Wondering if the new wellness center will pick off your
customers?
We've heard recently from folks
worried about competition from new big-box gyms, plus weight-management
programs worried about Weight Watchers' employer programs and Curves.
Most health and wellness businesses are doing unique and
innovative things that set them apart. They don't need to lose a
minute of sleep over the big guys.
The real risk is that they'll start copying the other guys, lose what
makes them special, and CREATE a new competitor that otherwise wouldn't have
existed.
That's because the
vast majority of business owners think about competition the wrong way.
They believe that competition happens to your business as a result of
external factors that you don't control.
Sometimes that's
true. But for most health and wellness businesses, competition usually
results from decisions YOU make and actions that YOU take, not from the
decisions and actions of others.
How can you avoid
competition from the big guys? It's simple. Make different
decisions and take different actions. If you choose to match a
rock-bottom price, mirror their operating hours, copy their ad campaigns,
and offer identical services delivered and priced the same way, you're
CHOOSING to make them your competitor.
The Potential Competitor Risk Assessment Tool
This tool helps
you assess the risk of competition from a new health or wellness business.
A couple of things to keep in mind:
-
You won't have
confidential data for the other business. Just make an educated
guess.
-
The devil is in
the details.
Be very specific as
you answer each question. You may both
offer membership programs, but that doesn't automatically make you
competitors.
-
There aren't
right or wrong answers to these questions. The key is to
understand where your business resembles the potential competitor's
business, and where your business differs, in detail. Then commit
your energies to preserving those differences.
If you're stuck or have questions about how to use the tool,
give us a call at 877-851-0098 (ask for Leslie, Don or Lucy) or
drop us a quick e-mail.
