What does Having Competitors do to your Business

[Carpon]

In a business, competitors are people who are into the same or similar business as yours and can serve as substitute to each other to consumers. They are people who can be able to take away your costumers or the opposite: you take away their own costumers.

So what does the presence of competition in a business bring about?

✓ It may bring about improvement on business status
What this means is that a business person will work hard to see that his services are preferred and in the process of doing that, bring about improvement in his business standards: Unlike when competition is absent, business owners will not bother improving their businesses because no one is there to challenge their patronage

✓ It also helps reduce excess profit making
Many business owners will tend to make the price of their goods high if there are no other businesses which sell such goods at lower prices. The presence of competition makes business owners careful not to make their products too expensive and lose patronage.

 

[Shaf]

It seems like customers are the greatest beneficiaries of competition more than business owners by having more choices to choose from, better quality of products and possibly cheaper products.

A business stands to also benefit from competition in many ways. I always think of Coca-cola when I think of competition. They have been in the business for over a century and still are the best.

Having competition will keep you on your toes, which makes a business owner to be more efficient and knowledgeable about ways to do things better and cheaper.

You can also get inspiration from your competition. Someone might be doing something different and you can think of how to make it better for the customers.

Another way I think a business can benefit from competition is in terms of marketing and acquiring customers. If you're all alone, you have to do everything from scratch, but with competition, tiu just need to use their targeting techniques to attract the same audience.

 

[Holicent]

Having competitors means that you are not the only one in your industry, but there are more than one. This can be good for your business because it means that you do not have to be the only one in your industry, you can focus on what makes your business unique and build a great product or service.

The main downside of having competitors is if they are really good at what they do then they will steal customers away from you or at least keep them from coming back. In order to compete with other businesses, there are 2 things you need to do:

1) Develop a product or service that is better than theirs

2) Make sure that you have a great product or service

If you can do both of these things then you will have a good chance of competing against other businesses and winning some customers over to your side.

 

[Activator230822]

I would say this competition is very healthy in any business. Let me take an example of my country. Safaricom, a telecommunications service provider was the first and the only one in the business in the year 2000s. We used to call at $0.5 per minute by that time. But when other competitors, Zain among others ventured into the business the prices of call per minute dropped gradually. You can imagine now the call rate is $0.03 per minute.

 

[Sikapa]

Well, to me what I know is having a competitors in a business helps you in so many ways of which I will like to talk about one or two of them. You see, competitors help in many reasons and that is why most at time our school teachers normally post our examination results on the school notice board.

This helps most students to improve their academic performances when they see their competitors doing well. Like wise, having a competitors in your business helps you to brand yourself and you products. You will get to know that if you don't maintain the taste of your product there are many same product out there that the consumers will shift and patronize them. Therefore you will try your possible bet to improve and maintain the taste of your product. You will also brand yourself and your product as well. Another reason why is good to have a competitors in your business is you will know how to select a good packaging.