No Competitors Company
If your management or CEO claims the company has no competitors then the company has a serious problem as:
- There is probably no market except if you have a monopoly.
- Your company is the first to market thus huge marketing costs creating market awareness
Only when there are competitors then there is a market for your products or solutions.
Management or the CEO can nuance this by claiming ‘Virtually No Competitors’. However what is ‘virtually’ as there are no virtual competitors: just real ones.
There will always be competitors:
- with better or lesser products
- with solutions addressing more problems or less problems
- with products at higher or lower price levels
Having a decent number of competitors:
- Brings a healthy competition
- Creates market awareness
- Distributes different marketing communications for different segments
- Reaches out further
- Generates more interest (lead generation benefit)
- Will keep the company innovative
If your company would be the sole vendor then it has to create the awareness, distribute different marketing communications, will have problems for reaching far which will result in less leads and even much less sales as your marketing has a limited reach.
It is always good to know and have a high esteem for your competitors.
Don’t under estimate the benefit and advantage of having competitors.
Who are your competitors ?