The Value Of Competition | Greg Hoyos

50 THINGS I’VE LEARNED IN 50 YEARS OF MARKETING

#16

By Greg Hoyos

BRIDGETOWN, Barbados, Thursday May 3, 2018 – This might sound odd, but if you haven’t got at least one good competitor, you probably can’t perform at your best.

Competition keeps us sharp. It drives us along, makes us do our best. I honestly feel that I get better at my profession every year, even after almost five decades in the business. I certainly learn more!

Additionally, these days competitionfor many companies has come from entirely unexpected areas. Taxi companies have been blindsided by Uber, department stores by Amazon, and so on. Most of the old guard were complacent and slow and were taken entirely by surprise.

And everyone I know is praying the day will soon come when the legal profession in the Caribbean finally lose its rearguard action to prevent it happening here – as is happening in larger countries.

Historically, competition in smaller economies has often been genteel and accommodating (so called oligopolies), but that is changingnow, due to the demands of a stagnant marketplace. None of us like it, but it’s inevitable.

In fact, another word for competition could be progress. So if you have a strong rival, thank your lucky stars, roll up your sleeves and get out there and win.

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Greg Hoyos is founder and chairman at GHA DDB. He started his first regional ad agency in 1970; has won five CLIOs (including the 1979 Worldwide Copywriting statue) and numerous Caribbean ADDYs; and is the author of ‘Marketing and Demand’ and ‘A History of Marketing in 32 Objects’. He can be reached at (246) 234-4110 or greg@greghoyos.com