Competition allows one to better themselves by improving standards and the end customer’s experience. This helps increase brand awareness and loyalty.
Competition keeps you on your toes. It allows a company to keep coming up with the latest and better features. It allows every business to focus on solving customer’s problems, and improving easy of use of their service and products. It drives firms to create better functionality, and reduce waste.
“We all go through a normal growing-up stage where some competition is essential for development of healthy self-esteem.”
There is a difference between competition and greed. Competition focuses on bettering yourself for the end benefit of the company and industry. Greed focuses on bettering your pockets.
Without competition I would become complacent. But since Karma Snack is positioned as the underdog we have to continue improving our strategies, processes, methodologies, and message to end users.
In the last week we did a re-mixed redesign of the main Karma Snack website, we introduced curves instead of squares for everything, refined the look of the overall site.
In one week’s time we drop our bounce rate by over 11% from this one change. The week’s bounce rate has been hovering at 40.59%, but there were days it was as low as 30%, for the whole site!! We increased visitors by 47%. Page views increased by 57%. Increased Average page views by 6.6%. And most important increased time on site by 1 minute and 24 seconds. That’s targeted traffic reading and understanding our site.
The end result in the visual improvement allowed us to increase our daily leads by 450%, in one week. Goal conversions for the site increase by 305%.
Our referral traffic has increased by 92% thanks to our marketing campaign in the same two-week period. These results can only be achieved by testing new and better sources, eliminating ones that don’t work, and understanding how to use each social media platform to it’s full effect.
For example, me using Digg to get traffic is like sending a homeless people to a Bentley dealership, it’s just not going to convert, Instead use the Digg traffic to get you website indexed faster, and use other sites like Sphinn that are targeted for marketing to get the converting traffic, and now your playing with the right game plan.
There are subtleties in Internet marketing and understanding these cannot be achieved without competition. I could not continue to learn the new and better ways for internet marketing without studying the competition, seeing what they are doing wrong, and what they are doing right. I’ve been doing web design and Internet marketing since 1995, I could not survive if I didn’t stay on top of the competition day in and day out. I work 7 days a week and don’t rest for nothing, not until I am number one in a particular industry or the niche I am targeting.
I’ve got Google Alerts going nuts with Karma Snack all day and night right now. The competition notices it, and I know they do since they copy what we do after each Google Alert, and then I start seeing Google Alerts for them in places I am working. It’s a never-ending game that continues on until either one of you is defeated, or the whole game changes and you are the old school going up against the new school. With competition driving you, you will always see the changes coming, and hopefully steer the course of the industry as well.
Competition allows me to improve my own game plan, by watching where others fail and success.
“A fool learns from his own mistakes, a wise man learns from other’s mistakes.”