Shaikhamdan.com » Competition – A key element for growth .

Competition – A key element for growth .

For survival & growth of any organization, decision makers should look at the 2 C’s – Customer & Competitor !

I need not explain importance of the first C – Customers, but let’s look at the often misunderstood role of the second C- Competitor.

Expands the market for your products/services:
It may sound strange but competitors influence the customers and help grow the market for your products and services. Presence of a competitor can also influence customers in ways that help you win more sales, and do it more efficiently, over time. Competitors help (& force) you to identify new applications & industry sectors you may never have thought of.

Provide a basis for comparison:
Competitor forces you to be more efficient & creative in seeking differentiation. Availability of an alternative helps purchase decision, & company whose unique mix of product & (or) service features is competitive can win sales often enough to succeed in the market.

Help identify right market sector:
Let them lead while you learn. When you identify new offerings or markets where your assessment suggests caution, a competitor may do you the favor of entering into market first. The case for letting a competitor move first into a new market can be stronger, when you are up against a very strong competitor. If you are a dominant player, you too can gain from competitors.

So welcome competition in its truest sense.
Be extremely cautious if you have no competitors!

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