Competition is good and indeed essential; but as long as it is healthy. Unhealthy competition creates financial turmoil, job losses and even recessions and economic downturns. Usually, when individuals act overly competitive, competition reaches an unhealthy level and consequently things go wrong; as ethics and transparency in communications might be ignored. This can cause serious emotional and significant financial harms in lives of people. Therefore, competition needs careful management and observation.
Brands can and should compete in certain areas, while collaborate and form partnerships in other areas. Social Media has undoubtedly opened up hundreds of strategic windows to businesses regardless of their size, time differences and geographic distances. All businesses want to be successful and simple rule of success is collaboration.
This in a way manifests the significance of customer service and value of collaboration. Based on current market moves, it is reasonable to assume the future competition for businesses will be on strategic collaborations and best customer service delivery. The ultimate fallout of ignoring voice of customers can have a significant impact on customer trust and would drain a brand’s legal and PR resources.
Competition creates choice, collaboration offers quality and partnership builds trust. It is an overt fact that businesses won’t be able to make money without establishing trust and offering quality products and services. Affiliate marketing is a good example of how competition, collaboration and partnership can be blended in favour of both businesses and consumers.
Finally, effective competition management, systematic collaboration and strategic partnerships enable brands to identify areas for improvement, business opportunities, customer care and high quality delivery. Wouldn’t this work in favour of both businesses and customers?
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