This guide helps music store owners analyze local competitors by examining their products, strategies, and customer appeal. Understanding their strengths and weaknesses allows you to find opportunities to stand out and improve your business.
Step 1: Find Out Who They Are
Make a list of the businesses in your area, like:
- Small businesses: Local stores or companies
- Big companies: National or worldwide stores
- Online businesses: Websites that sell in your area
Step 2: Learn About Them
For each business, find out:
- What they sell: Products and services
- How popular they are: Do a lot of people shop there?
- What makes them special: Fun events, helpful staff, or unique products
Step 3: Organize Your Notes
Group them into categories:
- Big businesses: Large companies with lots of customers
- Medium businesses: Local businesses that people know well
- Small businesses: New or specialized companies
SWOT Analysis
What They Do Well
Write down what they’re really good at, like:
- Selling high-quality products
- Being well-known
- Having stores in many places
What They Struggle With
Write down what they’re not so good at, like:
- Not selling many kinds of products
- Having bad customer service
- Being too expensive
Opportunities
Think about how they could grow, like:
- Opening new stores
- Using new technology
- Trying new trends
Threats
What might hurt their business, like:
- Lots of competition
- New laws
- Bad economy
Example Competitor SWOT Analysis
Products and Services
What They Sell
Write down their main products or services. Examples:
- Musical instruments
- Music lessons
- Recording tools
What Makes Them Special
Write down anything unique. Examples:
- Custom instruments
- Eco-friendly materials
- Great design
Customer Reviews
What People Like
Write down what happy customers say. Examples:
- “Great quality!”
- “Fast delivery!”
- “Nice employees!”
What People Don’t Like
Write down complaints. Examples:
- “Too expensive.”
- “Slow shipping.”
- “Not enough choices.”
Prices
How They Set Prices
Write down their pricing style. Examples:
- Cheap prices
- Expensive, high-end products
- Subscription plans
How Their Prices Compare
Are their prices lower, higher, or the same as others?
Marketing
Where They Advertise
Find out where they talk about their business. Examples:
How They Talk to Customers
Look at how they connect with people. Examples:
- Special sales
- Fun events
- Working with influencers
What Makes Them Stand Out
Write down what’s cool about their brand. Examples:
- Helping the community
- Special partnerships
- Fun ads
Example Competitor Groups in Music
Big Competitors
- SoundWorld: Sells many things at low prices and has a strong online store.
Medium Competitors
- MelodyMart: Known locally for great service and customer rewards.
Small Competitors
- String & Rhythm: Focuses on a few special products and personal service.
Next Steps
How to Get Better
- Follow Trends
- Look for what customers want, like:
- Easy online shopping
- New and different products
- Be Different
- Show what makes you special, like:
- Friendly service
- Cool new ideas
- Helping your community
- Keep Checking
- Update your notes often so you always know what’s happening.
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