
Why Competition is Essential for Innovation: Exploring the Benefits of Rivalry in Business
Recently in my LinkedIn feed, I saw that an ex-colleague and team had won a number of design awards. Now that they work for a competitor, it was difficult to publicly praise and congratulate them, but as a designer, I dropped a private message, as it was a great achievement and they deserved the feedback, as well as respect for the hard work and skills involved.
Looking back though, is it really such a bad thing to congratulate a competitor on their success?
A strange question you may think, but then I started to look at it from another point of view. Without great competitors, would we strive so hard as designers to create?
When you see a competitors design or new innovation, what is your first thought. That you appreciate the design and effort that went into it, but have you ever reached out to them?
Packaging is a small world and you will certainly see ex colleagues at competitors.
When I see a competitors design that is good, my first thought is to understand it, then the next is how can I do better or improve it. This healthy competition is even better for the customer, as the challenge results in a constant stream of innovation and developments.
I was presenting to some sustainable businesses on my research and on the same day we had successfully heard that the account I was leading innovation on had signed a contract for a 100% increase in volume, which was worth around €15,000,000.
I was then asked a great question by one of the attendees “what makes us different from our competitors?” I gave examples of our presentation techniques and work, but was then asked “why did I think we were selected from the six other suppliers?” and it really made me think.
My only response was, because we were hungry for it… we wanted it more than anything and the customer said it reflected in our reply to everything. We were pro-active, not reactive…
We went above and beyond, built relationships and opened ourselves up to them. We were human, not just a supplier, taking the time to understand their pain points and what they needed, as well as going to their sites and seeing first hand how we could help.
How did I approach this account?
I applied the same thought process from when I owned my own business, I treated them like my own customer. I appreciated their time, responses and opportunities, it all meant a lot to me. They were not just some customer and that I switched off my laptop at 5pm. I do not want to let them down, I do my absolute best each day
Competition drives companies to improve their products or services in order to stay ahead of their rivals. When companies are forced to compete with each other, they are incentivized to come up with new and innovative ideas that will set them apart from their competitors.
Competitors can provide inspiration and ideas for innovation. By studying their competitors, companies can gain valuable insights into what works and what doesn’t, and use that knowledge to inform their own innovation strategies.
Competition creates pressure to innovate. When companies are in a competitive market, they cannot afford to become complacent. They must continually innovate and improve in order to stay relevant and maintain their market share.
Competition encourages risk-taking. In order to stand out in a crowded market, companies may need to take risks and try new things. By doing so, they can differentiate themselves from their competitors and potentially gain a competitive advantage.
Overall, competition provides a powerful motivator for innovation. Without competition, companies may be less likely to take risks and push the boundaries of what is possible, leading to stagnation and a lack of progress in their industries.
🎉🌟 Embracing Healthy Competition and Driving Innovation 💡🚀
Today, I want to discuss the importance of recognizing and celebrating the achievements of our competitors. Recently, I came across an ex-colleague and their team winning multiple design awards, despite now working for a competitor. Although publicly acknowledging their success was challenging, I couldn’t resist dropping them a private message to convey my admiration and appreciation for their hard work and exceptional skills. 🏆🤝
But here’s a thought: Is it really such a bad thing to congratulate our competitors on their accomplishments?
Consider this: Without great competitors, would we, as designers, be as motivated to push our boundaries and strive for excellence? When we come across a competitor’s impressive design or innovative solution, our initial reaction should be one of appreciation for the effort and creativity involved. Have you ever reached out to a competitor to express your admiration or explore potential collaborations? 🌍💡
In the world of packaging, where connections run deep and ex-colleagues often find themselves at competing companies, acknowledging the successes of our rivals can be both humbling and inspiring. When I see a competitor’s outstanding design, my first instinct is to understand it fully, and then to contemplate how I can surpass or build upon it. This healthy competition benefits not only us as designers but also the customers we serve. The continuous challenge to outdo each other fuels a steady stream of innovation and advancement.
Recently, during a presentation on my research to sustainable businesses, I had the privilege of sharing an example that perfectly captured the essence of healthy competition. I was asked a thought-provoking question by one of the attendees: “What makes us different from our competitors?” Using the story of our recent success, I explained that our hunger and unwavering determination set us apart. We were proactive rather than reactive, going the extra mile to build strong relationships and truly understand our clients’ pain points. We approached them as partners, investing time to visit their sites and gain firsthand insights. We treated them as more than just customers; they became a crucial part of our extended family. We were committed to delivering our very best each day, ensuring we never let them down.
Competition drives companies to continuously improve their products and services to stay ahead of their rivals. When faced with competition, businesses are motivated to generate new and innovative ideas that distinguish them from the crowd. Competitors serve as a source of inspiration, offering valuable insights into what works and what doesn’t. By studying our rivals, we can inform our own innovation strategies and drive positive change within our industry.
Moreover, competition creates a healthy pressure to innovate. Complacency is not an option in a competitive market. To remain relevant and maintain our market share, we must constantly strive for improvement. This necessitates a mindset of ongoing innovation and a willingness to push boundaries.
In fact, competition also encourages us to take risks. Standing out in a crowded market often requires bold decisions and venturing into uncharted territory. By embracing risks, we can differentiate ourselves from our competitors and gain a distinct competitive advantage.
Ultimately, competition serves as a powerful motivator for innovation. Without competition, we may become complacent and risk stagnation. By celebrating our competitors’ successes, recognizing their contributions, and leveraging their achievements as inspiration, we can propel our industry forward and foster a culture of continuous progress.
So, let’s embrace healthy competition, applaud our rivals’ achievements, and let their successes ignite our own passion for innovation. Together, we can create a vibrant ecosystem that drives