Happy Monday, Marketers! I’ve been thinking a lot about competition lately- how it motivates us, how it tears us apart, how it brings people together. Isn’t that interesting? Competition is not inherently good or bad; it just is- and depending on our perception, it ends up on either side of the spectrum.
While unhealthy competition can be toxic and derailing, positive competition can be extremely productive. Kara Goldin touches on three examples of how we can more positively benefit from market challenge.
- “Competition makes your category bigger.” Sure, it can be difficult competing against companies bigger than your own but it can actually be quite helpful. If you are in a niche market, heavier competition will help bring more awareness to your industry. For example, if your competitors put a lot of dollars towards advertising, you will probably see your search activity spike as well. This is because more people are searching for your service/product and will also come across your brand.
- “Competition helps you tell your story.” Now that your competition is in market and helping to collectively raise the interest and awareness of your niche, you need to correctly craft your messaging. This is your opportunity to explain who and what you are and why you’re the best option for people. Be authentic and the people will follow!
- “Competition forces you to diversify.” Competition helps you diversify your market. It might even help you out in the long term! If you rely too heavily on only one market, you will be quite limited– maybe only see short term success. Goldin talks about how “diversifying revenue streams was essential to [her] success.” A great lesson for us to take away here!
We’re hoping this short and sweet lesson is helpful on this lovely Monday! It’s a nice reminder that there is always a positive way of looking at the circumstances around us. In last week’s blog, we talked about how we can only control ourselves and our actions. If we control how we approach a competitive market. It’s important to be adaptable and nimble if we hope to move forward productively.