If you aren't excited and energized by your competition, you might be missing valuable ways to improve your business. In fact, competition is an essential aspect of the business environment and it offers compelling benefits.
Competition fosters a climate of innovation by pushing businesses to continuously improve their products and services. We’re no strangers to this. As a digital marketing agency, we operate in a very crowded online environment and are always looking for ways to differentiate ourselves. We’re driven to offer better value, unique prospects, and more efficient solutions for our clients, which leads to advancements that benefit both us and our consumers.
To stay in the game, we know that a key differentiator is the quality of our work. That’s why we’re focused on delivering exceptional results. We recognize that by providing our clients with more options and increased value for their money, we’re also gaining a competitive edge. The payoff for us? Brand loyalty and higher repeat conversions.
Increased competition also benefits our industry more broadly. It stimulates market growth because as we all vie for market share, we’re investing in improvements in research, development, and innovation. It contributes to economic growth and job creation in the technical and creative fields. Simply put, by encouraging new market entrants, competition drives overall industry advancement. And this applies to virtually every field.
Our team at Choice OMG responds to competition by valuing continuous learning, strategic thinking, and staying nimble enough to adapt easily to evolving trends. This means that we’ve been able to adjust to huge changes in the marketing industry as it shifts to being almost entirely digital.
While all of these efforts have enabled us to stay profitable and relevant, they’ve also served to increase affordability for our clients. Healthy competition leads to lower prices as similar businesses compete to attract customers. It increases purchasing power and gives our clients greater accessibility to affordable options. Everyone wins.
If you're wondering why we’re talking about competition, you’ll be interested to know that we aren’t the only ones. In fact, just this week, the Competition Bureau published its market report, Canada Needs More Grocery Competition. Why are we paying attention as a digital marketing agency?
The report focuses on how to deliver more competition, innovation, and choice to grocery shoppers in Canada. For all the same reasons that competition is good for our own industry, it's also good for the grocery industry. High concentration that puts control into the hands of just a few grocery giants has contributed to an affordability crisis in the Canadian grocery sector. Political pressures, like Russia’s invasion of Ukraine, have made matters even more dire. To bring prices down to affordable levels, more competition is widely viewed as the solution.
Recommendations from the report include new growth opportunities for other business models, government support for independent and international market entries, harmonized pricing measures, and limited property controls. While these kinds of approaches wouldn’t work equally well in other industries, the report serves to underscore that both businesses and consumers benefit from increased competition in any arena. It drives innovation, raises the quality of available goods and services, and contributes to efficiencies in operations.
As a business, we embrace competition in the digital marketing realm. By fostering a culture that welcomes it, our team is inspired to continuously improve and innovate. It’s caused us to focus on gaining a deeper understanding of our clients’ needs and preferences, which has contributed to our success. We effectively overcome obstacles, think creatively, and adapt to changing market dynamics. As a result, we’ve stayed relevant in an ever-changing business landscape.
Ultimately, competition in the digital marketing industry has enabled us to identify areas to differentiate ourselves from the pack by fostering loyalty, trust, and a long-term relationship with our clients. We’re committed to contributing to industry advancement and best practices in a collaborative environment of healthy competition.
Looked at as an opportunity rather than a threat, competition can actually help us position ourselves as market leaders. And hey, you don’t have to ask us twice to push boundaries. It’s exactly what we want to be doing anyway.