3 Reasons Competition is Good For Your Business

If you think having competition is like a thorn in your side maybe you’re not using it as

competitive advantage

competitive advantage

“competitive advantage”. When there are plenty of jobs¬†and business to go around we tend to get complacent and fail to do the things we need to do to be competitive ourselves. We tend to take customers and employers for granted. Customer service drops off and innovation goes by the wayside.

In today’s fast paced global economy you have to tread water faster and better just to keep up. It’s a lot more work than it used to be. But businesses, job seekers and individuals that work harder, try harder, act smarter, reinvent, and evolve will always land on their feet.

Here are 3 reasons to welcome competition in your business:

  1. It Makes Your Customer Service Better – When you’re on the treadmill of a business boom there simply isn’t enough time in a day to stop and really evaluate every single customer. Things are moving fast and customers are lined up to buy your product or service. There are several yogurt stores in my neighborhood, but only one has lines around the block. It was the original, and somehow they were able to attract and retain those customers who have become so loyal they will wait in a long line rather than walk across the street for the same yogurt where there’s no line. Great customer service goes a long way and it’s free. Make customers fall in love with you and treat them right. Then when competition comes along they won’t even think of going anywhere else. [Read more…]

Product Entrepreneurs

I just got back last week from speaking at the ASD international retail conference in Vegas. The speech was on using innovation for competitive advantage. I was happy to see such a good turn out, not just for my speech, but for the whole conference.

ASD is a consumer goods trade show, which is actually 6 shows in 1. Gift, fashion, jewelry, health, beauty, and toys/novelty. It was a huge gathering of manufacturers from around the world and was hard to take in the whole show in one day. It wasn’t all work and no play. The first night was a rockin’ 80’s party hosted by 80’s pop star Debbie Gibson.

product entrepreneur

product entrepreneur

What surprised me as I walked the show was the number of products that have been on the market for years that I’ve never heard of. Like the all natural, non toxic insect repelling Bug Button and Super Band. Or the Chillit Bags beverage coolers.

Then there were the new products like Kisstixx. Dallas Robinson and Mike Buonomo were big winners on Shark Tank when one of the sharks, Mark Cuban, took a liking to their products and made them partners. Kisstixx is a great example of putting a new twist on an old idea, chap stick. The idea is that a chemical reaction is created from two different flavors when 2 people kiss. Their new product is just as cool…breath spray that does the same thing. Even without the kissing partner, their chap stick is the best I’ve ever tried. I met them at their booth at the show and they are genuinely nice, down to earth guys. I wish them the best. [Read more…]