In my opinion there are no other businesses that adapt to customers needs and the needs of the market as a whole as fast as online businesses. Competition online can be much more intense than local businesses. Take for example GoDaddy which has morphed and changed in positive ways throughout their life time. We keep a list of godaddy coupons updated so you can obtain the most recent discount. They are not only proactive in staying up to date with what their customers need but also in assuring their customers retain loyal and continue to use their products and services which is one reason they provide coupons.
When it comes to online businesses you can find out what your competitors are doing instantly by simply viewing their websites. Offline businesses must visit a competitors store and it can take much more time to determine any variances in approach or marketing.
Competition by Industry
Certain industries lend themselves to additional competition. I should say increased competition. When it comes to GoDaddy their industry was originally just domain names, then they moved into web hosting, and now they also provide multiple business services and additional website services. As the internet was originally dominated by those in the computer industry, that has changed over time. The demographics of the market have changed. Also as computer savvy customers were the first to be online this particular market of domains and hosting were one of the first and now longest running online industries. Due to this, there are many competitors. These competitors can be anywhere in the world and provide hosting services or domain registration. During that entire time it is impressive to see a company such as Go Daddy thrive so long.
Longevity of GoDaddy In their Industry
It is a testament to the management and vision of a companies leaders when they can survive and thrive in a highly competitive environment. GoDaddy became number one in domain registration years ago and continues to hold that title. It is due to the vision of their founder Bob Parsons and the execution of the management as well as the entire company. There are many factors that you can point to when discussing their success. One particular factor is their ability to keep customers coming back.
Assuring Customer Loyalty
There are two factors that businesses, and other factors as well, look at with respect to customers. When it comes to marketing there is a cost per acquisition (CPA) which attempts to put a dollar figure on the cost of each customer. There is also the life time value (LTV) which attempts to determine how much a customer will spend over time. The CPA is a sunk cost and therefore you want your LTV to be as high as possible. Godaddy is such a forward thinking company that not only do they provide excellent products and services as well as customer service to satisfy customers they go further. You can obtain a coupon from godaddy for additional products and services. Even current customers can use them. The benefit is that current customers continue to obtain the best or better deals than new customers. It is surprising to me how many companies do not do this. There are many companies that only provide new customers with deals. That in my opinion is a mistake.