Whether you are a wholesaler or a retailer, it’s important to know about your competition. Taking the time to understand who your competition is, what they are up to and why it matters to your business is extremely important in being effective in the marketplace.
Who Is Your Competition?
Competition surrounds us in our own communities as well as online. Let’s not forget about mail order catalogs, television shopping networks and house parties selling similar products to what you sell and who you sell to, as well. Take the time to know all of the outlets that may be competitive to your business, but don’t just don’t this once and think you have it all understood. The reality is that new competition is always entering the marketplace. As a store owner or manager, it’s your job to stay on top of current businesses and new businesses that are competitive to your business. In doing this, you will be better prepared to make your business stand out from the rest.
What Is Your Competition Up To?
Recognizing the competition that is directly competitive to your business will allow you to analyze why customers are purchasing from them versus you, how they are communicating in the marketplace and what their strengths are that you may be able to learn from. You may also find out along the way that you are stronger than them in many ways, including marketing, press and merchandising, however staying on track with their growth should help you strive to stand out from your competitors. You can also learn from their failures, as well. The key is to know what they are up to so that you can better support your retail or wholesale business.
Why Your Competition Matters
While a store similiar to yours two states away may not make a difference to your direct sell thru, it’s still possible to learn from their successes and failures. However, a store two towns over with similiar product assortment and the same target market definitely should be on your radar. As wholesalers, it’s very important to be aware of the national or international marketplace since your brand is more likely to be sold on a larger scale – even if not now, it may be a goal for eventually. Either way, the point is to want to know what your competition is up to so you can ultimatley learn from them. Take their success in stride, not jealousy, and learn from them however you can. Even if just through observation versus chit chat with the owner, the time you take to care will impact decisions you make for your own company. These decisions will be the determining factor in your success or failure, so everything you can lean on to help make the right decisions matter.
In addition to learning from your competition, this is a great way to get inspired. Sometimes seeing new ways of merchandising, different marketing executions and more are just what you need to recharge your business energy. So take the time to competitive shop so that your business can gain from your competition – after all, isn’t using your competition for your own growth rewarding in some way?
