It can be easy feel insecure about the amount of competition there is.- especially when it comes to the fashion industry! There is already so may products and brands on the market place – I even asked the question ‘Why does the world need another fashion brand?’ a couple of weeks ago. The truth is – we will always need to wear something (unless our society drastically changes) – so, why can’t it be your brand?
I want you to start looking at competition a little differently. There is competition in every industry – I’m here to tell you competition can actually be good for your brand.
Innovation
When you’re the best player on the field, it can be harder to improve. You aren’t pushed out of your comfort zone or need to work harder to achieve a winning shot – your mediocre will suffice. Yet, when you’re surrounded by the best of the best, you are forced to improve, think outside of the box, get creative – because you won’t succeed by doing what everyone else is doing. You will have you start attacking, pushing your brand to be better!
Customer service
When competition is high, you are forced to compete for customers- being liked won’t cut it. You need to be listening to the needs of your customers and a way to do that is by responding with a strong, attentive & actionable customer service team. Making your customers feel valued and important is how you gain loyal and return customers. Make a mistake at the customer service point and you just sent that customer to one of your competitors forever.
Sense of Security
Competition removes complacency. You must constantly try to improve the brand, and push limits keeping the momentum to stand out – this will not only help your brand in the long run, but it will also encourage your employees and they will be motivated towards succeeding also.
Understanding your Core Market
There’s no way around it - competition forces you to focus on your core audience. You have to understand everything about them to ensure your products are what they see first. This helps your brand tremendously, because with your research and analysis- there won’t be any doubt that your brand/product(s) won’t capture the attention of your market.
Education
Keeping a close eye on what your competitors are doing, helps your brand/business. They give you valuable insight into the state of the market – seeing what your competition is up to; what works and what doesn’t -allows you to make objective decisions for your brand and business.
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