As Sure As The Sun Sets…
There will be Competition.
Unless you’re in the bubblegum shoelace market… (you get my point).
I was reading an article this weekend about how a business that doesn’t see growth will eventually be seeing the “closed for business” sign. The article then went on to address why this is. The key reason stemmed from competition. In a capitalist market such as ours, competition is inevitable, especially for products that have a healthy demand. Competition is good because it let’s us know that we’re still in the game, it also let’s us know where we stand against our competitors. A good question posed was this – is your company leading the pack or trailing behind? The author then went on to give his strategy for dealing with competition. He first made a list of his direct competitors. Then he went to work on eliminating the competition through offering better service, quality, price, and so forth.
The article made me wonder… how many brands out there are truly trying to differentiate themselves by simply being better? We all know that competition exists and I hope you know that growth is a necessity. What we don’t know is who is going to grab market share by eliminating the competition? I know for a fact that Big business has their eye on the action sports industry. They also have the resources to compete (Target and Shaun White anyone?). This is why it is imperative to know your competitor and outdo them before they have a chance to outdo you. It is a dog eat dog world out there and the dogs stay hungry, which means you need to stay on your toes.
My question for you is this… what are you doing today to stand up against the competition?