Competition is GOOD for Your Virtual Tour Business!!

As a virtual tour business, you’re out to beat the competition. There are plenty of other virtual tour providersout there competing for your customers—which means you have to worry about not only offering a great virtual tour service, but also fighting your competitors for market share. Wouldn’t your working life be easier if you were the only game in town?

Actually, it wouldn’t be. Competition is not only inevitable, it’s beneficial for your virtual tour business. Here are just a few reasons that competition is good for you as a virtual tour provider.

Competition increases visibility 
There are many real estate agents and businesses who still aren’t aware that virtual tour companies exist. The more virtual tour providers there are, the higher visibility is raised for the industry.

Also, you shouldn’t expect the number of virtual tour providers to negatively impact your business when it comes to visibility. Most people won’t automatically choose the first company they find—instead, they’ll research virtual tour providers and will be able to find yours among them so be sure to keep on blogging!!! 

Competition lets you charge more
This statement sounds like it goes against the grain of business logic, especially since one of the most popular strategies is offering a lower price than your competitors. However, competition brings you higher profits in a different way.  More virtual tour companies entering the market means that the industry is growing, and demand for your services is increasing. This kind of growth typically leads to an across-the-board, average industry increase for pricing—so you’ll be able to raise your prices along with your competitors, instead of against them.

Competition gives you networking opportunities
As a virtual tour provider, you are just one person (or a team of people). It’s impossible for you to go out and create virtual tours for every single business and property out there. What you’re looking for are customers in your attainable geographic area—and when you have an inquiry from someone with a property that’s many miles away, all you can do is turn them down.

Unless, of course, you’re networking with other virtual tour providers. Competition lets you create strategic business connections. You can work with other service companies to send them referrals you’re unable to handle, and in return they’ll send you referrals that are within your capacities.

Competition keeps you motivated
If you were the only virtual tour provider around, everyone who wanted a virtual tour would come to you. You would be guaranteed business, and you might even get overwhelmed. With a practical monopoly, you wouldn’t have to try very hard—and you certainly wouldn’t have to come up with new ideas and innovations to keep your business fresh.

Having competition helps to fuel your drive to provide a great virtual tour service. As a motivated provider, you have happy, repeat customers, a good reputation, and the benefit of word-of-mouth marketing.

That’s what competition can do for you!
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