What We Cover In This Episode:

• Why completing a competitive analysis is so important in determining the course of your business [2:22]

• How your goal should be to play in your own space AND be the only and obvious answer for your ideal client profile [3:57]

• What to do now if you are offering a very similar solution to other studios in your community [4:50]

• Some ways to use competitive analysis to determine the right approach for marketing your business [6:45]

• Why you’ll want to keep your service offerings competitive [8:42]

• How to approach building out your target audience by looking at who is not being served [11:16]

• Why saturation is so scary when it comes to your location [13:11]

Quotes: 

“If you’re not interested in research and competitive analysis, being a business owner [or] manager might not be the path forward for you because this is going to become a part of your lifestyle.” [Megan, 3:38]

“It’s super important to zig when they zag in all of these areas that we’ve covered today. If you are going to be next to someone, you have to be different in almost every way possible so it is very obvious which one you should go to.” [Nick, 14:03]

“I think just taking the time to know your market, to know your competitors and to know how you can fit into the grand scheme of the community, is the most important way to find success.” [Megan, 16:35]

LINKS:  

Episode 146: How to Respectfully Research Local Competition

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