Healthy competition encourages you to work more wisely with your resources
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Successful intrapreneurs develop in a competitive environment because they do not perceive competition as an obstacle but rather see opportunities in it.
Dharmesh Shah, technical director and co-founder of HubSpot writes: “Often you are the biggest competitor of your own. Don't ignore your competitor completely, and don't forget that the biggest battle is in the middle of the four walls of your startup office. Startups are almost completely devoted to day-to-day strategy and keeping faith for as long as possible. Most of them fail because of competition, because they lose the desire to fight. "
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It can be said that you pose the greatest danger to yourself.
The competition is really good. In fact, healthy competition motivates you to work more wisely with your resources. To do this, you need to use your team's unique talent and create a business that competitors can't even compete with. Think only of the positive. Even so, other companies in your industry are trying to cut your prices and try to steal your customers. And how they help your startup.
1. You have to overcome some sense of complacency
If a company is the only supplier in the entire industry, it quickly ceases to innovate because there is no need for it. Unfortunately, they are completely unaware of their commitment and maintain their current status. Competitors, however, have one feature – they keep their rivals in constant tension.
2. Become the Chief Authority
Your mission is to become a top authority in your field. Your audience will be delighted if, thanks to your insights, you become their leader and not just other providers, you will be given the advantage.
3. Get to know yourself
Competitors will force you to underestimate your strengths and weaknesses. Identify your hidden opportunities to offer unique values to your clients, identify your shortcomings, and find ways to overcome them.
4. Contribute in any way to differentiation
Your competitors will always strive to serve customers better, deliver quality products and marketing. If the market is healthy, buyers are looking for better solutions to meet their specific needs. Try to differentiate your quotes and set the highest value for the customer you serve.
5. Use industry trends
Competition makes it very clear what the high demands of users are. It "checks" what you're doing. This is an opportunity to promote new trends in new markets where buyers will be thrilled with your work and the media.
6. Build partnerships
Establish relationships with related businesses. To increase consumer awareness, exchange technologies and tools, expand the common market, advertise each other's products, or participate in new research. You might one day join or even buy your biggest competitor.
7. Learn with them
Look closely at the competitors' moves. They may have different knowledge and resources than you do at the same time. Actively learn how they manage and develop their operations, and you'll soon discover how to apply the lessons learned to your business.
8. Market Meet the requirements of a certain segment
Someone will definitely be something better than you and there is nothing unusual about it. Customers deserve better products and services to meet individual needs. To create a profitable business, you need to focus all your attention on meeting the demands of a certain segment of the market, so that they can feel happy. If you narrow down your niche, you will gain a competitive advantage, which will in turn restrict the following competition.
9. Think of it from a distant perspective
When there is no competition, most companies only care about maintaining their business every day and are completely lost in the process.
10. Make customer requests a priority
Don't waste all your energy on defeating a competitor, try to become a customer-oriented organization. This way, you will push the buyer to be loyal to your brand, and you will easily defend yourself from aggressive suppliers who are going to steal your customers. After all, not just your competitors, only your customers have the ability to promote or completely destroy your business.
Related article: Competitors can make you successful
Don't let competition take the form of negatively impacting your business. When you are surrounded by the same audience and other buyer-focused companies, take every opportunity to take advantage.