In business, there is a tendency to look at competition as a bad thing. The truth is, there are so many amazing benefits to having truly great competition: on the field, in the classroom and yes- even in the work place. Recently, we've had some industry giants enter the payments space and it would be a lie if we told you we 'barely noticed'- we noticed. We thought it would be a great time to revisit the flip side of heavy duty competition!
Here are some of the amazing benefits of GOOD competition:
TAKING IT UP A NOTCH: No matter how great any team is, a good competitor tends to bring out the best in each person. It is easy to become complacent when you are the only game in town but when a good competitor arrives on the scene, you have to dig deeper and define your true strengths in order to remain competitive.
BETTER PRODUCTS & SERVICES: Great competition in any industry yields better technology, better products and yes-even better service! Customers are typically the big beneficiaries in a hyper competitive environment. Today, most industries are in a constant state of change because great competition drives companies to innovation.
ELIMINATING POOR COMPETITORS: When great competition is present- it makes 'those other guys' even less attractive. Empty promises, lackluster service and people who do not care about their customers are eventually 'snuffed out' when a market has some truly great competition.
FINDING YOUR SWEET SPOT: Much like uncovering a rare gem, great competition helps companies really dig deep and find their niche or their 'sweet spot'. No company (no matter how big) can be everything to everyone so a competitive market allows for truly great companies to identify where they can provide the best combination of both price and service to their customers.
When you find that you have lots of excellent competition, do not get frightened or worried about how they will affect your business. Instead, concentrate on the massive benefits associated with good competition and get busy doing what you do best!
- Encourage your team to TAKE IT UP A NOTCH
- Look for ways to innovate and sharpen your team so you can deliver BETTER PRODUCTS & SERVICES
- Get excited about the fact that POOR COMPETITORS will eventually be ELIMINATED
- Don't waste energy on trying to be everything to everyone and focus in on YOUR SWEET SPOT