1. Step Up Or Out Of The Way
If you are offering a great service or product but then someone comes along with a better product or service are you really giving your customers the best value for money out there? Wouldn’t it be better to just let the competitor do it? If you can’t continuously learn, expand and grow then you need to step out-of-the-way. Consumers demand more and more each day and you need to deliver and keep delivering or else you are a hinderance to society.
Competition can really make you look at where your focus should be in a business. If you try to cover everything or too much, yet a competitor comes in with a product or service nowhere near in scope as yours, yet takes a part of the market share, maybe you should be focusing on different parts of your business and you are offering things that people weren’t really after.
If you only have 1 focus of your business then you need to niche further. What are your customers really looking for? Consistency, certain types of results, reliability, customer service. What matters to them the most and focus upon that.
There is nothing like a competitor to show you how things can be done better. Of course I will still feel intimidated or worried if a competitor comes in and directly affects my business but once you get past the initial knee-jerk reaction take some time to see what they are doing better than you. Then think of something better and go for it. Be inspired to be greater than you already are.
4. True Passion
When a competitor brings a greater product or service to the market place, what happens? Do you go, damn it, now what can I do? Or do you go, that is a great idea how can I improve upon that? Only those truly passionate about what they do will continue on despite even devastating blows to their business, and passion is what you need to make your business great.
It’s not about the idea or execution of the idea, it is about the change you want to bring to the world and the many ways you can do it. Pivoting on your business is almost a guarantee these days.
If you don’t keep up, you will be left behind and possibly out of business. There is nothing quite like a competitor to motivate you to do greater. It isn’t about who gets the most market share, or who gets the most revenue, it is about who gives the most value and creates the biggest change in the world (to your market or target group).
As you can see if both competitors have that mind-set, what is the down side? They are both bringing better and greater value into the world while expanding their businesses.
Competition isn’t win-lose, it’s win-win-win. (Business A, Business B and Consumer)
Without competition, where would be now?