Occasionally people say, ‘What about having competing businesses in the Chamber? Why should I join if my competitor is a member?' As in sports and nature, competition helps to make businesses stronger and better than they would be without it. For consumers, competition provides pricing, quality, and service options. For businesses it offers the opportunity to be better and continuously improve. An easy way to remember the benefits of competition is to use the acrostic of BUILD. Competition helps:
BOOST your Customer Service
Think about a favorite store where you experience excellent service…do you like to go there more often? If your service is excellent, when the competition comes along, your customers will not even think of leaving.
UNIQUE innovation occur
An example of a banking innovation includes that of photographing a check for automatic deposit. Banks compete for our business and innovations that make banking easier for customers wins more customers for that innovator. How does your business innovate?
IDENTIFY strengths and weaknesses
Competitors help us to see weaknesses as areas for improvement and to also position our strengths more prominently. For example, if your competitors all take credit cards, and you do not, maybe it is time to consider a change. In today’s world not having digital payments of some form can be a weakness.
LEARN new things from competitors
Discussions with your competitors, for example about the software they use or how they handle their suppliers, can be a good way to build professional relationships in your industry while also helping one another.
DIFFERENTIATE your brand
Using your logo consistently on all your correspondence, web, and off-line communications, on receipts, packaging, etc. is one way to set yourself apart from the competition. Your logo is your brand. Your approach to business is your brand. Your attitude is your brand. Be sure all ways of expressing your brand are positive and consistent.
As published in The Caswell Messenger September 15, 2021