Other than very niche markets, chances are that if you’re offering a product or service – you have some kind of competition somewhere. This has become even more prevalent with the rise of eCommerce, where companies run from garages can compete with your mall-based brick-and-mortar store. So, what exactly are competitors in the digital marketing industry? Is having competitors always a bad thing? Let’s find out:
What is competition?
Competition is so much more than just someone else who is trying to undermine you in some way. It’s not all bad, and in some cases competition actually becomes a catalyst for organisational growth! Competition in the digital marketing context can be defined as:
“The rivalry between companies selling similar products and services with the goal of achieving revenue, profit, and market-share growth.” – James Carnrite, MSc – information technology management.
Marketing competition motivates brands to constantly improve their offerings and customer service because there’s always someone trying to do better than you. In turn, a brand should also have another larger market player to look up to. This competition actually improves the entire market and ensures a high level of quality and service excellence. When monopolies form, complacency creeps in.