Who Is Afraid of a Little Competition?
Do you get nervous at the idea of a competitor entering your market niche? Although it is understandable to be concerned about someone invading your territory, competition can be a good thing. Really.
Copyright by Cathy Stucker, The Idea Lady(tm)
Do you get nervous at the idea of a competitor entering your market niche? Although it is understandable to be concerned about someone invading your territory, competition can be a good thing. Really.
Keep in mind, too, that your competitor is coming into a market where you are established and they are the new kid on the block.
If you assume that there are a finite number of sales to be made, then every sale made by a competitor means one less for you. However, the reality is that having more sellers in the market may increase the demand. Someone who bought from your competitor may also want your product. Or, they may learn about a product or service through your competitor’s promotions and buy yours instead.
Can’t that work in reverse? Yes, it is possible that someone will buy from your competitor instead of you. But with the size of the market likely to increase, you can still come out ahead. Besides, you are the one who has already established a reputation and track record. That will work in your favor. Use the interest and momentum in the product or service you sell to make people aware of your business.
When competition comes along, keep doing what you have been doing, and do more. Look for ways to set yourself apart from the competition. Identify why your product or service is better than others, and sell those benefits.
Do not be afraid of competition. It can make more people aware of your product or service, and it can spur you to new heights.
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