Hi lovelies,

It is human nature to try and win. In the world of sport, athletes often achieve optimal performance levels when competing against their toughest competitors. This can also be said of businesses. Competition may seem like an obstacle, but it can actually bring out the best a company has to offer. The infographic below outlines the most critical benefits of competition in business.

The first advantage is innovation. Businesses push each other to do more, and this often contributes to new inventions and changes in the way companies operate. Forward-thinking firms are always on the lookout for ways to boost efficiency, to improve customer experience and to create products that fill a gap in the market. Without innovation, we’d be stuck in a rut, and we wouldn’t have access to the incredible inventions that have become part of our everyday lives. 

Another key benefit of competition is credibility. Competition sets standards and encourages companies operating within an industry to strive for high standards of quality and service. Customer service, as you’ll see from the infographic, is another feature of a competitive marketplace. When you have others breathing down your neck, looking after customers and rewarding client loyalty become more pressing.

Finally, competition helps to stamp out complacency and promote continuous improvement. Real-life examples like Apple and Microsoft and Pepsi and Coke demonstrate the importance of competition and the impact it has on the market. Intense battles between leading brands promote growth and provide customers with a choice between reputable businesses that set a standard for innovation, customer service and product quality.