Can You Beat The Competition
SWOT Hair Extensions Stores
Nothing wrong in some eavesdropping or spying on the other hair extensions stores in the market. These stores sell hair extensions to your potential clients, so now you understand what your clients want, it’s time to know your competitors. If you recognize and understand the Strengths, Weaknesses, Opportunities and Threats of the hair stores that target the same kind of clients you do, or are superior in another customer segment, you can learn from them. Do not simply copy paste, but adjust their marketing, sales and other processes in line with your mission statement and Ideal client. In three steps you can perform a great SWOT to know how to beat the competition and to steal their clients.
Make a short listThe first step to perform a SWOT Hair Extensions Stores analyses, is to make a long list of companies to analyse. Use the names of the hair companies the people you interviewed mentioned, but also Google or Bing can help. Search for hair stores in your market and make a long list of any company you can think of.. If you have the long list it’s time to visit the shops on internet and check what stores are really relevant or not. Think in terms of activity and the look and feel.Sometimes a first impression is enough to decide if a store should stay on your list or not. Now you can reduce the number of stores to a much smaller number, for example 5. This short list you will analyse very extensive This is the first step for a SWOT Hair Extensions Stores.
Analyse the stores on your short listPay attention to the issues raised by your target group in the interviews you held. If you have the budget or if the return policy of the shop allows you to return the hair extensions, you can actually place an order to purchase some hair,or samples. Sometimes shops have special prices for clients who are interested in buying wholesales, in that case you can keep the extensions as a sample. Draw up a list of questions to get a broad view about the competition. If you use a list of fixed items to analyse this will help you to compare and judge all the stores and their service offering at the same way. This is step Two for a SWOT Hair Extensions Stores
Is your client looking for the competition, or for you?Now you have all this data about your main competitors, it’ s time to learn from it, get some insight. Place everything in a table or a matrix and compare the Price, The service Offering, Shipping Conditions etc. All the items you defined and analysed. To understand if your client is looking for the offering of the other hair stores, or for you, now you can measure all the items against the needs of your Buying Persona. For all the items, value if it is Very important, Neutral or Not Important, again look at it with the eyes of your Ideal Clients. Finally you rate all these items of the competitors as a strength (positive) or weakness (no threat for you). If for example your Buying Persona does not want ti wait long for her order and the competition needs 7 to 10 working days to ship, This will show a W from weakness. This is step Three and last for a SWOT Hair Extensions Stores
This information you collected will give you a perfect overview on the SWOT of the hair business in your market and this will help you with the next phase, to define your unique selling point.
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