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!
