Welcome back! We are here to talk more about competition within your laundromat and why it's important to fully understand what it's all about. Today, we are going to discuss how to identify competitors and the various types of them. If you missed our previous blog post, be sure to visit back with it here. If you're looking to finance laundromat equipment in North Carolina, call to T & L! You'll save time and money!
Identifying Your Laundromat Competitors
Substitutes - These types of competition include products that are new or different within the market or your area. When substitute products come in to play, it opens the door for new or potential customers. However, substitutes are not new competition. They offer the same type of benefits to your customers that you already offer, they're just a little different and can change the industry. For example, everyone has a car radio. It plays music and offers various types of radio stations. Satellite radio is new to the industry and can offer the same benefits of listening to music, but it completely changes the way that we are able to access it. Substitute competition can also be called replacement competition.
Indirect - When local businesses offer the same services but have a different end goal, their ideas to make money are different. This type of competition might offer different types of services or products within their business. They also may have different business hours or types of machines. Whatever it is that makes their goal different, they're not usually a type of competition that you should be worried about. However, it's still important to understand what they do and how it affects your customers.
Direct - This type of competition is the most difficult to understand and keep up with. These businesses are the ones that do exactly what you do. They offer the same services, products and use the same type of machines. You're both working for the same customer and offering them the exact same incentives. Often they have the same end goal and they make money in exactly the same way you do. This type of business is the definition of competition.
Defining your competition can start with simply evaluating businesses in and around your area. Start by googling each business name and see what you come up with. If you're unable to find the names of businesses, you could use a phone book or online Yellow Pages. Make sure you research within a 50 mile radius of your business' address.
You can also use the radio, newspapers, magazines and TV to help you better understand your rivals. Make sure you have a good idea of what type of advertising they are using and what their social media accounts look like. Also, contact the business and ask questions as a customer. You could also take time to use their services, if necessary.
We hope this information helps you understand how to identify your competition. To learn more about competitors, why it matters and what you need to know about them, be sure to visit back with our next blog post.
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Need more info on laundromat competition? Visit with the other blogs in our series below!
