Sometimes it feels like you really are running a race. It may even make you tired of the daily battle of trying to stay ahead of the competition. Maybe it’s a new business opening up in town. If you suddenly find that your customers have another option, what can you do to fight back? You’ve always been the mainstay for your products in town, and your not sure how you should react. Sometimes competition is good … sometimes it’s not.
There are some tried and true methods of dealing with competitors.
If you are starting to see customers leave your business, there has to be a reason. Identify what your customers are seeing at the new business that you aren’t providing. Check all areas of your business – your location, your products, your staff, your brand, and so on. Use this information to tweak your business model based on what your customers need, not on what you want.
Remember, your business is a unique combination of you, your team, and all the other nuances that separate you from your competition. Make sure your sales, operational, and marketing strategies emphasize the unique customer experience that you offer.
If you are facing competition from a bigger brand, remember that there is something very special about being a small business. Use it to your advantage. Do your homework and find the competition’s weaknesses. Start by reading media reviews of their business or check out online reviews. Websites such as Yelp.com, Google Reviews, Angie’s List, and local community discussion boards offer honest customer reviews of many businesses. And don’t be afraid to check your business’ reviews also. Many times there can be a few eye-openers for you, also.
Sure, many of your customers will check out the new store, but if they appreciate your services and your products, they will continue to shop at your location.