I am a wholesale products retailer , just want to understand how people who are competing with me will help my business? Can someone explain this to me.
Well this is a very tricky question to answer but at the same time a very important and relevant question in today’s scenario.
Most of the time we treat our competitor as a threat to our business but actually speaking in this world it is very difficult to be a in a monopolistic situation where only one person is operating in a particular business. This happens rarely.
With my experience in to wholesale business for long I will say that it is always good to have a competitor as it makes you a bit proactive to work and is helpful in many ways:
• It helps you to learn for their mistakes.
• They always keep you on your toes.
• Most importantly they make you treasure your customers as you are afraid of loosing them to your competitor.
• It also helps in expanding your product portfolio as you will always want to be one up your competitor.
So, in a nut shell it is good to have a healthy competitor for your business success.
A great example of how competition helps business is by noticing that often times where you see a McDonald’s, you’ll soon see a Burger King, Taco Bell, etc. As they say, the rising tide raises all ships.
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September 3rd, 2008 at 3:24 am
Hi Sandra,
Well this is a very tricky question to answer but at the same time a very important and relevant question in today’s scenario.
Most of the time we treat our competitor as a threat to our business but actually speaking in this world it is very difficult to be a in a monopolistic situation where only one person is operating in a particular business. This happens rarely.
With my experience in to wholesale business for long I will say that it is always good to have a competitor as it makes you a bit proactive to work and is helpful in many ways:
• It helps you to learn for their mistakes.
• They always keep you on your toes.
• Most importantly they make you treasure your customers as you are afraid of loosing them to your competitor.
• It also helps in expanding your product portfolio as you will always want to be one up your competitor.
So, in a nut shell it is good to have a healthy competitor for your business success.
September 4th, 2008 at 9:46 am
A great example of how competition helps business is by noticing that often times where you see a McDonald’s, you’ll soon see a Burger King, Taco Bell, etc. As they say, the rising tide raises all ships.