Believe it or not, but competition can actually be good for your business, even if conventional marketing studies say otherwise. In fact, many start-up companies have managed to survive competitive pressures in the past decades and turn out to be some of the most successful businesses of today.
Apple, Google, Facebook, Netflix, Amazon, Toyota, and even Nintendo are prime examples of these. They have very tight competition whose names are just as famous as theirs, yet they still emerge as the top dogs of their markets, and for very good reasons. They managed to grasp competition as an opportunity, rather than an obstacle, to showcase the best that they are able to offer to their market.
Regardless of how aggressive your competition is or their standing in your market, you can make your business perform much better and smarter if you study and learn from them, allowing you to outgrow your competition sooner than you expected.
Learn more about how competition can be good for your business with this infographic by Business Coaches Sydney:
Infographic created by Business Coaches Sydney