123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

How Your Competitor Can Help Your Business

Profile Picture
By Author: William King
Total Articles: 365
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Competition is normally seen in a negative way, someone who runs off with your market share and profits. Business competitors are eager to take advantage of any mistake we make, and use wicked offers to attract our clientele towards them. Being a monopolist in your field may well be quite rewarding, but it's very rare to be the only one in some particular business.

Even if it's some exclusive idea, your success will soon tempt others into it. Competition cannot be ignored, but instead of getting frustrated by it, you should take it in a realistic and positive way. Competition can be helpful in these ways:

Keeps you on your toes:
Many a times, you need competition to bring out the best from you. You never know your true potential until you get into some competition. It keeps you thinking. The thought of loosing your reputation and profits to someone else makes you work hard and strive for improvement.

Innovation:
To gain competitive advantage you have to come up with innovations. Businesses are always trying to offer something new. Products and services are more and less the same, they have ...
... to come up with some added value which is new and unique. Without competition, consumers are bound to buy the only option available; no improvement is needed at manufacturer's end. It's the competition that makes these innovations occur.

Learn from their experience:
You can always learn from their experiences. If some new product was introduced which fails in attracting customers, or it gains popularity in no time, in both cases you have got something to learn. Observe the market trend and customer's reaction to changes tried by your competitor. Spying generally is not a good idea but you must keep an eye on your competitor's pace and direction.

Weaknesses & Strength:
Every business has its weaknesses and strengths, some boost on their technological superiority, some have skilled human resource, some have efficient management. Your competitor's success or failures can easily be traced down to one major factor, which is the prime reason for their success or failure. You can work on that particular factor to succeed, or avoid the failure which they have faced.

Makes you realize the value of your customers:
Customers are the center of every business. You realize this fact more when competing for each and every customer available in market. It makes you do something more for your customers to sustain them, like adding value to your products, improving your customer support service or adjusting prices.

William King is the director of UK Wholesalers and Dropshippers Directory , Wholesale Suppliers Dropshippers & Dropshipping Wholesalers Directory

Total Views: 281Word Count: 438See All articles From Author

Add Comment

Business Articles

1. How Global Trade Finance Facilitates Cross-border Transactions And Reduces Risk
Author: Riddhi Divan

2. Innovative Uses Of Nickel In Cryogenic And Marine Environments
Author: Online fittings

3. Implementing Predictive Analytics In Your Abm Toolkit
Author: SalesMark Global

4. Comparing The Top 5 Live Commerce Platforms For 2024
Author: Amy Williams

5. Data-driven Precision Marketing For Effective Demand Generation
Author: SalesMark Global

6. Supercharge Your Sales With Optimized Pipeline Velocity
Author: SalesMark Global

7. Best Japan Tour Packages
Author: bharathi

8. Adani Group Stocks Down 20%; Gautam Adani Indicted In Us Over Bribery Charges
Author: Bizzbuzz

9. High-performance Ss Round Bars: Addressing The Energy Sector's Needs
Author: Neelkamal Alloys LLP

10. The Role Of Modern Washroom Solutions In Maintaining Cleanliness
Author: ritika krishna

11. Why Choose Premium Taxi Services In Kochi?
Author: maya

12. Black Magic Astrologer In Kasaragod
Author: Sripandith05

13. The Health Benefits Of Adding Pineapple To Your Pancakes
Author: maya

14. Top Luxury Resorts In Kerala For Your Dream Vacation
Author: maya

15. How To Start Your Shopping Website In Doha: A Simple Guide
Author: maya

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: