eyes. Having competition gives you the opportunity to stand out from the crowd. It’s hard to stand out in a crowd of one!

Here are a couple more key tips about how to deal with your competition:

  • Keep an eye on what they do and how they do it so you are well informed and can’t get caught out by unexpected questions from your customers
  • Find a way to say (or even better, shout) something your competition aren’t saying so that you stand out
  • Always focus more on what’s great about you than on whatever your competition are doing. Concentrate on why customers should buy from you, keep improving your own business and your own service offering and your competition will have no impact on you any way.

Other than to make you look good of course!

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