Five Reasons Why Competition Is Good In Business

April 25, 2022   |    minute read

Five Reasons Why Competition Is Good In Business

It’s easy to fear competition in business, an emotion that comes from a mindset of lack and scarcity.

And whether you like it or not, there is no doubt that your business will experience competition in some form – be it someone offering similar services or packages to you or even outright copying you. (Imitation is the highest form of flattery, right? 🤣)

However, competition in in business is a GOOD thing.

 

Here Are Five Reasons Why Competition Is Good In Business

 

👉 It’s a sign that there is a demand for the product or service and that’s a good thing because it means that people are already out there looking for what you offer.

👉 Related to that, competition increases overall demand. When more providers offer “that thing” more awareness and buzz is created and the more buzz around something, the more people want it.

👉 It encourages you to become pro-active in looking for the blind spots you’ve been missing, in your own offer and those of your competitors. What new ways are there that you can STAND OUT? How can you improve the offer and differentiate yourself?

👉 It’s a great incentive to increase your customer service and their experience. Creating a fantastic customer experience will create raving fans and help you stand head and shoulders above your competitors.

👉 Competition can encourage you to do all the things you know you should be doing… but are too lazy too, it can stimulate you into action.

 

❓And of course, the real secret…

There is no competition when you create a business that is true to your values and in alignment with how you want to show up.

It’s only amongst the copycat and me too businesses that it’s crowded with competitors who are often disrespectful, and antagonistic.

Because they’re afraid.

They operate from fear. They believe there’s not enough to go around.

While the true successful entrepreneur knows there’s always enough – IF you diversify, show your uniqueness and dedicate yourselves to service of your clients and community.

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