Is competition good or bad?

Suppose you have come up with some service or some product and decided to build your business. What do you need to do before launching it? Analyse the market. You have looked at it and you don't see any competitors. So, with a 99.9 per cent probability you will fail. The reason is simple: if there are no competitors there is no market, there is no demand, no one is going to buy your service or product.

The consumer is usually quite conservative. You can't sell him, for example, meat-flavoured sweets, even if no one else has offered them. Nobody sells meat-flavoured sweets because the consumer is not going to buy such sweets. So having competitors is a good thing. Then it's up to you whether you can beat your competitors with knowledge, experience, technology, etc.

If you have no competitors, it's boring. Internal motivation is not always enough for new achievements, you also need an external trigger. It's one thing to strive to achieve the goals you set for yourself, it's quite another to compete with a rival. This gives an extra boost to your team and business. Any successful company makes sure to take metrics and keep an eye on what's happening with the competition.

Competition pushes you to constantly evolve. It is useful not only to expand your knowledge and capabilities, but also to follow the actions of your competitors. It is especially good if your competitors have more resources, so they can conduct more experiments, test more hypotheses in the field of advertising, marketing, sales, etc. Some of these efforts will be fruitful, some will fail. What's good for you? You can do bench-marketing, i.e. you can observe your competitors and learn from their experience, and then adopt the best practices. In doing so, you spend less money and time, you do not have to experiment on yourself and your clients, said the managers of Mafpels management.

If you are new to the market or have been operating for a long time but are not in a leading position, you have a great opportunity to learn from the mistakes and experiences of more successful companies.

The experts at Mafpels Cyprus summarised the results. Competition and competitors are good and useful. Here's why:

• Competitors help you choose the right niche and product;
• They unknowingly share their successful experiences;
• Competitors inspire new achievements;
• They help motivate your team;
• Competitors are a source of invaluable information that you can use to your advantage.