Competition in business is one of the things that drives entrepreneurs to bring out the best in them, and it's not completely bad like many people think. Speaking from experience, I believe that staying competitive with your product or service is capable of putting your brand in the limelight and as well keeping you relevant in your field for as long as you want.
As it stands in the business world today, every entrepreneur is in a competition with another entrepreneur whether you acknowledge it or not, and failing as an entrepreneur to see or embrace the competition around you doesn't change the fact that someone is in a competition with you. Every entrepreneur must understand is that his or her business is a threat to someone else's business, and they will always be on the lookout for how to win more customers to their side, so it's left for you to be on the move or remain idle with the development of your business.
Over the years, I have seen and experienced competition as an entrepreneur and can confidently say that there is no big deal in being competitive as long as it's healthy.
What do I mean by healthy competition? It clearly has nothing to do with pulling your competitors to the ground or tarnishing other brands image. It has to do with always thinking outside the box to improve your business in every ramification.
As a salesman in an open market some years ago, one of my habits was interacting with my brand competitors. A few of my colleagues saw me as an unserious person, but they were wrong because somehow I was learning from my competitors, and it even helped me to do better than them. You won't see me speaking ill about someone else's product like many salespeople would do, and my little secret then was enlightening my new customer about why my product is the best option they've got.
As easy as staying in a healthy competition might sound, it can be very tricky because the line between it and unhealthy competition is very slim. An entrepreneur can cross it in the blink of an eye without even realizing it, and that would be a huge setback to your business.
I have met young entrepreneurs who distance themselves from the competition in their respective fields, and it makes me laugh because they are indirectly hiding their potential. But thinking about it critically, I can't blame many of them because even though they are practicing a healthy competition, they can find themselves struggling with someone who is dragging them into an unhealthy competition.
I remembered a few weeks ago when I went out with my wife to market our product to more local shops because they serve as the connection between producers and consumers. To my best understanding, they are the best at pushing new products out there for new entrepreneurs.
As fate would have it, we met another woman who supplies the same product as ours, so I allowed her to finish what she came for, but I eavesdropped on her conversation with the shop owner.
The shop owner told the woman that she has someone supplying her already, and just to make sure the shop owner purchases from her, this woman didn't stop at condemning someone else's product; she even increased her dozen quantity to 14 pieces instead of 12. Honestly, it was a bad move, but I was eager to see how things would turn out for the woman, especially with the everyday increase in material prices.
When it was my turn to speak to the shop owner, I did my introduction and gave her a sample. After eating and giving to a few customers who were patronizing her at that time, she wanted just a dozen for a try, and I gave her 12 pieces.
She was like the other woman who left now and offered her 14 pieces per dozen, and instead of condemning the woman's product, I painted a bigger picture of what she can achieve with my product because the consumers satisfaction is what matters more.
We had a brief chat, and she bought three dozen because those who had a taste wanted to go home with some.
What Am I Driving At?
Competition is inevitable, and the pressure to bow to other competitors is always high, but sooner or later, keeping up with the wrong decision you made will force you out of business if care is not taken. The fear of losing out to your competitors might be tempting, but it's best to always think outside the box rather than making an unsustainable decision.
Not everyone you speak about your product to must patronize you immediately, so it's okay if they turn you down at first and all you need to do is step up your game, but keeping your competition healthy is the most important thing.