Do you ever check out the competition?

[JessPoynter]

I don't know about you, but there are times when I ask myself, "What am I even doing?" especially when I feel like business is slow. There are THOUSANDS of hairdressers and trichologists out there, so how do I know I'm staying current and competitive? 

Evaluate the "competition" for EDUCATIONAL purposes. 
I won't go into the psychology behind comparing versus evaluating, but there is definitely a distinction. (There's also the psychology of 'competitor,' but that's for another day.) 

In a 5-mile radius, how many businesses offer the same product/service that you offer? Do you feel like they are competition? What are they doing to add value that you'd like to implement?

I am currently brainstorming ideas for my upcoming scalp spa services. The range of possibilities for this type of service is vast, and I am considering various steps I need to include. To gather inspiration, I have been researching other scalp spas, both locally and globally, to see what they offer. Instead of viewing them as competition, I see it as an opportunity to analyze and assess the risks. I plan to take inspiration from what others are doing and modify it to fit my business model.

For instance, some scalp spas offer only a basic scalp massage and label themselves as scalp spas, while others provide more elaborate 5-10 step services at different price points. Internationally, it is common to find services ranging from 10 steps to 20 steps. By examining all this information, conducting trend analysis, and conducting thorough research, I hope to determine the most profitable service mix.

I would love to hear from you all. Do you conduct market research? If so, do you feel like you have competition? I look forward to hearing from you, especially those of you in industries other than beauty and wellness!

[Hailey]

What a great question @JessPoynter !!! Can't wait to see what the community has to say

[schaefferjosh]

Oh absolutely! There are opportunities to grow based on competitor awareness. I make my seasonings by hand, my recipes, etc. I will go into stores and just see what the current retail market is looking like in my space. What are other companies putting out there and are there any that seem to fly off the shelf faster? is this something that I can produce? Why is it going faster? I look at different aspects of labeling, naming, packaging, etc. and I go okay, I really like their stuff but I also really like mine but I think If I make this change I could be perhaps a little better with my product. Our product doesn't have this ingredient but theirs does and we get the same flavor.

[JessPoynter]

You said “seasonings by hand" and my mouth started watering😆

Those are all really great metrics to look at!
Do you feel like you've had success when doing your "comp" shops? How do you prevent yourself from going down a brain rot rabbit hole? Do you set time parameters for yourself?

[schaefferjosh]

😂if I could ship, I would absolutely hook you up. 

I have! We actually did a rebrand at the beginning of the year and we saw success by 15x and doing less events. I don’t overly set timers but my fiancée will tell me I have been going for too much time and then I go and spend time with her lol It helps avoid the rot for sure! 

[Donnie-M]

I make it a point to competitive shop every 6 months around my restaurants.  You need to see what is good, what is bad, and what your pricing is.

[JessPoynter]

What are you looking at when you do your comp shop in other restaurants, aside from pricing?

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[Stacelyn24]

Definitely do!!!  I look at what's trending and what seems to be here to stay for awhile.  Then I place a little spin on it to create it our own. 

[JessPoynter]

Apologies @Stacelyn24, remind me what your business provides.

I always love a good spin to make it your own.

What was your most profitable spin?

[Stacelyn24]

Sure thing.  We're a natural nail salon.  So for example...there was a trend going around for a nail design that was done over acrylic (posted all over our competitors' page)...give the nail an alligator or lizard skin effect.  We're a natural nail salon so we don't offer acrylics and dip powder manicures.  Found an healthier and much more lux alternative...gel-x extensions.  Trained on this product...perfected it.  It's new, it's lighter on the nail so it feels like its growing straight from your fingers lol, and it can last 4+ weeks (and much healthier than acrylics).  The shaping is near perfect so now this service is "premium".  Added this to the menu...along with that style.  Marketed it on Instagram and said we're only doing it for this weekend...etc = Great Profit!!!!

[Hailey]

Ok but now you have to send a picture of your all-time favourite nails that have been done at your salon @Stacelyn24 💅👀

[Stacelyn24]

That's going to be really tough to do lol 🙂

[Candlestore]

We listen to our customers especially about other store complaints and sometimes our own.  We also watch our reviews and have seen a few that point out pricing concerns, but when they state the price I know its another local shop.  Then I check pricing of the other stores locally.

[MudFire_Dex]

Yes absolutely - there are some things I won't incorporate *mostly for environmental or safety reasons* just because another space is doing it (allowing blowtorches inside for example) doesn't mean we will - but it does help us prepare for conversations as to the why and how we make decisions in our space. We follow color trends and things like that as well to introduce new studio glazes and it helps to inform us as to what is popular and what people want to learn or know more about.

[DinaLRosenberg]

When we first opened 5 1/2 years ago we completed a competitive analysis of the local shops in our geographic area (much larger than a 5 mile radius- probably a 30 mile radius). We wanted to see what the product mix was, how they marketed, what their price structure was, etc.

When we started there was only a small handful of shops like ours and online, social selling (live sales on instagram or Facebook) wasn't really a "thing" yet. Now the space has completely changed.

I keep monthly tabs on our competitors- not to copy but to be aware of what's happening in the space. Like mentioned, it's critically important to have a look at the competition when you're releasing a new product or service offering. What does pricing "out there" look like- does it make sense for you or should you skip it and focus on something else. For every product or service there is a price the  market can tolerate; if you can't operate within that spread, then the product/service probably isn't for you at that time (circumstances can always change).

We keep "tabs" on our what's happening in our space and what products are being offered so we can differentiate. We want to make sure we have unique products and offerings. Unfortunately, because of our status as "leader" in the space we're copied relentlessly which makes us have to pivot often. It also makes us a better shop and has the effect of our competition always "chasing us".

[rtfulk]

Yes, we check out the competition, we check their websites and I also us a app that will analyze their SEO keywords.  I like to compare what we use as keywords to theirs. I do a website checks to see how their ranking is to ours and if they are higher I start looking to see what they are doing to get ranked higher and us. It's a dog eat dog world. 🙂

[JessPoynter]

@rtfulk What are the names of the apps you're using?

[rtfulk]

@JessPoynter to check others SEO keywords I use SpyFu 

[Hailey]

Such a great strategy! Love this 

[Faerly_Punk]

So I am very new. I haven't tried to make a sale yet, emphasis on tried.  I live in a very rural area, so no storefront, nor do I want one. I also am not doing this to have a full-time business, thanks, but I enjoy my retirement, TBH. This is my hobby. This is why I will start very small with local Conventions and Ren-faires.  The website is for those who don't have the money when they show up.  They can order online.

Before I even started making my corsets, I did my research. LOTS of research. I had a vision in my head of what I wanted to do and I needed to see if anyone else was doing it. I am lucky enough to have mentors and when I brought my first completed corset to them,  they were shocked at where I was going with the art.  I have combined two of my hobbies, to create (what I think) are wearable art pieces. I keep my eye on Etsy, and Conventions, and check out posts from other conventions.  I believe once someone is seen wearing one of mine, I will have a time keeping up with orders.  This is why I am in the stocking mode.

*Side note, I used to sew things and sell them or do custom-made clothing and quilts for people. Well, I still do, just not as often. No, I am not a professional, just as I stated before, a hobbyist, but I love to create.

So you don't have to ask, I make leather corsets. Hope you don't mind me chirping in...

[maxpete]

Please always feel free to chirp in!

Love that you're going at your own pace with this and prepping for when things take off 🙂