Consider Uber and Lyft, two companies that offer the exact same product: a ride.
The ride-sharing services have taken very different approaches to competition, and tend to view one another through very different lenses.
If you’ve paid much attention to the news, you know that Uber’s chief executive, Travis Kalanick, sees Lyft as a nemesis to be crushed. Lyft, takes a softer view of its industry-leading competitor and uses the relationship as a way to differentiate itself as the kinder, gentler ride-sharing company.
Why do I bring this up? Because most of us could use a reminder that competition is a good thing. It exists to make us better.
An increase in competition can help you:
1. Differentiate your brand.
2. Boost your customer service.