Traditional marketing knowledge will tell any business that competition is a presence that will most likely harm their sales as there is someone else trying (and maybe succeeding) in keeping the market’s eyes on them. However, this ideology has, in recent years, been contested by several brands that managed to survive competitive pressures during their long foray in the business and, with the competition’s unexpected help, has developed into the most successful businesses nowadays.
Prime examples of this phenomenon include Apple, who had to compete against a plethora of competitors in the various technology and gadget markets for their iPhone, Mac, iPad, and other related products; Google, who had managed to overtake Yahoo! in being the leading search engine of today and is also emerging as the top player with email services; and Playstation, who still remains as one of the top choices of the gaming market when it comes to consoles despite the presence of other console brands (they aren’t intimidated by the competition as well – as seen when Playstation and Microsoft Xbox congratulated Nintendo on the release of Switch).
These brands are among those that consider the presence of competition as an opportunity, rather than an obstacle, to showcase the best that their products and services can offer to the market they are operating in. They are brands that have learned from the nature of the market as well as the competition within it to figure out how to position them in the most optimal way, and learn about the areas they are lacking in based on how the market receives their competition.
This means that regardless of how aggressive, popular, or well-off the competition you have in your niche currently might be, this is your primary chance to improve your business and make your performance better and smarter.
Watching your competitions’ movements in the market will help you asses where you currently stand and where else you can stand, allowing you to take the path to outgrowing your competition sooner than you expected. To learn about how competition can actually benefit you and your business, read more about it in this infographic: