Although competitors may appear threatening, competition is actually very healthy for your business. The benefits come in many forms, including innovation, pricing and expertise. Here are some reasons to appreciate the competition and lean in to the challenges:
Forces you to do your best work. Do you think Beyonce would be the superstar she is today if there weren’t thousands of other artists vying for our attention? Take a lesson from the music pro and stay at the top of your game. Knowing your customers have other options helps you and your team keep your performance and reputation top of mind.
Benefits the customer. In an effort to stay competitive, you and your competitors will likely have similar price ranges – what the market will bear. When you are not competing on price, you need to compete with unique products and offers and/or exceptional service. Your business gets better, and your customers benefit.
Helps you improve your online visibility. Sounds crazy, right? But a competitive analysis can give you valuable insight into content, keywords and strategies to reach your target market. It also forces you to manage your online reputation by replying to reviews and maintaining a good social presence. This ultimately makes you more attractive to potential customers.
Helps you find your niche. When you can’t be the best at everything for everyone, you have incentive to find and communicate your specialization, and enhance your expertise. Niching creates more space between you and competitors.
Increases visibility for your product and/or service. The rising tide lifts all ships. The more companies in your market, the more visibility potential customers have to your product and/or service. When the desire for a service is on their minds—no matter where they heard about it—they’re more likely to reach out to multiple companies…including yours.
The next time you’re thinking of your competition, we hope this list helps you stay positive and grateful for the drive to be your best. And if you’d like help standing out, give R2R a call.