Top economies of the world like America, China, Singapore etc. Understands the factor of global competition in running a successful economy. Companies that are not piloted on the wings of competition will certainly lose influence in the market. Organization that dislike competition will absolutely delay growth and remain obsolete.
Why is competition seen as an advantage?
What makes it an advantage?
While many sees competition as a problem, the most successful brands in the world, actually sees competition as a driver to a successful business operations. Because of its influence on their creative juice and innovative instincts.
Much people or organization sees competition as a challenge and monstrous factor plaguing the organization. Most businesses folds up due to impending competitions. What make competition an advantage to one and then a disadvantage to the other?
THE CAUSE OF COMPETITIONS
Competition is often caused by the present of many Brands doing the same thing in the same market. Where there is resemblance in products and services offered by different organizations operating in the same market space.
It is a race or a fight to be noticed in crowdy marketplace. Being found in the midst of people doing the same thing. Trying to beat someone doing almost your kind of business. It is often the quest to stay relevant, by trying to outdo or dominate others with concepts close to ours.
THE DIFFERENT TYPE OF COMPETITION
Competition could be classified into two, namely healthy and negative competitions.
What is negative competition?
Negative competition occurs when a brand or an organization is trying to beat another brand, by doing exactly what they are doing.
When we are not striving for difference, or when other brands existence, put our operations under sever pressure. Then we are certainly going to experience unhealthy competition, which is negative.
When we are not sure of our specific gap or space in the market and then trying to fit into a market we have not carefully defined and understood.
When organization do not pay attention to its values, and also pitch that value in such a way that it wins them visibility, speaks of their reputation and credibility and as well win the chances or possibility of having active referrals.
The Cause of Negative Competition
1. Competing without clear cut strategy
2. Fighting with a brand that had been well established, with the arsenals they had already mastered.
3. Lack of a robust industry knowledge (facts or information concerning necessary values upheld)
Positive Competition
Positive competition occurs when an organization operates in opposite direction to existing market standards or cultures, in regards to completing the market or becoming an integral part of the market.
What this means is that, organization that set the pace, understand how to use competitions to their advantage.
Competition to an organization is never negative or disadvantage to the growth and success of such organization, if they understand how to channel it towards the creative means of becoming different and delivering a more sophisticated product or services that beats existing market resemblance.
Competition is suppose to be healthy and advantageous to a company or brand, in developing their unique brand concepts and market strength.
HOW TO TURN COMPETITION INTO A YOUR ADVANTAGE
1. See it as a call to change.
2. Be flexible when faced with competitive condition.
3. Know where the competition is coming from and the capacity of your competitors.
4. Deal with competition as an opportunity to start something new.
5. Always look at the possible ways of being different.
6. Deploy the 3matrix of running a company that stands against competition which are:
Visibility (intensify your brand visibility)
Reputation (ensure that people knows you for something much rewarding and valuable)
Referrals (ensure that you ask people you had dealt with in the past, who strongly believe in your brand, to talk about you and mention you to their friends and families)
If you practice the above, you would possibly run a healthy business, that sees competition as a productivity or growth advantage.
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