Competition is steep these days, but how does this impact the customer experience? If you have a good idea for a new product or service, it won’t be long before a bunch of competitors will be trying to steal away your market share. But is competition really a bad thing? I spent some time thinking about the impact it’s had on my business and customers over the years are here are five things I’ve come up with that are very positive in nature – and in the long run, have helped me feel better about having to compete.
First, competition makes us take massive action in our businesses. Because competition is a looming threat for all businesses in all industries, it forces us to act quickly to bring new ideas to the market.
Second, competition forces the creation of new products and services. It challenges us to think of ways to improve existing brands in our product/service lines. Without the competition breathing down our necks we may never feel the need to be creative and innovative and many products and services might never make it to market.
Third, competition forces us to take better care of our clients. It impresses upon us the need to keep the customer at the center of our focus every single day. If we’re not taking care of our customers, someone else will.
Fourth, competition keeps us honest and practicing our trades and professions in fair and equitable ways. It gives the customer comparisons so they can make an intelligent choice of which products and services are right for them.
Fifth, competition keeps our sights set on the future – constantly looking for that next idea, next service, next great thing that will improve the lives of our customers and keep them asking for more.
Be good to your customers so your competitors never get the chance to!