Competition Is Good For Consumers And Good For Your Business

Competition Is Good For Consumers And Good For Your Business

You can succeed in your business, even with competition! I’m sure you have personally experienced how competition has benefited you as the consumer. Competition is great for the consumer, because it keeps prices at a competitive price point, a wider variety of added services and products. I bet you are wondering how can this benefit you as a small business? If a business had no competition there is no need to be creative and innovate for newer, improved and lower priced products. A good example of this would be the cellphone market. Can you remember when the smart phone started out with the Blackberry and Palm Treo? Had there been no other competition we wouldn’t have the type of technology found in current phones like the iPhone and variety of Droids out there . Good competition amongst the cell phone makers gave us the ability to not just send and receive email from our phones, but these handheld computers can record and play video, take highresolution digital photos, and so much more.

You shouldn’t be afraid of competition, let’s learn how you can compete and be successful with your competitors. Just like any sport or multi-player game, you want to be the best at this game by following the rules. Here are some rules you should always play by, and also follow to win at this game.

1.    Be considerate of your competition, there’s no need to negatively talk about them. With social media at everyone’s fingertips, it’s easy for a consumer to find the good, the bad and the ugly on any business. So focus on how you company can serve them better, and why they should buy from you and not your competitor.
2.    Know your niche, and make yourself unique. Being unique will make you stand out. Outperform your competition with customer service, not just pricing and selection. That extra touch with customer service goes a long way, and it doesn’t cost your business anything. Customers that have a good experience will return, will spread the word and maybe even use social media to do so.
3.    Always look to improve both on service, price and products. Your customers have the easy access to look up reviews on your company, the price and the variety of products you offer.
4.    Know your competition and your customers. See what your competition is offering, and learn how you can do better. Read reviews on social media sites like Yelp, Pinterest, and Facebook, see what the consumer says about them and learn off that. You will see what the customers like or disliked and at no expense to you!

Everyone wants to win, but not everyone is willing to take the extra steps to be on top. So as a small business owner you need to make that commitment and decide if you’re going to win at your game.