3 Reasons Competition is Good For Your Business

If you think having competition is like a thorn in your side maybe you’re not using it as

competitive advantage

competitive advantage

“competitive advantage”. When there are plenty of jobs¬†and business to go around we tend to get complacent and fail to do the things we need to do to be competitive ourselves. We tend to take customers and employers for granted. Customer service drops off and innovation goes by the wayside.

In today’s fast paced global economy you have to tread water faster and better just to keep up. It’s a lot more work than it used to be. But businesses, job seekers and individuals that work harder, try harder, act smarter, reinvent, and evolve will always land on their feet.

Here are 3 reasons to welcome competition in your business:

  1. It Makes Your Customer Service Better – When you’re on the treadmill of a business boom there simply isn’t enough time in a day to stop and really evaluate every single customer. Things are moving fast and customers are lined up to buy your product or service. There are several yogurt stores in my neighborhood, but only one has lines around the block. It was the original, and somehow they were able to attract and retain those customers who have become so loyal they will wait in a long line rather than walk across the street for the same yogurt where there’s no line. Great customer service goes a long way and it’s free. Make customers fall in love with you and treat them right. Then when competition comes along they won’t even think of going anywhere else. [Read more…]