“Competition is not only the basis of protection to the consumer, but is the incentive to progress.”
The quotation by Herbert Hoover is quite an outspoken one but it would sound even better with ‘…if handled properly’ added at the very ending. Why? Let us analyze the phenomenon together.
Competition is one of the driving forces of the modern business world; its stimulus for ongoing development and improvement. Competition is something that makes you move on, strive for better, stand up to your customers’ expectations and needs.
What makes some organizations more competitive than others on the market? Competitive advantage depends on the structural properties of the organization, strategic choices making and their tactical implementation, market behavior as well as the combination of one or more of the components mentioned.
Not the one who has сcurrently the best products wins, but the one who can quickly adapt to changes while taking into account market trends and random shifts.
How useful is competition for business? The benefits are the following:
• knowledge expansion;
• better overall market insight;
• enhanced customer service;
• outside competition better preparation, etc.
Currently, there is a redistribution of markets taking place. Our clients are mainly small and medium-sized enterprises, which feel the impact of the existing crises just like all of us do. Why? Because their sensitivity level is high enough.
Competition, in the face of global change caused by combating the virus, is tough like never before. Considerable attention is required to study the needs and behavior of the competitors.
However, it frequently happens that fear of market competition results in either total ignorance of the existing competitors or unhealthy dependence on them. Both the extremes are a dead-end. In order to grow and flourish, every entrepreneur is suggested to keep all its worthy competitors in view and keep track of all the main activities and practical shifts of the adversary. Every decent business venture handles a careful investigation of the most popular competitors of the industry. Be a good investigator and find out what advantages your competitor can bring.
The total absence of competition means the total absence of any motivation and desire to get better. Consequently, dead standstill and no enhancements are observed on the market.
In its turn, healthy competition is a pledge of high-quality products, good customer service, fair pricing, etc.
Has it been long since you did a research of your competitors? How can a VA agency help you:
- to do SEO analysis of competitors and at the same time to check the competitiveness of your site and social networks;
- to conduct research on prices, goods …;
- to research your competitors’ social networks, etc.
Whether business competitiveness will be your ally or your foe is totally up to you. Never get hung up on beating your competitors and do not make them your icon and your final target. In the long run, the competitiveness will turn out to have been a real enemy for you. Always keep in mind market tendencies, customers’ needs and demands to make your product popular and profitable. Watch and track competitive services in order to find out and analyze what would serve your business best. In such a case, competitiveness will definitely promote and enhance your venture greatly.
So, it is quite possible to compete honestly in the business world. The tough competition will definitely make your business healthier and more durable than greenhouse conditions of non-competitive advantage and will allow you to play and win in the long run.