Here are ten things you should expect when a new competitor opens close to your center or school:
- Private chatter amongst your parents.
- Private chatter amongst your staff.
- Both parents and staff asking you what you think of the new place.
- Your new competitor will check your tuition rates and business practices.
- Your new competitor may try to hire your staff members–anyone from your cook to your Director.
- Some of your parents or staff may leave and go to the new center.
- Some of your parents or staff will come back from the new center.
- Some new competitors will undercut your tuition rates initially, and then raise their rates after they get established.
- The opportunity to check your competitors practices and potentially improve your own business practices.
- More potential new clients as your competitor brings new traffic to the area.
The ten items above are very normal, and each can be managed effectively. Many of your strategies will be based specifically on your market and the similarities and differences between you and your new competitor. Oftentimes, competition will push us to be better than we thought we could be.
Comment below to share your thoughts on this blog post.
Also, if you have any questions, don’t hesitate to contact us at bfsinc.net or call us toll-free at 800-467-1774.
Thanks for your time … Talk with you again soon …
(Legal Disclaimer: Always consult the proper professionals before taking action. By and before the use of the information provided herein, reader agrees that BFS® is not responsible for viewer’s actions related to said information.)