Trump isn’t just running for President, it is also the name of the game when it comes to COMPETITION—
This is an area that most businesses are confronted with one day or another. The best way to combat new competition near your location is to be prepared for it by providing the very best customer service from day one—and never taking a break from it. Some business owners wait until a new competitor comes to town to actually remember that building your business is on-going. If you stop taking great care of your current customers and looking for new customers they will find somewhere else to go.
So what can you do to TRUMP a new nearby competitor?
- Don’t bad mouth the competitor—the best thing you can say is “we are lucky to have such great clientele” and “there is enough business for all of us” and “Competition is good for business, the customer wins!” If you bad mouth your competitor soon your employees will too. It only causes negative attitudes and does not make you look or sound successful.
- Do create a promotion or program that highlights the most compelling differentiator of your business. If your business does something more specialized or better then make your customers aware of it. Toot your own horn about what you do best.
- Don’t worry—most new businesses have a “honeymoon” period. You may see sales decrease for a short time. People try new things, and the trick is to get them back as YOUR loyal customers. The best way to do this is to up the customer experience, the service and relationship aspects that makes your business different than any competitor.
- Don’t coupon or discount—some businesses panic when a competitor comes in to their area and believe they should discount or offer incentives. This is not the time to show that you don’t believe you are worth where you have always been priced. Offer the best service, quality products in a friendly inviting atmosphere and this is incentive enough to have your regular customers come back.
- Do shop your competitor. Find out what they do that is different. Understand their pricing and business philosophy. This will help you understand what makes your business different and better. Introduce yourself to the owner and welcome him/her to the neighborhood. They aren’t your enemy, and if you look at them as bringing more interested potential customers to the area—they are actually helping your business too.