Competition, is it a blessing or a curse? Most would opt for the latter. And as of late there is a lot of competition in our industry. Competition affects startups and established agencies in different ways. For the established agency competition is good in that it forces us out of complacency. We must remain sharp and on top of marketing and operation innovations to stay relevant and competitive. For start-up agencies competition forces you to bring a better offering to your market than already exists. This is important. If you are not better than the existing agencies in your market why would anyone use you?
The following is an excerpt from a book I am reading by John Jantsch titled "The Referral Engine":
"The market already spends money here. Sometimes marketers shy away from competition. If market research shows that there’s too much competition in a given area or industry, the thinking is that the market is saturated and there’s probably no room for your start-up there.
To that I say, nonsense. While it may be true that your neighborhood couldn't possibly stand another coffee shop, I’ve found the success of several businesses in an industry, even in the same direct community, can spell opportunity.
If people are already spending money on a product or service then two thirds of your work is done. They understand and value the offering enough to whip out their wallets. All that's left for you to do now is show them how much better you can make the experience. Few businesses really provide great service. In fact, stealing market share in mature markets is one of the easiest paths for smart start-ups to run.''
Let me repeat the last sentence. "In fact, stealing market share in mature markets is one of the easiest paths for smart start-ups to run." And the way to do that is to "show them how much better you can make the experience."
Embrace your competition. For the older agencies ensure that you are staying on top, doing your basics and providing exceptional service. For the newer agencies ask yourself, are you better than your competition, really better, noticeably better? If not then you have to focus your efforts on delivering a better service than your competitors.