Many think that in order to succeed you need to be the only one out there with your product, idea or concept. This is rarely going to happen. If it did, it might even be a bad thing! There are several reasons why competition should be embraced and many ways to even take advantage of it.
When there are competitors or copycats of your product or company, this is a signal that there is a healthy interest in that area. This is actually a healthy thing for your business as it gives it credibility in the eyes of the public and stirs their interest. It is important to stand out in these circumstances. Your business must offer something that no others do in some way. Remember, being the best is just one of many things that can separate you from competition and doesn’t have to be the main goal. Being “different” is oftentimes enough.
Focus on what makes you different and improve on your strengths. This is a good opportunity to survey existing customers and find out what they like and dislike about you and your competitors.
It is important to know your rivals well. The “best practices” of your competitors may serve you well in your business. There is nothing wrong with copying existing concepts as long as you innovate and expound and make it your own. Competitors can also become future collaborators and partners. You may find that other businesses may have something to offer that you don’t and vice versa, that could lead to a collaboration. It is also not uncommon in the world of events and catering to partner with other vendors who will recommend your business to others if they can’t take an event or don’t have what they are looking for.