Forbes estimates there are over 1.0 billion websites online today! And this isn’t a static number either. The number grows exponentially with each passing day (more than 250,000 sites added every 24 hours). Apollo Technical calculates there are about 5.6 million people looking for jobs in the US with up to 30% of the global adult population actively looking work. Is it uber competitive in the marketplace? You betcha. CNBC, when conducting surveys about re-employment prospects, 70% of the respondents reported that their current job search is much more difficult than job searches in times past. Skip to the very bottom if you’d like to read our job search success tips for maintaining competitiveness in a tough job market.
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If you are a negative thinker or critical of your circumstances you could say that competition is fierce. To conclude, “Why even try?”
We’re hoping you don’t go that route. A wise man has said, “Don’t worry about the past, it can’t be changed. Don’t be anxious about the future, you don’t know what it holds. The art of life is to live in the present moment.”
Don’t shy away from getting the job you want. Or stepping into an entrepreneurial niche you’d like to pursue because you see that competing rivals are plentiful. All that means is:
- you have a good idea and it’s a proven moneymaker according to how many others want a part of that pie too.
- you have your sights set on a rewarding career that will payoff in the long run as others have drawn the same conclusion.
Competition improves competitiveness and is good for the human psyche
Not only is competition good for corporations and consumers; its also beneficial for the human psyche. Frontiers in Psychology published an article demonstrating that competition can motivate individual competitors to increase their attention on a specific physical activity. Furthermore, having an equally skilled and competent opponent can drive job candidates, business owners and entrepreneurs to be better, upskill, enhance service quality and improve product features.
As in the movie “Fast,” Formula One driver Niki Lauda recalled a conversation he had with his doctor while hospitalized to James Hunt, his archnemesis, ‘that bastard Hunt,’ I would say. ‘I hate that guy.’ And then one day, the doctor came and said, ‘Mr. Lauda, may I offer a piece of advice? Stop thinking of it as a curse to have been given an enemy in life. It can be a blessing, too. A wise man gets more from his enemies than a fool from his friends.’ And you know what? He was right. Look at us. We were both a pair of kids when we met. Hot-headed jerks in Formula 3. Disowned by our families. Headed nowhere. And now, we’re both champions of the world. It was not bad, huh?”
Competitive sports: one market carefully uses scientific models
There is one market, better than most, that studies the planned confrontation between two rivaling teams, down to science. Which one? Competitive sports.
Researchers show that sports competitions can be so fierce as to cause death and devastating injury. Not only for entertainment value, but for the pursuit of financial wealth. Not all competing events are equally fun to watch or bring about the best gains for bettors or investors. How so? These are the elements that make the best sports games (soccer, basketball, football) in professional and major leagues:
- A high degree of perceived equality between the rivaling teams
- More balanced skill levels between competitors lead to higher profits (more sponsors, advertisers and ticket sales)
This means that spectators find contests between two equally talented teams to be more enjoyable than when the skill sets of individual team members are imbalanced.
What does this have to do with real life? Some think about the election between two competing politicians that happened recently. Some voters thought the contest wasn’t equally balanced. The election result can lead to claims of unfairness and lack of integrity.
Getting back to sports though. To keep their lucrative business model intact, league promoters and owners of sports teams, must maintain the perception that games were balanced and fair. This is why managers and owners work feverishly to “ensure equity among its components, such as a salary cap [and] the draft.”
Just this one field shows how much forethought goes into scheduling, setting up contests, tournaments and competitive leagues. Profitable business models employing elements of ‘healthy rivalry’ extends throughout our society.
But we’re experiencing lots of headwinds. Not only from the intense competition but changing societal norms.
Competition is considered a dirty word
Squaring with an opponent and fighting head to head are acts now that can be considered as dirty and inappropriate. For the past few years, societal norms have been unhinged and turned on its head. One would think that the value of meritocracy is declining. But is it?
Consumers value quality derived from an intense market of strong competitors
Consumer behavior can be the best reflection of what drives a society. Consumers search for the highest quality product and the lowest possible price to meet their needs. ISO9000, the Malcolm Baldrige Awards, Kelly Blue Book Value Awards, and the Good Housekeeping Seal of Approval, are just a few of the many emblems companies strive to have affixed on their products or services. Why? Because these independent entities verify that the items are manufactured with the best raw materials and meet the highest quality standards available for the price.
In these instances, competition is indeed quite good because it forces companies to be the best at the lowest price (within reason).
Winners in a tight market make winning lucrative
Harvard University Research in referencing the surge in competitiveness of Asian companies said succinctly, “once a firm meets or surpasses the quality of its lead competitors, it grabs huge market share.” (page 54, first para).
Consumers take active steps to determine quality based upon competitiveness
Think about it. Referring to the Forbes article again, almost 3/4ths of all businesses have a website where 28% of all business is conducted online. Zippia estimates there exists roughly 12 million to 24 million businesses worldwide operating e-commerce sites. Approximately 10 to 20% are based in the US, depending upon conservative or aggressive calculations. An internet presence is important, for sure. But a solid, stellar reputation based upon providing high quality goods and services may take the cake.
Consider this, too. About 80% of consumers looking to seriously buy a product or service will search the internet and research options before making a purchase. Further, the information consumers find most compelling are online reviews (55% of consumers use this tactic) and in depth information found on a company’s website (47% purchasers take this approach).
There are other reasons why competition is good for companies and for their consumers. Battles among rivals are good because it can also prove the track record of a niche. What you want to do is bring something to the table within that niche that other companies have not yet brought to market. Or you’ve found an innovative feature you can add to a tried and true product or service at a fraction of the traditional price.
Case example of competition leading to business profits
For example, plenty of companies jumped on the bandwagon after the Kindle was released and began to offer protective cases in a variety of designs and colors to the public who purchased the Kindle and other electronic devices. However, one company decided to create a niche with safety from theft in mind and created a cover that resembles an old book – protecting the Kindle from scratches and from the view of would-be thieves as well. They took a niche and narrowed it down and charged ahead of the competition and are now making plenty in profits. Any product that is specifically focused will always beat out the competition. If you want to work a niche on weight loss, you’ll discover that the weight loss niche is saturated with websites, books, and other products dedicated to the topic.
Many examples of fiercely fought matchups between job candidates in the job market
The same analogies can be made about the job market. Prospective employees and job candidates have tirelessly researched the backgrounds, future revenue and growth projections of potential employers. When fortunate enough to get screened for the next step of the process, many are required to pass a behavioral assessment and a task assessment. After getting through this hurdle they may need to pass several rounds of interviews, leading to a panel interview. Some don’t even make it that far to be rejected. Many have been asked to record an introductory video and respond to AI generated questions. All of this can be a drawn out painful experience. All steps (hopefully) to ferret out the best possible job candidate to give an offer at the lowest possible wage. Competition is indeed alive and very well!
Psychologists, economists, policy woks and National Security Advisors tout benefits of hard fought challenges
But, before we tout the benefits and advantages of head-to-head challenges, let’s take a look at what an experts say about competition. Who are we talking about? Psychologists, economists and public policy woks.
Psychology Today published an article sharing with its readers the following:
- Economists stress the essential nature of competition as it helps to maintain productive and efficient markets. Its argued without business competition its likely monopolies will proliferate driven purely by self interest.
- Public policy woks theorize the importance of “competition on domestic politics (e.g. presidential elections)” <– their words, not mine! so that the prevailing winner (or party) is ensured to represent the will of a majority of its electorate.
- National security advisors diplomatically state the virtues of nation-state competition so as to require the most worthy nation possession of the most power and resources, relative to other countries.
Competing against opponents: the mainstay of biological and economic survival
Even, biologically, the sexes compete for love and affection for survival. The most virile male and the most attractive female traditionally have had the luxury to get their pick of suitors.
Top tips to maintain competitiveness in tough job market
Much as been studied from an organizational (business level from the National Institute of Bank Management) on ways to build competitive advantage in the global market place. Today, we’ll offer top success tips to use on your remote job or any job search:
- Show examples of past performance (higher project output, increase in sales, lower costs, higher value) at your previous job
- Explain how you are competent across functions and disciplines (knowledge of Excel, data analysis AND Canva, graphic arts)
- Provide examples where you have skillfully adapted with ease to change (during Covid-19, natural disaster, power outages)
- Give examples of your depth of knowledge in your specific area (analysis, presentation, communication, coordinate, lead)
- Show how you have created value for your past employer (upsell service to customer, maintained a disgruntled client, convinced disaffected employee to be more positive)
- Describe how you adhered to or help change standard procedures to make your job more efficient and cost effective
- Explain how you continually take the initiative at your own expense to learn more about the industry and your job specifically
- Share examples of positive engagement and interaction with your team, colleagues, co-workers, supervisor and clients
So, why write this article? We’re trying to encourage downtrodden job seekers, aspiring entrepreneurs, isolated remote workers and digital nomads not to tuck away their dreams of earning the proverbial WWE belt or the queen’s diamond encrusted crown. Go ahead. We give you permission to be competitive. To find your competitive edge. Regardless of the naysayers.