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Sat, 11/03/2006 - 16:19
How do folks,
I am thinking of setting up a shop in my town aimed at a particular type of consumer, as there is no-one else offering the products i wish to stock within it.
My only concern is that there are a couple of big store's within our nearest city that already stock many of the item's i wish to stock,just on a much grander scale, an established customer base, online store, and with the ability to seriously undercut me if so desired.
I know that any new business will almost always have a competitor with a major stake within that field, but could the fact that it save's customers a bus fare, time and a lot of leg work to use a smaller, more dedicated retailer to get what they want be an advantage to me?
Please help a small fish in a big pond :)
Sun, 12/03/2006 - 22:32
#1
USP and market research methinks
Hi Howie.
I have to say - I am intrigued to know what you wish to stock.
Regarding your query of competition. I think as is with all ideas, you need to have clearly a defined Unique Selling Point (USP).
Your big competitors may have the market share, but if you can create a niche of target customers (perhaps who can't be bothered/don't have the time to travel to the city) then you should be ok. You will need some good research to find out how much is costs to stock and supply your product and consequentially how much business you will need. Oh, and research to find out if people are willing to pay so not to travel (not all customers will).
Think why people would prefer to come to you - other than location. If the big company can undercut you, as you said, then they have the cost benefit and you have the location benefit. Now think hard and what other benefits can you offer. Friendly service? Unrivaled product knowledge? Home delivery? Better after sales service?
Another thing to think about is the fact that big companies are often slow moving (due to bureaucracy etc), so perhaps you can stay cutting edge.
My advice to you is to analyse the market, find what USPs you can get over the competition and make sure that you can sell to your customers. Perhaps look at Steve's advice in the book about Luxury, Location and Love.
Could you do a trial run - perhaps at a market?
Ollie
Velocity Bars Ltd.
www.velocitybars.co.uk
Ollie
Velocity Bars Ltd.
www.velocitybars.co.uk
Wed, 15/03/2006 - 11:53
#2
Are you there when they're there?
Hiya mate. The way I see it the question you need to answer is where are your prospective customers when your shop is open. If you open 9 - 5 Monday - Friday and the people you want to sell to are at work during those hours then you're going to have a problem. Where I live the only people around during those hours are people with pre-school children and elderly people.
It's not a good plan to open a shop that caters to people who are simply not available when you are open. The only chance of them getting into the shop is on a Saturday and frankly people who work full time probably won't get chance to potter around their local shops on a Saturday. If they have to go into town anyway,whilst they're there doing everything else they'll buy what you're selling because it's easier.
On my way to and from work I drive past lovely shops that I never get chance to look in - so the question you've got to answer is what are your customers doing when you're planning to be open?
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