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For some entrepreneurs, the simple mention of 'competition' causes paranoia. Most people would assume that having no competition at all would be better for business, however competition is a clear sign that consumers want what you're selling. A healthy rivalry challenges you to work smarter with the resources you have. With the increased use of the internet to buy goods, services and to find places to go, you are no longer competing with your immediate neighbour. In fact, with the way we shop now, your competition is everywhere.
Successful entrepreneurs thrive under competitive pressures - instead of viewing competition as an obstacle, they see it an opportunity. Here are a few reasons why having competition is healthy and beneficial for your business and its progression.
It's a sign of healthy demand
If you have a fantastic product but there is no demand for it - your business could be doomed to fail. So, if competition is increasing, this can only be a good sign for your business. A healthy demand for your product or service is a fantastic opportunity to get ahead of your competition through smart marketing strategies.
With more than 50% of Google search queries taking place via mobile devices, consumers are discovering solutions to their needs faster. Designing your website to be mobile friendly will ensure that your pages perform well on all devices for optimum user experience. Consumers need to be able to find your business as easily as possible. Search Engine Optimisation (SEO) is key to driving your business' visibility and bringing more customers to you. Ensure your website is optimised for the most relevant keywords and that your broader SEO strategy is targeting your sales terms. This will ensure that you're at the top of the Google listings when your audience are searching.
It's a learning curve
A competitive advantage is what makes you better than the competition in your customers' mind. A successful business is one that is continuingly innovating. Competition makes you think more innovatively which is necessary for the growth of your business. You may have to adopt new technologies or business strategies to stand out from the competition. Rivals force you to assess your strengths and weaknesses to find ways to overcome any shortcomings.
Watch the competition carefully. Actively learn from how they manage and grow their operation. Seeing what your competitors do well or don't do well can teach you things about your business and provide valuable insight into the state of the market. When your competitors are attracting more business than you, it means that they have adopted some great techniques to appeal to customers. Therefore, you can study your competitor's actions and gain greater knowledge about your customers' preferences or requirements. Soon, you will discover ways to apply those lessons learned to your business.
Better tracking leads to better understanding
More competition brings more demand hence it is even more crucial to track and evaluate your marketing efforts. By identifying, analysing and developing your marketing strategy, you can make improvements to your product/service which will appeal more to your customers than your competitors' offerings. As the path to purchase can be fractured, it's vital to track both your online and offline interactions to provide valuable insight and data into your customers' sales journey.
Many businesses fail to track their offline conversions. However, according to BIA/Kelsey (a leading marketing data and research company), mobile search will generate 73 billion calls to US businesses in 2018, up from 30 billion in 2013. Therefore by integrating call tracking, from suppliers such as Mediahawk, businesses can identify which marketing channels, campaigns or ads are generating phone call conversions and gain a competitive advantage over this touchpoint. By accurately tracking all interactions both online and offline, you'll have a better understanding of exactly how your marketing strategy is providing solutions to your customer's needs enabling you to stay ahead of the competition.
It will make you an expert
To stand out from your competition, you always need to be highly motivated to deliver more enhanced benefits than anyone else. In healthy markets, buyers will demand the best solutions for their specific needs. You become proactive, alert, creative and, above all, focused. Competition forces you to focus on your core audience and concentrate on targeting quality customers. Demonstrating that you are an expert in your field and a strong advocate for your niche is a sure-fire way to attract both attention and sales.
