Whether you thrive on competition or you would prefer to run uncontested, most laundromats are forced to compete with other businesses in the area. This is a fact of life (and business). Evaluating your competition can help you understand your own shortcomings and win over more customers. If you aren’t sure how to scout out your adversaries or you’re doubting the value in doing so, keep reading. Today we’re discussing how and why it is important to identify, analyze, and challenge your competition.
Evaluating Your Competition in the Laundry Business
To be successful and a true leader in your industry, you must keep track of your competition. After all, there are only a limited number of potential customers in your area: people who lack a personal washer and dryer and need a public laundromat to clean their clothes and linens. Losing these customers to your competition or stealing customers away from your competition can have a great impact on your revenue.
If you want to maintain and grow your customer base, you must be better than the competition. The more you know about them, the better. Identify their strengths and determine how you can capitalize on their weaknesses. When evaluating your competition, consider these factors:
- Customer service
- Quality of equipment
- Quantity and layout of equipment
- Ambience and atmosphere of the facility
- Cleanliness of the facility
- Services and products offered
- Costs of products and services
- Additional amenities (WiFi, TV, games)
- Payment process
- Number of employees
- Sales and discounts
- Marketing efforts (signage, web presence, ads, etc.)
- Customers’ perception of the business
To evaluate your competition, visit their locations and do a few loads of laundry. You could also ask coworkers, friends, or family members to visit at different times, so that you can get a broader range of feedback. In addition, look online to analyze their web presence and search for customer reviews.
If you learn that a new laundromat will be opening in your area, don’t simply wait to “see what happens.” Be proactive, and take a hard look at your business. Is your equipment due for an upgrade? What (if anything) have your customers complained about when reviewing your business on Yelp, Google, or Facebook? Could you freshen up the paint, floors, or lighting to make the store more welcoming? Should you extend your hours? Can you boost your advertising budget? Strengthen the bonds you already have within the community, and pay attention to the new store’s business tactics. If you take a proactive approach, you can prevent this new laundromat from blowing your business out of the water.
To compete with other laundromats, you have to keep your eyes and ears open. Evaluate your competition, check in from time to time, and pay attention to any new stores that open in the area.
Finally, if you’re hoping to improve your laundromat so that you can squelch your competition, be sure to check out Laundry Solutions Company, a full-service provider of premium vended, on-premises, and multi-housing commercial laundry equipment. Since 1976, we have been providing exceptional sales support, laundry design services, commercial laundry equipment (and leasing options), and laundry equipment service and parts. To learn more about our products and services, please give us a call at 800-383-9274 or contact us online. We look forward to hearing from you!