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:
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.
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...
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