Why can competition be good for your business?

Market competition

It occurs when multiple

businesses or individuals
compete in selling goods
and services in the
marketplace
 INOVATION
Competition ensures that your company is always
moving forward in terms of new developments - whether
in your business model or in your product offering

Innovation is very important and is embedded

into the core of what great businesses do
 CUSTOMER SERVICE

Improving your customer service will garner loyal followers.

UNDERSTANDING YOUR CORE
MARKET

If you are targeting a specific

geographical location or
demographic, market
challengers encourage you to
better understand that setting.
EDUCATION

Seeing what your

competitors can teach
you things about your
business and provides
ideas you can adapt
for your products or
services
AWARNESS & MARKET
PENETRATION

More the players, more the competition,

more the awareness of the product created.
!Demand increased when there were
multiple players of bottled water!
 DIFFERENTIATION
Differentiation gives the ability to be
noticeable between competitors.

Competition prompts you to differentiate your

product from the competition, and ultimately,
deliver products and services to your
customers with much greater value.
 INCREASE
EFFICIENCY
When you have competition trying
to overthrow you, you do business
better. You use your resources better,
and you want to capture the market
faster.
 IDENTIFIE YOUR STRENGTHS AND
WEAKNESSES

You may not always know

what your strengths and
weaknesses are until your
competition points it out.
Competition helps narrow your
focus a little and concentrate
on what you’re really good at
that your competition isn’t.
SUMMARY
Competition always gives the opportunity to improve the
business, to be the best in your field, find more clients, rise
the sales of production or service etc.