A New Competitor Opens Across the Road

Does that mean a loss of business?
by Wizard Partner Chuck McKay

 

The following is an excerpt form Chuck’s latest article titled, ‘Drive Ins, Car Dealerships, and Forces Beyond Our Control.’

It certainly can. Much of that possibility depends on the way the legacy business responds to the newcomer.

Its too easy to blame forces outside our control for any decline in business. And, to the extent that we, as business owners, assume we're helpless against circumstances, we will be.

Suppose you operate an office supply store, and another office supply store opens across the street. If you do nothing, it is likely that your revenues (and profits) will decline.

But suppose you welcomed the new competition as an additional traffic source for your store? Would that change the way you operate?

How do your customers see you reacting?

Knowing you're being compared to a direct competitor should help you to focus on providing a better shopping experience for your existing customers. That will make your company more attractive to prospective customers as well.

But a business owner who places the blame for changing conditions as outside his control is surrendering power. The very act of assuming he has no control reduces his ability to compete.

He has total control over conditions inside his business. He has control over his staff and their efficiency. He has control over the level of care and attention his customers feel. He has control over his inventory. He even has control over his own marketing messages.

Are you facing new competition? Your time and focus must be occupied by those things you can control. Do it well, and watch your business (and your bottom line) improve over the way things were when you "owned" your location.

PS - by Craig… Why wait until a new competitor opens up next you… Why not start the process of improving your customer experience, and marketing messages TODAY.

 

PPS - Make sure you read Chuck's full article. Do you have any stories of how a legacy store competes with  a newbie competitor? Please share them with us. Post a comment.