A lengthy paragraph on why I think competition is a good thing

Philip Morgan

Competition is a good thing! Interacting with your competitors can give you deeper market insight, give you ideas and motivation to help you serve your prospects better, encourage your to develop mutually-beneficial referral relationships, and can lead to unexpected kismet-ey learning. The mere existence of competitors can increase the total supply of opportunity in the market. For example, when the first CRM software came on the scene, few companies felt they MUST HAVE a CRM. But now that there are like a million CRM options, many (maybe most!) companies think they need a CRM. What caused this increase in demand for CRMs? I think the abundant supply of CRM options at least partly causes companies to think "everybody else has a CRM; we need one too!" Is management consulting or security audits or business storytelling really so different from CRMs? Strong or even intimidating competitors are good because they encourage you to level up and they help clients thrive, which helps the ecosystem you serve. Low-priced competitors are good because they siphon off price-sensitive clients, meaning you aren't tempted to join the race to the bottom. Low-priced competitors also do undesirable, crappy implementation work (and they tend to over-serve those clients too), forcing you to find higher value clients that you don't have to over-serve, which encourages you to do what you should be doing anyway! And the best of your low-priced competitors can become good implementation partners if you focus more on strategy work.

Viva la competition!