Show me what works…
The other day I met with a referral, a new business that sells furniture. I am curious about this new business and want to see how well they would fare. The area of this new shop has a lot of furniture shops with similar types of furniture (previously-owned and kitcshy). It appeals to a distinct group of people. I told these new owners that they would want to do some market research. I’m not sure they understood what I was talking about, so I’ll explain myself here…just in case they stop by this blog. If you’re a new business owner, this tidbit of information may help you.
In the perfect world, you wouldn’t have any competition. All your ideal customers and clients would flock to your door because you’d be the only show in town! But, most markets have more than one business competing for the same clients or customers. This can be used to your benefit, though.
You don’t have to reinvent the wheel. Find out everything you can about your competition, particularly if they have been around longer than five years. Know what their ads look like. Find out where they advertise, and how frequently. Do they put offers in their advertising, or do they simply do a pretty ad - what we call a “display” ad? If you get the chance, talk to the owner, and ask questions about what they have found to be successful in their marketing. How do they find their customers? How do their customers find them? If you know of and admire what another business has done, you can mimic, in some ways, what they have done. I’m not suggesting stealing their brand, copy or images, though. You simply take the elements you like about their marketing and bring that to a professional marketing/advertising firm to show them what you like. They will be better able to give you what you want if you can show them.
It’s almost as if you find a picture of a haircut you absolutely love and rather than try and recreate it in your own bathroom with some kitchen shears, you bring it to a professional stylist. “This is what I like,” you say. Then, they get to work creating a look for you that is entirely your own, but based on this fabulous haircut.
Next step…who wants and needs what you have?