Successful Brands and entrepreneurs blossom, develop, and thrive under competitive environments. Competitions should be seen as an opportunity to grow as well as an opportunity to build influence. They should not be viewed as obstacles.
In the words of Dharmesh Shah, the co-founder and CTO of HubSpot, “You are often your biggest competitor. You should not completely ignore your competition, but the biggest battle happens inside of the four walls of your startup’s office. Startups come down to pure execution of a strategy daily and maintaining the faith for the long haul. Most startups don’t lose to the competition, but because they lose the will to fight.”
Competing with others in your industry is good. In fact, Brands are challenged to work smarter with the limited resources they have when they are in an environment that has a healthy rivalry.
Competitions will teach you how to leverage you and your team’s unique talents and build a business that competitors wouldn’t dare challenge.
The biggest benefit of being in a competition is that it helps your brand build influence. How will a competitive environment help your brand to become more influential, you may ask. Follow closely and you’ll have your questions answered.
You Create Better Solutions for Clients
Competitions force you off your comfort zone and help you to get valuable feedback as well as see first-hand, how others in your industry are getting things done. Usually, this will force you to want to outdo your competitors in and in turn, your clients will enjoy the benefits that come off the fact that you have just come through a process that has made you bigger better and brighter.
Forming Unforeseen Partnerships and Collaborations
Competitive environments will push your brand to forge alliances with like-minded brands. Your brand will get to interchange technology and tools, expand the overall market. You may even get to cross-promote each other’s products which will extend the reach of your influence significantly. Who knows? Someday, you might merge with, or acquire, your biggest competitor.
Requited Learning
Watching the competition carefully can help you gain the knowledge and resources they have. Your brand should actively learn from how your competitors manage and grow their operations. Soon, your brand will discover ways to apply those lessons learned to your business.
If you have been waiting for the best time to become the biggest and best before you compete, put that thought away and enter a competition today. The best one you can enter is one that will help to build our network.