When Customers Have Choice, Everyone Benefits

Competition is actually a very good sign. It means there is enough demand out there that others are noticing the opportunity, which means there is plenty of that to go around.

by | Feb 27, 2018 | 0 comments

It’s not unusual to get hit with the blahs when you notice your competitors out there being visible. It’s a reminder that you’re fighting for the same set of eyeballs in the hopes of being their favourite choice.

That feels hard. And can be defeating on a crappy day where things just aren’t going your way.

But don’t despair!

Competition is actually a very good sign. It means there is enough demand out there that others are noticing the opportunity, which means there is plenty of that to go around.

Take it as a sign that you know your industry and your customers well and that you’re watching for all the right things.

The other reason to celebrate competition is that it helps you really define yourself to your customers.⠀

If you’ve been hanging out with me long enough, you’ll have heard me go on about how important it is to be distinctive and, well, you.

How do you distinguish yourself without competition? If you’re the only game in town, that’s lucky for sure, but your customers have nothing to compare you to, so you don’t work that hard to really develop out your secret sauce.

Then, once the market starts to get crowded, you’re left trying to figure that out.

Your customers want to be able to see themselves in you. They want to know why you’re the one they should be loyal to. If you have the backdrop of competition, you are better able to see where you are different and where you excel.

Plus, your competitors are often doing some of the work for you when they get ahead of you on a new idea. Now you can do it better if you see it’s worthwhile.

Finally, customers benefit from having choice because then they can find the very best business to serve them. And you don’t get stuck with customers that just aren’t a good fit.⠀

Tell me in the comments…

What have you noticed about your competition? How has it helped you?

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Stephanie Hayes Business Strategist and Coach for Small Business and Entrepreneurs. What to do when you're feeling stuck in your business? How to scale your business to get sustainable growth? Stephanie is a business success coach for experienced entrepreneurs, creating detailed business models and plans (Vancouver).

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