14 Nov Competition can be a good thing
Whether it’s in the form of a joint venture, a strategic alliance or a competitive collaboration, working with your competitors can help your business grow. Let’s explore some of the reasons why.
Sharing is caring
Whilst we’d like to think we know all the ins and outs of our industry, there is a good chance that our competitors have insights and information that we don’t. If you can gain access, there is a good chance that you can use them to your advantage. Sharing information also ensures that everyone is working towards the same goal and reflects well on the industry. This boosts consumer confidence and trust in the product or service, which can increase sales.
Space to grow
As your industry grows, you and your competitors will have the opportunity to specialise in a particular niche of the market. So, the growth of an industry and the success of competitors can actually create space for specialisation. This can result in competitors actually complimenting each other with the potential to refer. It’s really rare to meet a competitor that’s an exact clone of your business. Keep this in mind when looking to partner up.
Be a benchmark
A little competition is healthy, isn’t it? Whether you’re ahead or behind, it keeps you striving to be the best, pushing yourself and others to ensure that you are the company in your industry that stands out. Look at positioning yourself as the company that others measure themselves against. If there’s another company that dominates, look at measuring your strengths and weaknesses against theirs.
So, remember, with the right intention, working collaboratively with your competitor or using them as a benchmark can help your business become the best it can be.