Innovation is one of the best reasons for competition. When you think about it, some of the best products and services have come from competitors pushing one another. The makers of Apple’s iPhone are always looking to one-up other brands in the market, such as Samsung’s Android and Google’s Pixel. There are constant upgrades to each device that enters the market. Similarly, your business should do the same. By having other competitors to scope out you’ll be able to see what will be the next trend, which leads to innovation. If you’re the only player in your field, it can be difficult to improve. And if you’re in a crowded market, you will rarely succeed by doing what everyone else does. Embrace the competition that keeps you on your feet.
Helps You Better Your Systems
Competitors allow us to see what works and what doesn’t, and even more so, how we should go about those observations to help our business. In fact, 94% of businesses invest in Competitive Intelligence to scope the market. Healthy competition drives you to satisfy the needs that your competitors aren’t. This could be internal with the way a competitor handles employee satisfaction or external with the ways they handle customers. Whatever the situation may be, having competitors pushes you to better your systems that can lead to more profit, satisfaction, and opportunities down the road. It can also prevent you from creating systems that could harm your business, as well.
When there is no competition in a given market, businesses could become complacent with their offerings. Meaning customers would see much less innovation and excitement. Having competition is like always having a fire under your feet. They will keep you motivated to always push your business forward, but not to where they would completely burn you down. Remember, you don’t want to be left behind in your industry. So this forces you to shake off any laziness in the business and develop new ideas on a constant basis.