The Power of Competition
I was just finishing up the last couple of pages on my new English Training Module, when I wrote the following words:
Competition - it's nothing to be scared of!
And here's 5 good reasons why:
- Innovation
- Customer Service
- Complacency
- Understanding Your Niche Market
- Education
1. Innovation is the act of making changes to something established, especially by introducing new methods, products or ideas.
Competition leads to innovation. If you’re the only person in your niche, it can be difficult to improve. And if you’re working in a crowded market, you won’t succeed by doing what all the other guys are doing! Healthy competition encourages change that will distinguish your business from all the others in the same niche. In addition, if you are the only person in your niche, then there is no IMPETUS to improve! So embrace the competition and find ways to improve your robot!
2. Customer Service includes such things as supply of physical products, email support for problems, phone contact with your customers etc
If you are one of several companies offering the same product/s then you will be forced to improve your level of customer satisfaction. Improved customer service will lead to more loyal followers. If the only thing different between your lemonade and the guy's down the road is the way you serve it, then make sure you serve your lemonade with the BIGGEST smile!
3. Complacency is a sense of smug or uncritical satisfaction with yourself or your achievements
Competition shakes off complacency. If you are consistently trying to innovate and better yourself, then everyone associated with your business - partners, employees and customers - will be encouraged to try just a little bit harder.
No more sleeping in OK? (Yes Ellie!) You've got work to do! Pages to fix, posts to write, products to find - get out there and be the best you can be. You can't rest on your laurels and expect to be a force in the market without hard work.
4. Understanding Your Niche Market is what Wealthy Affiliate is all about. You know your customers and you are using laser-targeted keywords to create the perfect niche business.
Competition forces you to focus on your niche or 'core' market. If you are targeting a specific geographic location or demographic, or a specific interest-group (niche, again) your challengers (competitors) will encourage you to pay close attention to your target group. In doing so, you create a better, more tightly-focused experience for your customers.
5. Education is the act of acquiring or imparting a particular knowledge or skill
Watching and learning from your competitors can teach you lots about your own business - what works and what doesn't! (If their skateboards don't fly, then work out why and use the knowledge to improve your next invention!) Your competitors' business practices will give you valuable insight into the state of the market that you can usefully apply to your own situation.
So thumb your nose at the competition but at the same time - don't be too proud to learn from them! They might just be smart enough to know something that you don't!
If you like this, please leave a comment with your thoughts and check out my newest training module:
https://my.wealthyaffiliate.com/training/english-usage
Recent Comments
50
Great blog. How important it is for us to learn from others. When I view other sites, I always get ideas on how I'd like my site to look.
Marilyn
Yes, that is so true Marilyn. And it's one of the very nicest things about Wealthy Affiliate, don't you think? We ARE in competition with each other, yet we all help each other in a way that I've never seen anywhere else.
Thank you!
Ellie
What Ted said!! Invaluable information so clearly stated and presented that it is FUN to read. KUDOS to you, Ellie!!!!
Very good Ellie and very true. You hit the heart of how to make the American Dream reality. Why can't people see this?
Saul
Dunno Saul! I guess we walk around with blinkers on! Or get so tied up in knots about how much competition there is, not seeing that it's how The Big Guys leverage off each other! There's so much to learn about this whole marketing thing and every time I write a blog or training, I learn a lot myself.
Thank you
Ellie
I feel the same way. I grew up with the expression that you learn something every day until you die.
Saul
We used to have a little family tradition at dinner time where someone would ask - "What did everyone learn NEW today?" - and we'd go round the table - all 7 of us kids and Dad and Mum - and everyone had to tell one thing they had learnt that day. Was a lot of fun and used to get quite interesting at times, with arguments that would rage until someone - usually Dad - would go and get the trusty World Book Encyclopaedia (no internet back then!) and settle the dispute.
Ellie
I love the way you organize and present your articles. I always have to spend much more time than necessary outlining and structuring before I feel comfortable starting to write. I'm right at the stage now of creating my website and will have to do a lot of that. Your articles on using English correctly (including style) are a breath of fresh air to this business, and I hope people don't miss the importance of the topic to their success. I see so much misuse of the comma, mainly not using it, that disrupts the flow of thought and makes the meaning confusing. Also, leaving our words (the "of" after couple and the "a" before lot and many others) stops the reader and distracts from the message. Your training is a great help to all of us.
Keep up the good work. To more success. Ted
Thanks Ted. Here's a glass to you too! I guess I trained myself to write coherently in Year 12 - I had an exceptionally good teacher who refused to give any of her students an 'A' grade on our essays, because she said we just weren't good enough. It became a fierce competition within the class to see who could wring the first 'A' from Mrs Milne (guess who won!!!)
Coherent writing is so important - and the lack of use, misuse and abuse of commas is one of the worst!
Thank you for your kind comments and input.
Ellie
Love to follow your efforts, and I hope I can contribute along the way. Keep writing. Until next time. Ted
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Great to be competitive. It energizes me...thanks for writing this blog.
Thanks Coney! Glad you like it. How are the dogs? :-)
Cheers
Ellie
Thanks for asking. It seems you are also a dog lover. I grew up with dogs and was a volunteer at our SPCA when I was younger, but not anymore. I am your avid follower....cheering for you!