The success that you have over your competitors is only valid today everything else depends on what you continuously do to maintain it.
What do you see when you come across someone selling the same product in your hand? It is easy to feel insecure and competitive. Here is an interesting perspective, a competitor is another way to show you how to solve the industry’s problems. You are both in the same industry and you make money because there is a problem that you solve. If you changed how you view them, you’ll see that their approach to the solution is another possibility to add another service or product.
What about market share?
If you thought competitors reflect a part of the market cake that is already taken, you are wrong! No one can own the market; it is the influence they have created over time. We all have equal chances of controlling the market the determinant is how badly we want to invest in influence. The investment involve innovation, creativity and character.
Success is always on rent daily and you have to pay up to maintain it every 24hrs. There is nothing like business success monuments. The success that you have over your competitors is only valid today everything else depends on what you continuously do to maintain it. This where you hear stories of how big firms used to dominate and then curtains came down. This means that with continuous efforts you will dominate too.
What can competitors do together?
Instead of passing over that big project that you don’t have the capacity to execute call that competitor who is your size and find terms that can allow you benefit mutually. I have been in the media production industry for the longest and some of national or foreign events it’s hard to have the muscle to deliver alone. Collaborations ensure that you always have some work coming through.
Food for thought, what can you do with your competitor that is mutually beneficial?