To Compete or Not To Compete in Business
Business often involves competing with other rival businesses to get a larger share of the market. Well, in my opinion, it doesn’t have to be like that.
Why Competition Exists
For a long time, a lot of business experts have led the narrative that business is war and you have to kill your competition and destroy any chances of anyone ever trying to be a competitor. I agreed with this business ideology for a long time and part of my failures and losses in business came about as a result of always being in ‘war mode’ towards rival businesses. It made a lot of sense to me that my rivals were always trying to end me and my retaliatory actions were justified as they were just in defense of my business. All my calculated strategies against my opponents felt like heroic attempts to protect and grow my territory.
Competition Pros
Competition has its good side. During war, a lot of innovation happens and this is not any different from business. Unique ways of marketing and promotion have been developed during heated sessions of business competition. Better products and services are created during competition. Competition has always made businesses lower their prices as much as possible which favors the consumers.
Competition Cons
Competition has always been a major reason for the tension in an industry. Companies have grown to resent and hate each other because of stiff competition and the hate culture it may create in the business world. A lot of tactics used during competition by rival businesses are sometimes futile and result in wasted resources by the company executing the tactic.
To Not Compete
Depending on your viewpoint of competition in business, one could argue that there is a healthy side to it. A side that does not involve tactics to end your opponent, but rather to build each other. Tactics that make sure each party is in good shape to even compete in the first place. Tactics involve looking out for your rival and even offering them a hand when they fall during the competition.
Despite being competitors, companies like Samsung and Apple have had a lot of partnerships and collaborative efforts for a long time.
Final Thoughts
If you create a good product/service, deliver it to your target audience on time, present it well and price it fairly you shouldn’t have to worry about any competitors. This also goes hand with creating a good relationship with your customers over time.
Take time to work on your product/service and brand. When your consumers have genuine respect and value for your product and trust your brand they will keep being loyal customers regardless of any competitor efforts to destroy your market.
CONSULT
This Article was written to answer a question we received at C.A & Company Consultants
Send us an email about your specific concern in your business. cacompanyconsultants@gmail.com
