March 24, 2014
1. Having competitors proves that there’s a marketplace in the first place
Launching a product or company that is so new, so innovative, and so unique may mean it will take some time for customers to actually catch up to you. If they’ve gone this long without this new, innovative, and unique thing then you need to show them why they can’t live without it going forward and to do that means you’ve got to put a lot of time and money into marketing. Having competitors shows ‘proof of concept’ that this marketplace actually exists and makes it easier for consumers to understand what it is you’re selling.
2. Having competitors forces you to be better
Even though you want to be in a space that consumers value and are willing to purchase from, you can’t simply be like every other product out there. If you’re just another ‘me too’ product then your company will have a hard time getting noticed in and amongst your competitors. But if your company or your products takes something to a new level or a new combination of flavors that no one’s ever thought of, that’s when you break through the clutter and start attracting attention. Your competitors force you to stay on the cutting-edge and to be constantly challenging yourself and your business to be its very best.
3. Having competitors gives you the foundation of a marketing strategy
If you’re struggling to find your customer base, it can be helpful to watch what your competitors are doing when it comes to marketing. Are they engaging with customers on social media? If so, what are they doing that seems to be working? Are they sponsoring local events? Are they attending festivals and drawing crowd? Keeping an eye on them can help give your marketing plan direction as you go after capturing some of that very same market.