Get a watermark-free, fully customizable competition study in our business plan for a barbershop salon
Staying a cut above in the bustling world of barbershop salons means understanding who you're up against. A sharp eye on the competition can be the difference between a thriving business and one that just trims along.
In this article, we'll guide you through a meticulous process of competition analysis tailored for barbershop owners. We'll help you pinpoint both your direct and indirect competitors and dissect their strategies, services, and customer experiences. With this detailed knowledge, you can refine your own barbershop's edge and stand out in a densely populated field.
And, if you're looking for a ready-made competition study that's fully customizable, don't hesitate to check out our business plan template designed specifically for barbershop ventures.
What is exactly a "competition study"? Should you make one for your barbershop salon?
A competitor study in the context of a barbershop salon involves a detailed examination of other barbershops and hair care businesses in your vicinity.
This includes direct competitors, such as other barbershops or hair salons that offer similar services, to indirect competitors, like at-home grooming service providers or beauty supply stores.
The goal is to gain insights into their service offerings, customer experience, pricing, marketing tactics, and overall business performance to pinpoint areas where your barbershop can excel and identify potential challenges.
Why do barbershop owners conduct competitor studies? Simply put, it's because being informed gives you an edge.
Knowing the competitive landscape helps you sharpen your barbershop's unique selling points.
For example, if you find that most local barbershops have a traditional vibe, introducing a modern, tech-savvy salon with online booking could fulfill an unmet need. Or, if you notice a lack of specialized services like beard grooming or scalp treatments, these could be niches you exploit to stand out.
The advantages of performing a comprehensive competitor analysis, similar to what you would find in our business plan template tailored for a barbershop, are numerous. It enables you to sidestep competitors' mistakes and take advantage of the services they're not offering. It can spark creativity in service menus, customer engagement, promotional strategies, and the overall client experience.
Additionally, understanding who you're up against can inform your pricing strategy, ensuring your barbershop is positioned appropriately in the market. It also keeps you nimble, allowing you to adapt to changes in the competitive environment quickly and effectively.
Should you conduct a competitor study if you're launching a new barbershop? Absolutely.
Starting a barbershop without a grasp of the competitive field is akin to navigating without a map. A competitor study sheds light on the route, aiding you in overcoming obstacles and capitalizing on openings. It's a crucial element of your business planning, establishing a foundation for a strategic approach that focuses not just on market entry, but on flourishing within it.
Is a competitor study useful for you? Indeed, especially if you want to make savvy decisions that will distinguish your barbershop. Whether it's carving out your niche, pricing your services right, or choosing the most impactful marketing avenues, a competitor study equips you with the knowledge to make those choices confidently.
It's not merely about tracking what others are doing; it's about figuring out how you can do it better or differently to attract and retain clients.
How to conduct a competition study for your barbershop salon?
To conduct a competition study for your barbershop salon, start by collecting information on local competitors, focusing on their service range, pricing, customer feedback, and promotional tactics.
Next, compare these elements with your own barbershop to pinpoint what sets you apart and where you might need to step up your game.
For a structured approach, we offer a tailored competition study template that you can adapt with your data in our business plan for a barbershop salon.
To streamline the process, here's a 10-step action plan to create a meaningful competition study for your barbershop salon.
| Step | Action | Details |
|---|---|---|
| 1 | Identify your competitors | List nearby barbershops that target a similar clientele. |
| 2 | Examine their service offerings | Look at the range of haircuts, shaves, and additional grooming services they provide. |
| 3 | Assess their marketing efforts | Review their social media presence, advertising campaigns, and community involvement. |
| 4 | Analyze their customer experience | Read through client reviews and testimonials to understand their reputation. |
| 5 | Study their aesthetic appeal | Consider their shop design, barber station setup, and overall ambiance. |
| 6 | Review their digital footprint | Check out their website functionality, online booking system, and SEO effectiveness. |
| 7 | Understand their pricing model | Compare their service prices and any membership or loyalty discounts they offer. |
| 8 | Observe their client interactions | Monitor how they engage with clients on social platforms and respond to feedback. |
| 9 | Determine their strengths and gaps | From your research, identify what they do well and where they could improve. |
| 10 | Apply insights to enhance your salon | Use the knowledge gained to refine your services, marketing, customer care, and more. |
What should be included in a competition study for a barbershop salon?
Here is a table listing 10 elements that could be part of a competition study for a barbershop salon.
| Name of the Element | Description |
|---|---|
| Market Share | Percentage of the local market that competing barbershops hold, based on the number of clients and frequency of visits. |
| Service Range | Variety of grooming services offered, such as haircuts, shaves, beard trims, and additional treatments. |
| Pricing Strategies | How competitors set their prices for various services and any membership or package deals they offer. |
| Target Demographics | Understanding the specific customer segments that other barbershops cater to, including age, gender, and lifestyle preferences. |
| Location and Convenience | Accessibility of competing barbershops, including proximity to public transport, parking availability, and shop visibility. |
| Marketing and Branding | Examination of how competitors brand themselves and the marketing channels they use, such as social media, local advertising, and community engagement. |
| Customer Feedback | Analysis of online reviews and ratings on platforms like Google, Yelp, and Facebook to gauge customer satisfaction and reputation. |
| Staff Expertise | Qualifications, experience, and skill level of the barbers and stylists employed by the competition. |
| Shop Atmosphere | The overall vibe and design of the barbershop, including themes, music, comfort, and cleanliness. |
| Health and Safety Standards | Measures taken by competitors to ensure hygiene and safety, particularly important in maintaining client trust and adherence to regulations. |
Examples of competition studies for a barbershop salon
Below are three different (very concise) examples of competition studies tailored for a Classic Barbershop, a Modern Grooming Lounge, and a Vintage-Themed Barbershop.
If you need something more developed, go check our business plan template for a barbershop.
Classic Barbershop Competition Study
| Competitive Factor | Description |
|---|---|
| Service Range | Traditional haircuts, shaves, and grooming services. |
| Price Range | Competitive pricing aimed at regular, repeat customers. |
| Location | Conveniently located in neighborhoods with a loyal customer base. |
| Customer Service | Personalized attention, fostering a sense of community. |
| Ambiance | Comfortable and familiar setting with a masculine touch. |
| Unique Selling Proposition (USP) | Consistent quality, experienced barbers, and a no-frills approach. |
Modern Grooming Lounge Competition Study
| Competitive Factor | Description |
|---|---|
| Service Innovation | Latest trends in men's grooming, including advanced skincare treatments. |
| Price Range | Premium pricing for upscale services and products. |
| Location | Strategically placed in high-end shopping districts or business centers. |
| Service Quality | Highly trained staff with a focus on luxury and pampering. |
| Ambiance | Sleek, modern interiors with a focus on comfort and style. |
| Unique Selling Proposition (USP) | Exclusive services, membership programs, and brand partnerships. |
Vintage-Themed Barbershop Competition Study
| Competitive Factor | Description |
|---|---|
| Service Range | Classic cuts and shaves with a focus on old-school techniques. |
| Price Range | Mid-range pricing, offering a unique experience at a fair cost. |
| Location | Areas with cultural significance or high visibility for foot traffic. |
| Customer Service | Engaging and charismatic barbers who create a memorable experience. |
| Ambiance | Nostalgic decor with antiques and period music creating a retro vibe. |
| Unique Selling Proposition (USP) | Themed events, product lines inspired by different eras, and a strong brand identity. |
You can also read our articles about:
- how to fill a Business Model Canvas for your barbershop salon
- how to segment the customers of your barbershop salon
- how to elaborate a marketing strategy for your barbershop salon
- how to open a barbershop (guide)