Thursday, March 12, 2009

THE COMPETITION

Just because competition moves into the neighborhood for your new venture doesn't mean you have to scrap your plans and get back to the drawing board.

There are ways you can beat the competition--even if they are established businesses. These days, more than ever, consumers are tight with their money. There has to be a good reason for them to purchase your product or service. Make sure you are offering quality goods that are priced well for your market.

Are you satisfying the customers' needs? If, for example, you are a haircutter, you must of course offer a superior cut, but consider the environment in which you turn out your hair masterpieces:
is it fun, clean, nurturing to new clients, entertaining? If you cut hair in your own home, make sure you work on an overall presentation for your clients.

No matter what your business is you can beat the competition by considering the following:
*Provide the service at a faster pace.
*Provide the product at a cheaper price.
*Offer a guarantee.
*Give detailed and highly personalized service to every customer.
*Provide more variety. If you sell sneakers from your online store, offer a nice selection that will entice a larger market.

Check out the competition on a regular basis.