Brick and mortar startups are your traditional small business beginnings that crop up in buildings, offices and stores all the time. Some of them hit it off, some of them are just not worth it and don’t survive. Some startups are great, but they don’t gain enough publicity and customers to keep them going.
Many people say that this digital age is kinder to internet startups and e-businesses more than the conventional business method. This is not entirely true. The internet is a vast place and many marketing strategies get drowned under the cumulative noise of thousands of others who are clamoring for attention.
So, Is Competition Good Or Bad?
For a conventional brick and mortar business, it may be hard to get your voice heard and your presence felt, but the fact that you have a physical presence at all says a lot.
The short answer is yes, competition is good for a brick and mortar startup business in some ways. The long answer is, yes and no, because competition is what makes an underdog either break it, or make it; when broken, there is seldom chance for rekindling the fire!
Many entrepreneurs suggest that the best thing about competition is the advantages you can garner and the boost your business can get from being near your competitor’s business. If a startup is confident enough about their products and services, they can obtain a brick and mortar very near the competitor outlet. This way they can reap rewards from the other’s marketing strategies!
How Does That Work?
An established business or store already has a large customer base due to the various marketing techniques and strategies they have employed over time. Having an outlet nearby their store will mean that many of the customers may also gravitate towards your business that offers the same or similar products.
The ‘foot traffic’ is a big factor in this scenario. The money that your competitor has put into choosing this location and calling out to customers will become your power, too. However, this is not the final word on this; taking advantage of these plus points wouldn’t hurt though.
Competition enhances the business and overall traffic. The motivation that one gets from healthy competitor action is what brings the best out of businessmen and store owners. The constant striving to keep ahead and one’s head above water is what results in great services and customer satisfaction.