You just started a small coffee shop. You’re focused on success and are doing pretty well—but maybe not as well as you’d like. Perhaps some minor mistakes in marketing hurt your goals.
In times like these, it’s crucial to keep an eye on your competitors. Here are three ways to learn from competitors:
1. Learn From Their Mistakes.
Let’s say a rival coffee shop decides to hold an outdoor event, but it ends up failing because of cold weather and a lack of publicity to bring in a good crowd. Taking note of their mistakes and learning how to do it right can improve your own business events and marketing.
2. Model After Their Success.
Maybe you notice a competitor using timely coupons and special offers, which bring in much more traffic. Consider these strategies and their overall marketing efforts. Don’t copy their actions—that’s tacky. But gleaning the good from their strategies can give your small business more ideas to improve its initiatives.
3. Modify Your Marketing Strategy Accordingly.
If your coffee shop is still struggling to bring in more customers, perhaps it’s time to take an in-depth look at your competitor. How are they reaching customers on their website and social media? What about special events, local outreach, and advertisements? After considering their tactics, reassess your marketing plan and overall direction. If your business is new, local competitors may provide an idea of what the market already has or what it needs. Modify your plan with these factors in mind.
The key to learning from competitors is balance. Yes, you should always be aware of what’s going on around you and within the industry. Use wisdom in developing a marketing strategy. But don’t change who you are—be true to your vision and goals, work hard, and your marketing will stand out among your competitors.
Assistant Community Manager
About 212 Media Studios
212 Media Studios is a full service marketing agency, based in Warsaw, IN. Providing services such as SEO, social media management, print marketing, branding, and videography, 212 Media Studios specializes in helping businesses of all sizes catapult their marketing and brand awareness to the next level. To learn more about 212 Media Studios’ services visit our services page or contact us with special requests or for more information.