Competition. This word brings up mixed emotions for most entrepreneurs. Some say it is good for the customers. Because competition reduces prices. When companies and brands compete for customers' business, they reduce prices and provide more quality. A level playing field where no one can monopolize the market and fix prices.
However, it is also true that most businesses do not like competition. They feel that their competitors are undercutting them on the prices. Sometimes the competition also engages in unethical activities such as damaging the reputation of their competition.
I love my competition. You heard it right. Why? Because they convince the market that they should be wanting, needing, and buying something. Unlike most entrepreneurs, I don't think that my competition is taking my market share away. The real competition is not your competitors.
Do not assume that if your prospects don't buy from you, they will buy from someone else. In most cases, if your audience decides not to buy from you, they have decided not to buy at all. Buyer inaction is the true competition.
When you look at the problem from this new lens, then it will dawn upon you that your competition is trying hard to convince the masses on why they should be buying something. If only 1% of the audience buys something from your competition, the remaining 99% are likely to consider buying something from you.
I started selling digital marketing training programs in 2016. I couldn't have entered the market if there was no competition. I was able to enter the market because all my competitors were trying to convince the masses to buy digital marketing courses. I only had to differentiate myself in the form of a strong offer.
Imagine, would it have been possible for iPhone to succeed in the market without a phone market that was built by Nokia, Samsung, and BlackBerry in the first place. The first movers spent years if not decades changing consumer behavior. Apple came up with something better and people flocked there. If iPhone was the first mobile phone, it is very likely they wouldn't be what they are today.