WHY HAVING COMPETITION IS A GOOD THING! | MARKETING MYTHBUSTERS #business #entrepreneur #marketing

Have you noticed how 10 high street coffee shops can all be full of customers even when they're located 5 minutes from each other? You would have thought there'd be too much competition for all of them to stay in business, right? It's the same with books. Browse the business section or the self-help section or indeed any specialist section of any bookstore, real or online, and every book is directly competing with one another. Having competition is a signal. It means you're offering something that's not considered weird for many people. Competition provides potential buyers with a kind of reassurance. It makes it easier to get your point across since there are others in your category claiming to offer something similar. Competitors force you to continually review your product quality or customer buying experience. They push you to innovate and to learn new practices, technologies, or processes. If your business is in a market with no competition, that may be because there isn't actually a market.