How to use competitors when opening a store?

Competitors are not scary. They give a lot of information in marketing research, and moreover, they generate traffic for you. It is thanks to them that you will receive a lot of useful information that you can apply in a strategy for doing business competently at the chosen point. Without analyzing the work of other companies, you will not be able to develop because it will be difficult for you to show yourself in the market. You only have to buy real Instagram followers in order to get a certain amount of customers.

Instead of being afraid of your competitors, you can use them in your work so that you can work less and earn more income. Even on social networks, this method works great. If you carefully analyze the mistakes of other companies, then you will not have to repeat them and then buy Instagram followers and painfully restore your reputation.

There are several ways to use competitors, and one of the main ones is to conduct geomarketing research before opening.

Based on the data received, you adjust your plans or even decide to choose another place. There are times when opening a business is completely unprofitable. Usually this is an inconvenient location combined with a less diverse range than your competitors. It is possible to work with both, but there are too many nuances, it is worth drawing conclusions based on the results of a full study.

Consider both direct and indirect competitors.

What data can you get:

  1. Conversion

It is necessary to measure the traffic near the competitor’s point and see how many people enter, how many pass by and how many leave with purchases. This gives a percentage conversion. At the same time, we must take into account the location of the competitor.

For example, if our competitor is a coffee shop located next to the university, then we immediately understand that the conversion will be clearly higher than 20 meters further. From the university, students purposefully go to a coffee shop, with the usual human flow away from such a place, everything is different. Do not forget to separate traffic into transit and target.

  1. Competitors are a traffic generator

We already wrote about this above, let’s talk in more detail. Educational institutions, shopping or business centers are all traffic generators. People go there on purpose. Competitors can also become such a generator.

People go to their goal, and you are on the road. Why not drop by for a cup of coffee?

Or you are on the way to competitors. People will see your coffee shop and be interested in a specific product or promotion that you introduced due to the identified weaknesses of a competitor. Done, the competitor has generated traffic for you and made a profit.

  1. Ideas and range

What is unique about you that you can offer to get people to come to you?

After opening, you also continue to work on the basis of other people’s ideas. It is easy to find out about them thanks to advertisements and promotions, and you will think about how to do better for customers. This is an ideal option for those who are not very creative, but who have learned to make something unique from other people’s ideas, modifying and adjusting for themselves.

Competitors are a real example of how and what to do. Learn from others’ mistakes.

 

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.