In the words of Victor Kiam, an American entrepreneur, “In the world of business, competition will bite you if you keep running and if you stand they will swallow you.” These two lines sum up competition very well. If you are in the beauty industry, you need to beat your competition after knowing them. And how do you do that?
Read on about the 5 reasons Indian beauty business owners need to know their competitors to run a successful beauty business.
1. To Understand What Customers Think of Them
You need to understand your competitors and customer’s opinion of them. This will allow you to know what the customers like or dislike about the competition. For instance, if your customers like the competitor because it is offering head wash at a good cost while the pedicure is costly, you can benefit from it. You can keep the cost of the pedicure low and offer head wash by using a better product (like shampoo) to beat the competition.