Good Natured Competition the Spice of Progressive Business

by Dr. Benjamin Okeagu

A dear friend of mine sent her ad to be typeset and run to hundreds of
thousands of eager prospects as promised by this really big and famous
ad broker. The only problem wasÖ my friend was also in the ad brokerage
business. Well, weeks later, the big and famous brokerage firm returned
my friend’s order, explaining that since she posed a competition, they
were not inclined to do business with her! My friend then quipped, “Oh
well, since they are so worried about my business, I’d better give them
something to really worry about!”

Another incident involved Murry Broach, who amassed a vast fortune from
writing and selling what he called “specialized information.” Murry was
once marketing his latest book on how to make a fortune buying and
selling merchandise seized in drug raids. It became an instant hit, and
soon enough, the copycats of the industry started marketing their
contrived facsimiles of his book. What did Murry do? He reached for his
“unique selling proposition, a good unique selling proposition comes
from product benefitsÖ benefits you offer that someone else doesn’t or
you offer it better.” Buoyed by his unique selling propositions, Murry’s
sales far outpaced those of his competitors combined!

The point to these two accounts is that competition in any business can
be good for business. In fact, sometimes it is the nature of competition
you’re getting that tells you you’re onto something HOT!

What is the value of competition in business? Consider the auto
industry. Years ago, the “Big Three” enjoyed a virtual monopoly. But, at
the same time, a common perception that American-made cars left too much
to be desired in quality and customer satisfaction. Along came the
Japanese, and the Big Three soon became embroiled in the fiercest kind
of competitionÖ one that, insiders say, even threatened their very
existence at one point! Was this bad? Hardly! Just take a look at the
state of the industry today. An industry that was once perceived to be
aloof and arrogant now revels in favorable ratings for quality and
customer satisfaction. The Big Three have even taken to forming widely
publicized consortia, to further accentuate the quality of American-made
cars. “Continuous Improvement” is a philosophy that appears to have
become indelibly seared into their collective corporate subconscious
minds! And the real winners are of course the consumers, who can now buy
with the unflinching assurance of utmost quality. If it does nothing
else then, competition awakens us from self-serving complacency, and
launches us on a quest for excellence.

Competition is a way of life. If you come across competition, confront
it with your “unique selling propositions.” Your unique selling
proposition is the one intangible factor that influences your customers’
expectations, while your products/services ultimately deliver on those
expectations. Your customers will continue to patronize you based on
your PRICE, QUALITY, and SERVICE.

Dr. Benjamin Okeagu is the President and CEO of Resources Marketing
Group. His writings are widely read. He specializes in helping serious
entrepreneurs achieve a spectacular income with their own prestigious,
low-cost Internet consulting business, even if they don’t own a
computer. For complete details, please send $2 for postage & handling
to: Resources Marketing Group, P. O. Box 1743, Troy, MI 48099.

Originally Published at http://www.homebusinessmag.com/

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