Despite what traditional marketing knowledge has taught businesses and marketers alike, competition is not always a presence that will harm sales due to them vying for the same attention of your market. This ideology has been, in recent years, contested by several brands that has managed to survive the pressures brought upon by their competition during their long foray in the business and has managed to amass success nowadays.
Some of the prime examples of this phenomenon include brands and businesses such as Apple, whose competition lies with other big-name brands such as Samsung and Lenovo, and is still being matched by fast-rising brands such as Oppo and Xiaomi; Google, who has become such a pivotal part of the virtual life with its search engine, email platform, and other features that has managed to overtake Yahoo!, who has been the prime email services provider before the rise of Gmail; and even Sony’s Playstation, which continues to be a heavy contender within the gaming console industry despite the presence of equally-powerful brands such as Microsoft’s Xbox and Nintendo’s Wii and other consoles. Playstation even congratulated Nintendo for the release of Switch, along with Xbox, which speaks for how it isn’t intimidated but rather motivated by its competition.
These brands are among the big names that have considered the presence of their competition as opportunities rather than obstacles on their path to success, as they find them as a way to showcase the best services and/or products that they can offer to the market that they are targeting. They are brands that have managed to learn from the nature of their niche, and when combining this with the movements of the business rivalry, this becomes the key part of their strategizing on positioning themselves in the most optimal way. Studying how their competition also allows them to know how and where they are lacking, which allows them to figure out where to develop further.
How Competition Makes Your Business Stronger?
Regardless of how aggressive your competition may be, this is your chance to improve your business and make your performance better and smarter, which can allow you to outgrow your competition sooner than you expected. To learn more about this, check out the infographic below:
Guest Post By Garret Norris