Keeping abreast of what your competition is offering is a great way of making sure you stay up to date with local trends and a good way of checking they're not directly copying your ideas. Competition is also great for keeping you on your toes and making sure your business doesn't stagnate.
Unfortunately, competition gets ugly when rumours and gossip are spread in an effort to discredit a particular business, with the aim of either winning the customer or just simply making sure the customer does not visit said business. Personally I don't get involved. It's not worth it. I really don't see the point in feuds and cliques. I try to get along with everyone and I have a selection of businesses - even a cake business, that I recommend. It's much better to focus on positives not negatives!
Bad competition can come in the form of too many businesses offering similar products in the same locale. Take for instance my visit to a local food (market) festival in Halifax last weekend - in all a great festival (if a little too short on local, homemade burgers etc in my opinion, but then I did go along to get some lunch!). The problem for me was there was just too many cupcakers and I *think* all from out of town but certainly as far as Rotherham & Harrogate. If Lippylicious would have taken part (thankfully I decided against it) we would have been one of six cupcake stands in an area that's really not large enough to take six businesses offering the same product.
But in a way this takes me back to the first point - having a good look at all five competitors made me realise our products are not the same as those seen at the weekend and more importantly to prospective customers, our prices seem to be pretty good!
Hmmm, maybe I should have a price increase... ;-)
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2 comments:
good point!
I really do need to check up on my competition. I recently noticed one particular photographer has positively flooded every family outlet with posters/postcards - from childrens centres/play barns/dr surgery etc. I knew about her, but she wasn't actually very good last time I saw her (& her £10 sitting & home A4 inkjet print price reflected this). She has improved a bit and has clearly upped her marketing a lot. I offer a different quality of portrait to her, but not a dis-similar service on paper so I really do need to keep an eye on her...
Yep, I think businesses are missing a trick if they totally ignore the competition. But I think you're already on to it - you've noticed their recent marketing which has to be a good thing - you now know who they're targeting!
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