If I had a dollar for every time someone told us, “We have no competition”, I would have a lot of dollars! If you truly believe that you have no competition, one of the below is true:

• You haven’t done your homework 
• You aren’t defining competition correctly
• You’re kidding yourself 
• There is no competition because nobody wants what you are selling

Competitors aren’t the bad guys and aren’t even in the top 3 reasons why startups fail. The most common reason startups fail is lack of market need.  

Another way to think about competition is to think of all the upsides.

Competition enables you to identify your special sauce – specific and unique traits that are appealing to customers. Identifying and harnessing these traits will enable you to highlight your unique value proposition (UVP), have more effective marketing and bring in new customers.

9 Reasons to Love Competition:

1. Validates your business
2. Helps convince prospects/the market that there is a problem to be solved
3. Learn from the mistakes of others
4. No need to be the best for the entire space – only for your target market
5. Drives innovation to improve products and services
6. Prevents complacency and pushes you to be your best
7. Highlights your special sauce
8. Encourages differentiation
9. Prioritizes customer needs

Competition can be scary, but it is necessary for growth and innovation. Embracing it can lead to new ideas, perspectives, and opportunities for your business. Exposure to competition in the early stages of a firm’s life increases its long-term survival. Our advice is to keep your eye on the competition, but keep your focus on your customers.

Debbie is co-founder, chief of customer success at Buzzy Rocket and yellow lab lover. From LA to London, she is well known as an expert in creating that certain elusive magic that drives explosive growth at the intersection of companies, customers and mobile. She has proven strategic vision, and isn’t afraid to get in the trenches. In fact, she’s been doing this at companies big and small for 25+ years. Her background includes executive level positions at both public companies and startups where she has proven over and over again that her passion, drive and results oriented perspective get it done. She is tenacious, loves the game changer and loves to win.

Debbie is co-founder, chief of customer success at Buzzy Rocket and yellow lab lover. From LA to London, she is well known as an expert in creating that certain elusive magic that drives explosive growth at the intersection of companies, customers and mobile. She has proven strategic vision, and isn’t afraid to get in the trenches. In fact, she’s been doing this at companies big and small for 25+ years. Her background includes executive level positions at both public companies and startups where she has proven over and over again that her passion, drive and results oriented perspective get it done. She is tenacious, loves the game changer and loves to win.