Business Competition And How It Benefits Everyone
Humans are naturally competitive and it's reflects in almost everything we do both subconsciously and consciously. This spirit is transferred also into our business and even in our every day lives. Competition no matter how you look at it has lots of benefits in store for both businesses and customers alike. Competition in the business world is very crucial and beneficial but do you even understand why?
Firstly , competition prevents businesses from monopolizing the industry for their own benefit. Have you ever gnashed your teeth at that one company or business that offers low quality service or product for ridiculously high prices. Well that is one player competition helps eliminate because if there were other companies offering the same or even better they would be forced to beat down it's prices to offer better products and services. Without a worthy competitor, many businesses take advantage by making customers who ought to be king into slaves without choices .You swear to never patronized them but you find yourself going back a couple of week after because you don't have a choice and sadly this will continue or stop when a worthy or even better competitor enters the game.
Secondly, competition pushes a business to grow and be more innovative. Without a competitor, businesses tend to produce the same old boring stuff but when a new player enters the game they are forced to find ways to pull customers in.This means they can't stick to their old boring stuffs anymore, they have to be more creative, innovative and make their old boring stuff into something worthy of people's attention. This ultimately benefits not only the business but the customer as well because they would now have access to better products and services. Their employees are also challenged to churn out more creative ideas which keeps them on their toes and abrest with the latest trends and desired of the target audience.
Another interesting benefit is the king treatment customers now get to enjoy. Unlike in the past where the customer - business relationship was like a master servant relationship, reverse is now the case. The business is moved to provide better customer service to keep their customers satisfied enough to come back or they might loose them forever. Most people want to be treated well, especially when they are bringing their hard earned money to your business and when they start to feel appreciated they will be back for more.
Lastly customers enjoy the best products and services. With lots of competition in the industry, businesses are forced to understand and create better products or services that are quality and customer friendly. Some might even be forced to lower their prices or include other items in their products or service to attract more customers, thereby creating so many choices for the customer to choose from and creating a balanced industry for everyone.