In my experience as an entrepreneur for the last few years, competition should not be feared as it is not bad. In fact, it gives you a nudge to perform better. Here are three ways competition helped my business grow;
1. Competition Drives You to Perform Better:
When I started my company, I focused on only a few products. My company was doing fine initially, but a few big brands launched products directly in competition with my company, tanking my profits. This frustrated me as suddenly, my flourishing business was undergoing losses that had to be taken care of.The competition made me look into my products and understand where we needed improvement, which helped us improve our products. We took the consumer feedback seriously and focused on making changes based on customer needs. The consumers started noticing and purchasing from our business again, and our profits began rising. Now, we are doing much better than we used to gain earlier. The competition drove my company to make the necessary changes to take over the niche market.
2. Competition Pushes You to Diversify.
Another change I had to make for my company to gain profits was diversification. The competition in my niche market increased daily; hence, I decided to tap markets and invest in relatively new areas for other businesses. One such investment opportunity that attracted me was trading. As suggested by de.1k-dailyprofit.com, the trading market is one of the best investment options, especially if you are looking for a small-term investment with good returns. Investing in the trading market with the help of trading software helped my company fill in the profit gaps.You must have started a niche company, but consider diversifying into new, untapped markets as your competition increases. New markets evolve every year, and only a few have much competition. Identify the ones that align with your skills and expand your company's horizons.
3. Competition Helps You Understand Your Selling Point:
Competition lets you understand how important it is to tell your story in the market to create an edge. Convey to your consumers who you are. What is your brand about? What inspires you? What solution are you offering to the customers?Large companies, in general, do not have such a story; hence, you are at an advantage, as your story will make you different from your competitors in the market. Consumers appreciate sincerity and authenticity; hence, give them what they want.
Another advantage you have over large firms is that you can communicate with your consumers one-on-one, making them feel connected to you. Large organizations take customer feedback seriously, but small companies can make the experience more personalized.
If you are irritated about the sudden competition in the industry, don't be. It may be the best thing that has happened to you as avoiding competition is inevitable but improving your business driven by the competition can take you to heights you never imagined of reaching and help your business thrive.
