A public market is a good-to-go place for anything you want. With its wide range of goods, products and services, you will never run out of choices. In here, you can find many small businesses which are operated by their owners. They sell everything from meat products, dairy and poultry products, local foods, and locally grown fruits and vegetables.
With so many businesses in a public market, there can be room for competition. Competition is the critical driver of performance and innovation. It benefits everyone by enabling us to choose from an array of excellent products at affordable prices. Competition also encourages the adoption of innovation to make businesses evolve in the market place.
Generally, consumers stand to gain the most from greater competition in any field. Fair and open competition means lower prices and greater choices for them.
If you own a stall or shop in a marketplace, competition can also help you in many ways.
How does competition benefit businesses in public markets?
- Competition makes you customer service better.
While everyone else is busy selling their goods and products, try to show small appreciation to your customers. Make them trust your store so that when competition comes, they will still buy your products.
- Competition helps you identify your strengths and weaknesses
All businesses no matter how big or small have their own sets of strengths and weaknesses. You may not know your own until competition comes along. Competition helps narrow your focus a little and concentrate on what you are really good at and work on your weaknesses.
- Competition reminds you to focus on your key customers.
With competition present, you are reminded to focus on your key customers. After all, they are the reason for the cash inflow of your business.
- Competition makes you think of more creative ways.
While a lot of your competitors are also thinking of more ways to gain customers, you also have to think ahead for more creative ways to serve your customers.
- Competition helps your business grow and market.
Strong competition can actually help your business because they keep you on your toes. They also provide valuable market insight, and force you to keep your product strategies fresh.
- Competition gives room for learning.
Friendly and open competition can give you room for learning. You will not stop exploring and learning new ideas to serve your customers better.
- Competition stops complacency.
Competition pushes you out of your comfort zone because of the driving force to serve better your customers. Leaving your comfort zone also helps you to strive to win on your other competitors when it comes to your business.
- Competition helps identify potential threats to your business.
You can learn from your other competitors- what business strategies work and what are those that don’t. From there, you can create more creative plans to make your business more attractive to new customers and it can help you keep your key customers.