12 Reasons Why Competition is Good For Your Business

Susan Oakes

Have you ever thought that marketing your small business would be easier without competitors?

Most of us have at time to time.

Whilst you shouldn’t be fixated on your competitors, you can’t afford to ignore them.

Having competitors is healthy and this video shows one reason why – collaboration:

Remember the competition you face in your market may be direct or indirect and here are another 11 reasons why it is good for your business:

Helps grow your market
Reminds you to focus on keeping your key competitors
Provides opportunities for creative thinking
Stops complacency
Allows for working together on common industry or market issues
Can motivate you to a higher standard of customer service or innovation
Provides ideas you can adapt for your products or services
Helps identify potential threats to your business
Helps your strengths and weaknesses
Provides an alternative for customers who are not a good fit for your business
Helps you work smarter

What other reasons can you share with us from your experience with competition?

Next Steps: Please share your thoughts and leave a comment below. You can easily get future posts delivered by email or via a reader and if you have any questions, please feel free to contact me

Sarah Mitchell

February 10, 2010 | 3:14 pm

Hi Susan,

The thing I like about competition is it makes going to work more exciting. I sold mainframe software in an extremely competitive market. Every single day brought new challenges but it was just so much fun – especially when we won!

Great post. I think far too many people view competition as a bad thing.

Susan Oakes
February 10, 2010 | 3:21 pm

Hi Sarah,

Selling mainframe software must have been really challenging. I agree with you about it being more exciting and having in the past been the first to market it is tough going.

Thanks for your comment.
Susan

Randy

March 3, 2010 | 5:27 pm

Competition is just what keeps us all going and give our best. Great post my friend!
Randy´s last blog ..How to Increase Email Open Rates

Susan Oakes
March 3, 2010 | 5:54 pm

Hi Randy,

Thanks for your comment and it would be pretty lonely if we did not have competitors. You are right it does keep us going.

Tami Pederson

March 3, 2010 | 6:38 pm

Working late & so happy I came across your latest!

I embrace your last 3 points. You first need to believe in yourself. Then you need to believe in your product/service. Finally, service your clients.
If you want to truly service your clients you look at all avenues to help them become successful. Collaborating with your competition creates innovation which creates new ideas, sales, technology, etc.
It’s time for businesses, especially small businesses, to take advantage of competition and develop true transparency for growth and development.
Again, wonderful post that I will save!
PS-Spring is almost here in upper US.

Susan Oakes
March 3, 2010 | 8:33 pm

Hi Tami,

Thank you so much for staying up late and leaving your very thoughtful comments. Collaborating with competitors can indeed create innovation which can only be good for our customers.

Hope the snow finally stops falling and the weather gets warmer for you quickly and I appreciate you taking the time to RT.

Regards,

Susan