24 Nov When i opened my business there were no competitors in my market space within a 20 mile radius, now there are 5 of them. how do i possible compete?
Without knowing your business we will try our best to give you some options to work with. There are several ways to stay competitive when you find that there are more people in your market space than when you originally started. First, I would ask myself a question, what if I went beyond the 20 mile radius, is my competition more or less? Depending on your own answer please consider the following suggestions
Keep in mind that you have an advantage over them since you’ve been there longest and therefore are established and have a customer base already
If you want to keep that customer base, though, you’ll have to get creative with your marketing. Try offering deals and benefits for your regular customers that encourage them to stay. 10% off coupons and the like go a long way toward maintaining a customer base. Also, since you still need to bring in new customers, referral bonuses will turn your customer base into a marketing machine for you, encouraging the people who have stayed loyal to your business to bring in friends, even ones who have considered your competitors. Holding an event also tends to draw attention to your business rather than the other people who are doing the same thing, so don’t be afraid to bring people in with raffles, small prizes, or similar things that are fun for your customers and get them to come to you
Most importantly, watch your competitors and see what they’re doing. How did they get started? How did they draw the attention of people in your area to begin with? If it worked for them, it can work for you as well. Don’t be afraid to think outside of the box with your marketing and your presence.