To succeed in business, there are several obstacles to overcome. One of the most significant challenges for modern-day companies is competition. No matter which industry you attempt to dominate, you’ll come across fierce competitors. Competition might be seen as a potential hurdle, but it’s actually vital for the creation of high-performance markets and soaring customer satisfaction rates.
As the infographic below shows, there are several advantages to competing against rival firms. One of the most intriguing is innovation. Companies push each other to try and improve, and this often contributes to the development of new products or services or to changes in operations that benefit employees or customers. With technology playing an increasingly integral role in the world of business, innovation is perhaps more important than ever before.
The competition also helps to promote credibility and raise quality and service standards. To impress customers and encourage them to choose your business over another, you have to meet certain standards and deliver on promises. Being honest and showing clients that you know what you’re doing can be hugely beneficial.
The third benefit of competition is avoiding complacency. Resting on your laurels can inhibit growth and affect performance levels. To prevent complacency, businesses can encourage creativity, reward endeavor, hold employees accountable and look for effective ways to expand and grow. Closely linked to getting too comfortable, the competition also contributes to higher standards of customer service. Having rivals urges businesses to take better care of their clients.
Competition is a feature of every marketplace, as you can see from the examples listed in the infographic. The battles between Nike and FitBit, Pepsi and Coke and Microsoft and Apple have undoubtedly led to the expansion and domination of these high-profile, global brands.
Infographic Design By University of Alabama Birmingham
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