Shop Your Local Market and Evaluate Your Competition
When you go to the doctor for a check-up or if you are having a health-related issue, 99.9 percent of the doctors you visit will take your vitals: blood pressure, heart rate, and pulse.
Your vitals give your doctor a quick look at your general health. Shopping your market is a good way to judge the vitals of your local market and will allow you to get face to face with your competitor.
In my comparative shopping of competing detailers, I look hard at their level of connection within the community and also ask if local car dealerships, repair shops, or body shops are excited about my business. If your area is saturated with detailers, the car guys will usually be a good indicator of the health of your market. But I don’t rely on that information alone, I dig deeper and so should you. To get you started on checking the vitals of your local market, I’ve included a dozen questions below to help you get started. This is some of what I look for…
Questions to Ask About Your Market and Your Competition
- Does my market seem economically healthy?
- Are other service businesses succeeding?
- Are my competitors good at phone sales?
- Are my competitors well connected within the market?
- Will the prices my competitors charge for their services support my business?
- Are my competitors capable and skilled?
- How is the presentation of my competition?
- Will my area better support a fixed location or a mobile service?
- Are other mobile businesses such as landscapers, carpet cleaners, and window cleaners doing well here?
- Who is the local expert and can I dethrone him/her?
- Can I increase the average price of a detail?
- Do auto industry people in my market seem excited that I am starting this new venture?