Why Competition Can be Beneficial for Business

It can be pretty hard, especially during these challenging times, to really see any benefit to having competition. Many businesses default to disliking their competitors, mostly because their existence takes business away from them. However, it is important that they also appreciate that by having competition, it can be beneficial to their own business...

So what if we didn't have any competition? "Great!" I hear you say, now you have a clear and straightforward path to unchallenged success. However, businesses who don’t have competition should be wary. Rather than being a strength, a lack of competition can become a negative. Lack of competition can breed complacency and inefficiency.

Competition raises consumer awareness - I remember when I first set up my business almost 30 years ago. Balloons were relatively new and I was the only balloon company in my town. Within a very short time two more businesses set up - one extremely close to me, and I was devastated! However, the reality was quite the opposite of what I expected! In no time I was busier than ever - why? Because there were now three of us promoting and decorating events with balloons. Therefore when the competition rises, it pushes an idea so much that the idea catches on even quicker and a product becomes more popular. We actually became friends and would often work together.

Today is no different to how competition can boost a business, but it isn't just local competition you have to contend with. Social media has opened many more trading opportunities - for example, there is UK balloon company who constantly advertises their nation-wide balloon delivery service on Facebook and Instagram. Their advertising budget must be significant, but the fact is if it was not bringing them business, they would have likely stopped pretty quickly! However, let's look at the positive; their advertising campaigns are also helping other balloon businesses. If consumers are constantly seeing fabulous balloon delivery ideas on their social media feeds, this definitely has to be a positive. It will bring the idea of balloons and balloon deliveries directly to them and will hopefully inspire them to order balloons for their next celebration or special occasion AND from their local balloon professional! 

What can you do? Having a good social media presence is vital for all businesses. First, decide who your target market is - your social media target audience consists of the people who are most likely to be interested in your products. It is important to build relationships with your local audience - people who live within a close proximity to your business. This can be done through various local Facebook Groups and by using relevant and targeted hashtags. Most local Facebook groups permit local businesses to advertise on a certain day each month, so check each group and make sure that you schedule in your adverts! Local communities are becoming far more pro-active in these recent times supporting their local businesses, so this is a great opportunity to grow and nurture loyalty! 

Have you heard of Nextdoor?  Their statement explains:"Nextdoor connects neighbours to each other — and to everything nearby: Local businesses, services, news updates, recommendations and stuff for sale from the people down the block. Building connections in the real world is a universal human need." Nextdoor is very popular in my neighbourhood and is widely used - see what other marketing opportunities there are to ensure that you are not missing out! 

And don't forget, it's always a good idea to see who your competitors are targeting, and ensure that you are not missing out on other great opportunities!

Competition pushes your business to strive to be the absolute best - 'Balloons' are a little like fashion: it is a trend-led industry. Some of the most recent trends include organics, balloon mosaics, and marquee designs! Who would have ever thought that we would be habitually double-stuffing balloons, or selling air-filled rather than helium-filled decor? Businesses who have the ability to react to these trends will keep ahead of their competitors and in turn will be offering customers the best service and the greatest customer satisfaction. I remember when organic decor first came on to the scene - "it looks messy", "this concept won't last" and "you won't see me doing this" were a few of the comments I remember hearing 😉 Even if we have been in the industry for a significant time we should all ensure that we keep our skills and techniques up-to-date, otherwise we can so easily get left behind! 

What can you do? Never stop learning! It is very easy to stay within your comfort zone and continue to offer the same style of designs that you have been habitually selling. Allocate yourself (and your team) 'play & development' time, which is an opportunity to learn new techniques and design ideas. Qualatex has so many great resources that can help you to learn and develop your skills.

Face-to-face courses and training events are very limited at this time due to the pandemic and all the resulting restrictions, however this does not mean that there are no opportunities to learn.

Earlier this year, at the start of the pandemic, Qualatex, in conjunction with Q Corner, ran a 100% FREE Virtual Balloon Convention. Five Days of continuous classes from some of the industry's top instructors, plus many instructors who have never taught outside of their countries - there is an incredible 76 classes to watch! 

To get you started - here is one of the convention classes taught by the fabulous Federico Onida. This is an excellent class to learn some fabulous new ideas and techniques! 

To find all the other classes click on the link HERE

More recently Qualatex has been offering a series of Webinars called 'What's Hot Right Now'. These were streamed live with the opportunity for a Q&A session with the instructor after each class. These classes are now available to purchase at a very low cost to find out more click on the link HERE

Competition keeps you motivated - To stand out from competition, you always need to be highly motivated. You will become proactive, alert, creative and above all focused. Stop being complacent and always think of better ways to satisfy your customers. 

We can worry so much about competition that we let our businesses be ruled by what others do. Set your own goals and focus on creating obtainable achievements month by month and year after year. When you do so, you become your own greatest competition, and it's up to you if you succeed or fail. 

I think it would be wrong if I did not address the difficulties that businesses experience during economic downturns. When an economy plummets, many small businesses pop up from people who decide to become self-employed instead of unemployed. Economic downturns cause a rise in self-employment and the opportunity for people to try to make money. This can lead to cheap prices and potentially poor work, services and goods. We often see pop-up balloon vendors using cheap imported products that don't comply with local laws or regulations. There is no magical solution in how to handle this situation, however, if I could give you a little advice, deal with this situation in the same way as you would any other competitor. Ensure that your marketing reflects quality products and excellent customer service, focus on your business and ensure that you remain motived and are the best that you can be.

Keep positive and motivated! 

Happy Ballooning! 

Sue

www.suebowler.com

Follow me @suebowler