Competition is an inevitable part of doing business. Rather than being threatened or reacting negatively to it, the healthy rivalry of a competitor can make you work smarter, better leverage your resources and the strength of your team, and ultimately grow your company.
Competition will help you improve your business in these five ways:
1. Not becoming complacent.
Competition helps you to shake off complacency. Good enough never is – and as you strive to compete, you’ll be less likely to let the status quo be your norm. This means assessing your processes, systems and procedures regularly and constantly looking for something you can change for the better. Innovation becomes your MO.
2. Differentiating your product or service.
If you’re working in a crowded market, you won’t succeed by doing what everyone else does. Healthy competition encourages needed change. Deep dive into strategic branding in order to stand apart. Take calculated risks; winning brands don’t play it safe; they play it smart.
3. Building alliances.
By building relationships with competitors, you can learn and benefit from each other. Exchange technology and tools, as long as you’re keeping proprietary material under wraps. Discuss ideas to expand the overall market. Cross promote each other and collaborate on research to better educate consumers. Who knows? One day, you may merge with or acquire a competitor, so it’s good to put a solid foundation in place.
4. Finding your niche.
Market challengers help you to better understand your core audience. Narrow your focus to making one unique segment of the market happy – and let your competitors do the same. Be realistic about what people really want and will pay for, as well as what you’re really good at and passionate about. It’s at the point where these criteria meet that you’ll find your market niche.
5. Never forgetting that customer comes first.
It’s true: The customer is always right. Otherwise, they wouldn’t be your customer, right? Continuously hone and enhance customer service to build loyalty. Because at the end of the day, it’s your customers – not your competition – who will make or break your business.
Looking for ways to improve your competitive edge? We Can Help!
As a full-service professional employer organization (PEO), Lyons HR serves as an off-site HR department for your small to mid-sized business. We can help you build and manage your team, so you can focus on outshining the competition. Put our powerhouse of talent and business development experts to work for you by contacting us today.