As much as we strive for societal equality, the hard fact is that the world of trade and commerce is dog eat dog. That’s a good thing.
There are many ways that being locked in a competitive struggle with other businesses can help to make you stronger and give you a better shot at long-term success.
Business grows when it faces challenges and when those challenges are coming from our competitors we need to up our game or risk getting run over.
Innovation is a huge key to getting a leg up on your competition. You can’t do what everyone else is doing or you’ll be left in the dust.
Without competitors forcing you to innovate, you’re essentially operating in a vacuum. There’s little impetus to improve yourself and your business practice.
Some of the greatest advances in technology, science, athletics and even the arts have stemmed directly from the competition. Mankind’s efforts to “one-up” each other have led to some of our most remarkable achievements – from Neil Armstrong landing on the moon to Wayne Gretzky scoring 200 points in a season.
The competition also encourages change and diversity. It forces you to do something different and improve upon what your competitors are offering.
Complacency can be a killer – both for employers and employees. Staying focused on your competition also helps keep you sharp and motivated.
When a company is out on the cutting edge, trying to stay one step ahead of the competition, it breeds that competitive spirit throughout the entire company.
It can be a painful process to watch others succeed while you flounder but there are lessons to be learned.
Look around you at who’s leading the pack. What are they doing differently? What steps did they take to get where they are today? Take those lessons and then build on them.
And if you notice someone is imitating you – congratulations, you’re doing something worth copying.
If there are a number of competitors offering similar products then it’s highly likely they’re catering to the same customer base. If that’s the case then you need to do something to set yourself apart. Make your customer service an invaluable part of the product you offer and you can stand out from the pack.
Engaging in competition with other businesses can also help you better understand your market. You need to understand who you’re targeting better than your opponent. Do the research and dig deeper into the numbers to get a better understanding of who your target market is and how you can give them what they want.
Nobody likes to lose, but when it comes to business, tapping into that spirit of competition can help put you one step ahead of the pack.