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Local Competition
The pet industry is BOOMING! Three main competitors of my business are Walmart, Global Pet Foods, and Diggin' Up Bones. It's important to take a look at them as competitors to zero in on what will set my company apart!
Walmart: Big box store!! So many items are offered here and they do sell pet food, treats and supplies however that is not their main business so they do not offer the variety that specific pet stores offer. Their prices are good (although sometimes I've noticed the big box grocery store is a bit cheaper for some items which is surprising!). The website is user friendly and breaks down the options for each sub category under pets. They offer shipping, which is convenient and in some cases it's free! They also offer "click and collect" shopping so items can be picked up in store although there is a chance your item might be out of stock so you could be shorted or other similar items may be substituted if you approve in advance. They have lots of reviews for their items. They do have a Facebook page and post somewhat regularly with informative posts. There are lots of customers complaining on the posts so that makes one wonder about customer service. Not a great image or impression for those browsing. They also have an Instagram account. Their social media is a lot about solving the problems people have when it comes to things like deciding what to have for dinner, or making shopping easier by ordering online and avoiding having to take the kids to the store with you. They are offering solutions! Their strength is in the ease of shopping and that Walmart is known for having lower prices so customers can feel fairly confident that they are getting a good price when shopping there. Their weakness when it comes to dog treats and food and supplies is that because they have so many different departments in the store (from clothing to food and everything in between) they do not carry all brands.
Global Pet Foods: This is a Canadian-owned company that has smaller stores that are a chain so individually owned and operated (although some might be corporate stores? I have not looked into that.). They specialize in pets so they offer a wide variety of choices for all your pet needs. Their prices are fairly competitive to Walmart but a little more expensive and they carry many different brands of pet products whereas Walmart is more limited. Their website is very nice and offers a lot of information and tips for pet care. They also have a rewards program and offer AirMiles. Unfortunately the location near me does not offer online shopping and it appears that option might vary by store. (Note: PetSmart does offer online shopping / shipping along with all of the variety of brands - although not every pet store chain carries every brand so sometimes where you shop is dictacted by what you're feeding your dog / pet! There is no PetSmart in the area of business for my company). They have a Facebook page and Instagram account and the posts are basically identical. The comments on the posts are not hostile and in fact many people have good things to say about Global Pet Foods! This company is offering information relevant to pet health and wellness based on our pets being part of our families. Their strength seems to be in customer loyalty and appealing to the emotions of being a pet owner. Their weakness is in the online shopping area as I think they could take some of the market share from places like Walmart and other big box stores if they made it easy for people to shop! They could also grow their customer base if they were more accessible to people who may not be able to get out to the store easily due to age, weather, other things.
Diggin' Up Bones: This small business does not have a website. They have a Facebook page and an instagram account. The content they post is essentially all about where they will be on certain dates. They offer specialty items for dogs, and a limited number of items. There is no way to order online and shipping of items is not mentioned. They have an email address and phone number posted for contact information. There are no reviews. They don't really have a social media presence, and what is there is about promoting where to find them to shop. There are not fun, informative or helpful posts about dogs or dog care on any of their social media. This company is offering natural dog treats and bones along with some leashes and toys. They do not explain any benefits of their items over other items someone could buy. Their strength is in the product they offer as it is fairly unique. Their weakness is in their marketing and making it easy for people to shop. Perhaps they are happy with their business as it is and they don't want to grow. They have opportunity if they choose to take it!
This has been an interesting and helpful exercise for me and I have learned a lot about what I can do with my company to set it apart and make it easy for people to shop! While all of these companies discussed above offer something of value in their own way, my goal will be to attempt to incorporate many of these things and aim to check all of the boxes for people looking for dog treats and giftable items in baskets. This will include building relationships and appealing to the emotions of pet owners, providing informative and helpful information, also making my social media fun (people need to laugh!), giving back to the community, having visually appealing packaging and displays, offering subscriptions for treats by the bag, and offering shipping and home delivery services! I am very excited about this venture!!
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Strengths and Weaknesses
This blog post is about strengths and weaknesses in relation to entrepreneurial skills. Our course advises us that three of the main skills entrepreneurs should have are financial planning, sales / negotiation, and people management.
I feel that financial planning and finance are weaknesses of mine, but I look forward to learning more about this and turning it into a strength - Finance course is in progress and yes I'm super intimidated by it but I think it's important to do the things we fear!
I feel like people "leadership" is a strength of mine so I'm going to have to determine how that varies from people "management". I have led (and do lead) a fairly large team with the direct sales company I am with and I love inspiring them to be the best they can be and then seeing them gain confidence and take off - getting to see their own dreams come true. There's nothing like it! I was co-owner of a small events business a number of years ago and I was the one of the two of us who determined what needed to be done and delegated the tasks. I suppose as a business owner you will have to deal with all types of people and "manage" employees - it won't be the same. I just feel like if there's a mutual respect (and good reference checks done on potential employees!) that there could be more leading vs managing. I've learned a lot about people through various conferences and trainings I have attended and taken part in. I've learned how to "read" people better from events I have attended where I have been an exhibitor and simply from talking to people and observing.
A strength of mine that works towards sales and negotiation is that I'm genuine and I truly believe that builds trust. People do business with people they like and trust. I'm also very good with speaking and quick with my thoughts.
This is an interesting discussion topic and I'll have to give it a bit more though ...
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