Do You Feel Threatened by Competition?

Many businesses I work with, particularly start ups feel phased by the sheer number of competitors in their market place.  The more niche the product or service, it is not too daunting, but companies such as the trades, health and beauty, personal services all seem to be in start up overdrive at the moment.  Is there anyone NOT making cupcakes?  Please we are all trying to diet after Christmas.

However, living in a capatilist economy, the old adage competition is good is very true.

  • If there was no competition, only your business would exist, stifling choice, creativity and placing the stress of pleasing everyone firmly on your shoulders (think Tescos)
  • If there was no competition, would you get that buzz when someone chooses to do business with you?
  • Having competitors gives you something to benchmark against, analysing them usually gives you ideas of gaps you can fill, services you can offer which smooths the way to creating a unique selling point
  • As happened with me in a previous carnation, when they start to copy what you do – take it as the ultimate ego boost
  • Even in this crowded world of business, entrepeneurs do get complacent, imagine what would happen without competitors snapping at your heels, drift into sleep mode probably

Having other similar businesses around is reassurance that the market is still thriving and that there should be enough to go around, if there isn’t, those that are giving a bad service will suffer the most.

Regularly analysing your own business against others keeps it fresh, because this level of focus generates new ideas, helps to decide if the current portfolio is still relevant and priced correctly, or if there are new lines that can be added

Many companies that are larger than you but still trading in your market are highly likely to sub contract to you during busy times, so you should be on good terms with them.

I work alongside many other marketing businesses but we complement each other nicely.  Individually we know what we want to concentrate on and what to pass over to the experts.  In theory we could all provide a whole marketing solution, but as we have individual strengths we play to those and pass work around so that clients get the best service across the board.

It also makes promotion so much more cost effective too because we are promoting each other.

Our world economy is changing, everyone knows it and feels it, things will never be the same as they were.  Pulling together and supporting each other to ensure customers get a quality product or service is something that I am witnessing and also part of.  It makes self employment a lot less lonely, more enjoyable and you make friends

Caroline

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