The results of competition provides excellence opportunities and extensive benefits to our community. Note that competitive markets offer quality and exceptional service while articulating pricing models to increase purchasing behaviors.
When companies are motivated, innovative ideas are born, essential market solutions begin to exist, and more varieties of goods become available to answer customer demands. Meanwhile, companies operate more efficiently and effectively to maintain high-levels of productivey (profitabilty) while ensuring a competitive edge.
Competition can uncover critcal gaps in the marketplace while creating new entrepreneurs, new markets, and growth-driven opportunities. The intention is to drive economic activities with production, consumption and capital formation while stimulating employment opportunities, and economies with essentail tax dollars.
Small businesses who believe they have little or no chance to compete in a larger marketplace are essentially wrong. Most recent polls demonstrate over 80% of todays customers say they would spend more after experiencing the pandemic in support of their local small businesses.
What may be appalling, is the absence of support from existing businesses or early-stage with a focus on larger game (achieving less). The lack of knowledge often decreases such an opportunity to partner and share customers while integrating a favable conduit that combines trust, growth, brand awareness, and equity. The situation continues to underline the importance amongst "large" branded companies of mutual benefits when developing the relationship. Such benefits of co-branding include shared marketing campaign strategies, expenditures, boosting awareness, and penetrating new markets.
Outcomes of success are defined from shared traffic space and growing revenue streams. Great examples of co-branding include;
Uber and Spotify
Betty Crocker and Hershey's
McDonald's and Sinopec ...and so much more!
Market share remains a key indicator relevant to competitiveness with the ability to measure market growth, identify critical trends related to purchasing behaviors with the ability to validate potential market opportunities.
The result: be willing to accept competition, standout from your own market disruption, maintain a focus on innovation, be open to creating brand partnerships, and maintain customer relationships with fresh, new, and exciting developments that promotes retention.