Charlie . 23rd Nov, 2024 12:13 PM
What Happens When Competition Enters the Marketplace?
Help My Business Revenue Consulting Group will provide a different perspective from when competition enters the marketplace.
In Todays Blog I am going to answer that question of What Happens when competition enters the marketplace.
When competition enters a marketplace it can be a good thing for your business. How can it be good thing for your business you might be asking? One way is that it will service the clients you could not serve. When was the last time you been to a small city with a nice restaurant? The restaurant has 30 minute to 1 hour wait time on Thursday. The customer wait time is the restaurant #1 biggest complaint. Granted it could be staffing issues such as not enough employees to hire. In this case its simply they are the high end restaurant in the small city.
New restaurant opens less than 5 minutes away that is smaller in square footage than the other restaurant #1. I am pointing out square footage because it was design to have smaller square footage from the begging. Restaurant #2 goal was to serve the diners who do not want to wait 30 minutes to 1 hours. As a result 5 years later both restaurants are doing well and staying book. On Thursdays there is often a 5 to 10 minute between 6-8pm. However customer wait time is is no linger a complaint for Restaurant #1 . When competition enters the marketplace customer complaints should be answered. Thanks for your time! Power-UP!
