In one shopping centre there is likely to be three locations that connect with the beauty industry.
These three businesses are all completely unique in their own way, have different clientele and run their own successful marketing campaigns so, are we really in a competitive industry, and if so, who are we competing against?
In discussing with business owners their SWOT analysis at the start of the year, the most interesting conversation’s we have are to see who the business owner mentions when we enter into the ‘threat’ section of the discussion.
Think about it. There are two competitors in the same centre as you. They can do either of these two things; one would be to offer a better discount on similar services as you, the second would be to provide a better service to your clients, therefore reducing your client return rate.
Turn the discussion of the ‘treat’ to’what’ a business could be threatened by and it’s a completely different conversation all together. Insert fires from dryers running 12 hours a day, air conditioners being set to incorrect temperatures interfering with laser machines and faulty wax pots in small treatment rooms, plugged into power sockets that are already over loaded from hot towel cabbies and steamers. Now they are real threats worth discussing, not the massage business down the road!
The beauty industry is run in a way in which no other businesses run. The brand new organic, vegan friendly cafe that opened down stairs last week, do you think they opened specifically to be in competition with the fast food restaurant across the hallway? No, it opens because it knows its food is great, its a different concept to those around and they provide amazing customer service day in and day out.
The burning question is, why are we focusing on who our threats are rather than what our threats are?
The answer, because it’s easier to blame others! It’s a simple solution for why we aren’t achieving what we set out to achieve.
The threat often comes from our inability to back ourselves. It comes from watching others and following their lead. What if you were the lead? What if you are the competition in your own business? What if you looked at last years books and set your goals for this year based on competition with yourself.
Run marketing campaigns better than you did last year.
Analyse what did and didn’t work for your business and run them again, tweak them, learn from your mistakes and make yourself accountable for being your own competition.
Support goes a long way.
Be friendly with your neighbours, after all it is a small industry and you may just end up working for the ‘competition’ one day!