The business world can be full of disruption—and competition. Competition presents a challenge and may drive a shift in business as usual.
A company’s ability to embrace and value competition ultimately determines its long- and short-term successes.
While ignoring the competition brings its own problems, many companies overreact to competition, seeing it as a serious threat and throwing out too many ideas at once to deal with it. From rapid new product development to pivoting marketing strategies, companies feeling the heat from competitors often overwhelm and frustrate themselves chasing new initiatives to differentiate.
If the competition is adding pressure, release some of the steam. With forward-thinking action, companies can reap the benefits and avoid common negative consequences.
Focus on what matters … and not the competition. Competitors may be introducing a variety of new value-added services or launching trendy marketing campaigns to grab market share. Don’t be quick to get caught up in what that company does or get into a price war. Revisit the strong results your business provides and stand behind your long-term value proposition instead of figuratively going to battle and trying to keep up with the day-to-day tactics of your competitors.
Don’t get embroiled in competitor antics or fall into traps that invite comparison. While differentiating a company from competitors through negative comparison might be easy and tempting, consider a different approach. Highlight your biggest strengths—be it product design, customer service, or technological advances—and focus on capturing that customer base. Promote what makes your business unique.
Continue to Evaluate
Look on the bright side: competition coming into the market means a chance to reevaluate key areas of your business. If you’re losing customers, evaluate why they’re leaving. Could it be your location, staff, your products and services, or your brand? This competitor could drive meaningful strategies for change or refining a product or message.