Comparing Your Store to Others
If you’ve been in the business of retail, you probably know that you always have to be prepared for a change. Sometimes it will happen when you least expect it, but if your store is ready for that change, it will be easier to adapt. Jordan Sudberg tells us how to make sure your store thrives by comparing against your competitors and making changes accordingly.
How To Compare Your Store To Others
1. Start With The Basic
It is the most common form of comparison but also the most important one. It is where you start by looking at your store and comparing it to others selling similar products. Ideally, it would help if you were doing this regularly. It will allow you to see which pieces of your store are working and which aren’t.
2. Compare Against Your Competition
If any competitors in your area sell a similar product(s) to what you’re selling, then you should be keeping a close eye on them as well. It will allow you to analyze your competitors’ strengths and weaknesses, which can help boost your business.
3. Compare Against Past Product Successes
Keep an eye on the history of your competitors. If you can find out what products they did well with in the past, you’ll be able to see exactly what made them successful. It will help you gauge if any of your pieces are causing problems for them, which will allow you to take action accordingly.
4. Compare With Trends
Your small store will be resistant to trends. If you’re paying attention to what’s trending, you’ll be able to build your store around these trends. It will also help you compare your small business with other brands that are doing well and how they’re marketing their products.
5. Compare Your Numbers
It is similar to comparing against competitors but has a more scientific aspect. Essentially, you should always have access to past numbers, including sales numbers for all products, collections, etc. It is a good way to see what products do well and what don’t.
6. Compare With Technology
Technology is evolving faster than it ever has before. If you take the time to look at what’s out there, you can see what will help your small business grow. It would help if you always looked for new ways to improve the technology you already have because it will only help make your store run more efficiently.
7. Compare With Advertising
It is an often overlooked retail aspect but will pay off in the end. It would help if you never compared with advertising companies because they generally undercut each other on price and then let the customer deal with it. Always check how companies market their products beforehand so that you can make sure your small business is represented correctly.
Jordan Sudberg says when comparing your store to others, you should always keep a close eye on your competitors. It will allow you to take action ahead of time if anything might affect your business. It is the best way to look at it because the last thing you want is to be caught off guard by something that could’ve easily been prevented if you were paying closer attention.