Scouting the Competition: Visiting Other Stores

Small Business Challenges > Visiting the Competition

If you’re a savvy business owner, you likely make the most of your visits to your competitors’ stores. After all, it’s in your best interest to see how you stack up against them. We’ve covered how to identify who your competitors are, the different types of competitors, and how to keep tabs on them. In this last installment of our article series, we’re going to explore the three objectives you should have in mind while visiting the competition. More importantly, ensure your operation is backed by an Indianapolis General Liability Insurance policy.

Look for inspiration.

You can gather inspiration from both positive and negative things in the store. Is there a process they can really improve that mimics yours? Do they implement a more effective customer service strategy? Is there packaging and layout better? These are all things that you serve as inspiration for your own business. Of course, as a business owner, you’re going to have a natural dialogue with yourself about all the things you might do better, but the point is to take something away from visiting their store. Whether it’s good or bad, think about how you can improve your business after seeing another model.

Compare prices.

Ideally, you don’t want to walk around the store with a pen and paper to jot down prices to see how your business fares. Instead, focus on the top 5 items you want to compare. Think of your most popular items and find them at your competitor’s store.

What works best is for you to target your five most popular items and simply check out how your prices compare with those in other stores. Usually one can remember the prices of five items and those are also the ones that your own customers will remember as well. It’s also a good idea to check out what items are being featured in the other stores, suggests Albert’s Organics.

Have your employees visit.

It’s a good idea for your employees to visit the competition’s stores, as well. Not only can they offer some feedback and advice, but they can offer a fresh perspective that you might not have considered before.

About Walker & Associates Insurance

If you’re not sure if your insurance is sufficient, it’s smart business to have your risks evaluated by professionals you can trust. Since being founded in 1960, Walker & Associates Insurance has embraced a “service is first” philosophy. Our team is focused on ensuring that each client receives individualized guidance to preserve their assets and control their expenses. Our strong relationships with international, national, and Indiana insurance companies allow us to negotiate the best coverages, terms, and pricing for our clients. Contact us at (800) 213-7126, for all of your business and personal matters.

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