It is common sense and a wish of every new entrepreneur to be the best…
Many of us were taught about the different ways to ensure the growth of our business. From the basics of strategic management planning to aggressive sales and marketing tactics, there are several ways that we always believe are critical to making our business competitive in today’s dynamic market.
But aside from these, do you know that another critical factor which can immensely affect the performance and success of your business is the competition. Yes, in fact, many of the leading brands in the different industry such as Apple, Google, Facebook, Netflix, Amazon, Toyota, and even Nintendo would not even become successful without managing to survive the competitive pressures in the past decades.
Although conventional marketing would tell us that competition will most likely harm the sales rather than improving it, the brand leaders mentioned above would strongly say otherwise. True enough, having a strong competition can put your business into strife. But as a true business person, you must be able to view these challenges as an opportunity to develop new products and services that can deliver unique and unmatched value to your market, and as such, sets your brand apart from your competitors.
If you want to learn more about how competition makes your business better, check out this infographic from Business Coaches Sydney.
Competition inspires innovation. It’s not all about market shares. Remember when Airbus congratulated Boeing on completing 100 years as their competition? There’s a truth to that. Great competitions make great businesses. Let us know your thoughts in the comments below. Also rate and share this post.
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