5 Reasons Competitors Are Good for Your Business
Pat Miller explains why competitors can be beneficial:
1. Market Validation
Competitors indicate there’s demand and money to be made in your industry. If you have none, the market might not be profitable.
2. Inspiration
Competitors – especially outside your local area – can spark ideas for positioning and marketing strategies.
3. Differentiation Opportunities
Their positioning helps you find gaps and niches to serve, allowing you to stand out.
4. Market Education
Competitors’ advertising raises awareness, creating demand that benefits all players in the space.
5. Continuous Improvement
Competing drives innovation, better services, and improved offerings for clients.
Key Takeaway:
Competitors may feel frustrating, but they push businesses to grow, innovate, and succeed.