Why You Should Love Your Competitors
If you’re an entrepreneur, just started your e-commerce business and you’ve worried about your competition. Feelings of self-doubt and anxiety leads to perk when you’re looking at what competitor is doing and accomplishing in your field of business.
In Google definition, A competitor is a person, business, team, or organization that competes against you or your company.
Well said by Aristophanes “The wise learn many things from their enemies”.
1. Your Competition Show You What’s Possible
Don’t take another person’s success as a sign that you’re losing, take it as a sign of what’s possible.
Instead, seeing at your competition as an example of what’s possible for you, or where you could take your business and how you could grow it in just a few years. This will empower you to experience the feelings of confidence and expansiveness.
2. You can learn from Their Mistakes
A clever man learns from his own mistakes, but a wise man learns from others’ mistakes. We all make some mistakes, but the fewer you make the better.
Fessing up errors in competitors may help to uncover mistakes you are making yourself, or prevent you from making them in the first place.
3. They have Proven that Market Exists
Your competitors are greatest sources of information. They have already proven that there is a big scope of business in that field which you have just started.
Competition can actually increase your productivity, help you find and correct faults before someone else discovers them, and even encourage new ideas.
4. They make you Understand Pricing Models
If you’re in an industry with even one or two direct competitors you can implement a reasonable competitor based pricing strategy. It is also possible to make adjustments in prices by following tweaks made by competitors.
Since your competitors are well-known players in the market and have been around for quite some time, the chances are slim that your pricing strategy might go wrong if you base it according to them.
Your competition isn’t something to be afraid of. In fact, if you flip the script running in your head about how your competition is dimming your light, they can actually be what propel you forward.
