As a hockey player, I am 100% up for a little competition, both in the rink and as a small business owner.
For those of you who don’t know already, I am an ice hockey goalie. I wanted to play so poorly as a kiddo, but living on the east coast, there wasn’t hockey for girls available at the time. But, as soon as my family moved to Wisconsin, all my dreams came true, and I’ve been playing ever since.
I’ll repeat it, I love competition on the ice just as much as I love it off the ice as I am running my business day to day.
Competition drives me to succeed on and off the ice.
Sometimes competition scares business owners, and I am here to tell you it shouldn’t because I believe that competition in business is necessary for consistent innovation, sustained customer service for customers, and steady economic growth.
If I mention the word or reference “competition” in conversation with another business owner, I sometimes do not get the warmest reaction. I hear a lot of fellow entrepreneurs voice that their market is saturated or that it’s too late to get started because everything has already been done before. My response to that is, “A little competition never hurt nobody!” No one can deliver content or provide a service as you can.
Competition plays a crucial role in the development of a business and the creation of functional markets.
The infographic at the end of my post provides a fascinating insight into the advantages of competition in business.
One of the most beneficial aspects of the competition is increased interest in innovation. When you have rival businesses pushing you and threatening to take customers away, you have to be creative and think of ways to keep hold of existing clients and attract new customers.
I believe that every single person in this world is different and has the potential to make a world of difference.
Competition fuels innovation, which is beneficial for the economy and consumers. Trends come and go, and with technology evolving constantly, innovation has never been more vital.
The second key benefit of competition is credibility. Brands must be credible to impress customers, and they can demonstrate knowledge, proficiency, and transparency through targeted policies, high standards of customer service, and a commitment to delivering on promises.
Also, the competition prevents complacency. New businesses are emerging all the time, and customers aren’t afraid to jump ship if they think they could get a better deal or enjoy better service elsewhere. Resting on your laurels restricts growth, and it could also impact employee morale. Having a rival pushes you to improve and provides motivation.
The third benefit is competition improves customer service. Every client wants to feel valued, and if a business dominates and monopolizes the market, there is a risk that standards will slip. Training staff, listening to feedback, and engaging with clients can all help to maintain high standards of customer care.
The real-life examples in this infographic underline the importance and impact of competition. Companies like Coke and Microsoft might not be what they are today without the likes of Pepsi and Apple.
So, be honest, what do you think? Do you love competition?
Infographic Designed By University of Alabama Birmingham