Get a watermark-free, fully customizable competition study in our business plan for a pub establishment
Stepping into the bustling world of pubs and bars, understanding the competition is not just helpful—it's essential for your success.
In this insightful piece, we'll guide you through a systematic exploration of your pub's competitive environment. We'll show you how to pinpoint both your direct and indirect competitors and assess their strengths and weaknesses. This knowledge will empower you to carve out a unique space for your pub, ensuring it stands out in a lively scene.
Should you be seeking a ready-made competition study that's fully customizable, don't hesitate to visit our business plan template designed specifically for pub ventures.
What is exactly a "competition study"? Should you make one for your pub establishment?
A competitor study for a pub involves a detailed examination of other pubs and drinking establishments in your vicinity.
This includes direct competitors, such as other pubs and bars nearby that cater to a similar clientele, to indirect competitors, like local restaurants with lively bar areas or even home entertainment options that might keep potential customers from going out.
The goal is to dissect their strengths, weaknesses, operational tactics, and customer engagement to pinpoint opportunities and threats for your own pub.
Why do pub owners conduct competitor studies? Simply put, it's because being informed gives you an edge.
Knowing the landscape you're entering helps you to sharpen your pub's unique appeal.
For example, if you find that most pubs in your area have a traditional vibe, you might spot a niche for a modern, tech-savvy pub with interactive games and events. Or if you notice that many pubs don't offer craft beer options, this could be your chance to attract a crowd keen on unique brews.
The advantages of performing a comprehensive competitor analysis, similar to what you would find in our business plan template tailored for a pub, are extensive. It enables you to sidestep the mistakes your competitors have made and exploit weaknesses in their approach. It can spark creativity in your drink selection, entertainment offerings, promotional activities, and overall patron experience.
Additionally, understanding who you're up against can inform your pricing strategy, ensuring your pub is positioned appropriately in the market. It also makes you nimble, allowing you to adapt to changes in the competitive environment quickly and effectively.
Should you carry out a competitor study if you're embarking on a new pub venture? Absolutely.
Launching a pub without a grasp of the competitive dynamics is akin to walking into a foggy night. A competitor study acts as a beacon, aiding you in avoiding obstacles and capitalizing on chances. It's a crucial element of your business planning, establishing a foundation for a strategic approach that not only considers how to break into the market but also how to excel within it.
Is a competitor study beneficial for you? Indeed, especially if you want to make savvy choices that will distinguish your pub. Whether it's carving out your unique selling points, setting competitive prices, or pinpointing 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 patrons.
How to conduct a competition study for your pub establishment?
To conduct a competition study for your pub, start by gathering information on local competitors, focusing on their drink selection, pricing, customer reviews, and marketing strategies.
Next, compare these elements with your own pub to pinpoint what sets you apart and where you might enhance your offerings or approach.
For a structured approach, we offer a competition study template that you can customize with your data in our business plan for a pub.
To streamline the process, here's a 10-step action plan to create a comprehensive competition study for your pub.
Step | Action | Details |
---|---|---|
1 | Identify your competitors | List local pubs and bars that attract a similar clientele within your target area. |
2 | Analyze their drink offerings | Examine their selection of beers, wines, spirits, and non-alcoholic options, noting any unique or signature drinks. |
3 | Evaluate their marketing strategies | Observe their use of social media, events, and promotional activities to attract patrons. |
4 | Assess their customer service | Read customer reviews and feedback to understand their service quality and reputation. |
5 | Study their ambiance and theme | Consider their decor, music, and overall atmosphere that contribute to the customer experience. |
6 | Check their online presence | Review their website, search engine visibility, and any online reservation or ordering systems. |
7 | Understand their pricing strategy | Look at how they price their drinks and any happy hour or special pricing events. |
8 | Monitor their customer engagement | Watch how they interact with customers online, including response to reviews and social media conversations. |
9 | Identify their strengths and weaknesses | From your analysis, determine what they do well and where there may be gaps in their offerings or service. |
10 | Leverage findings to enhance your pub | Apply the insights you've gained to improve your drink menu, marketing efforts, customer service, and overall ambiance. |
What should be included in a competition study for a pub establishment?
If you're considering opening a pub or looking to improve your existing establishment, conducting a competition study is a smart move. Here's a table that outlines 10 key elements you should examine when analyzing your pub competitors.
Name of the Element | Description |
---|---|
Market Position | The standing of the pub in the local market, including its reputation and niche (e.g., sports bar, craft beer pub, live music venue). |
Beverage Selection | The variety and uniqueness of drinks offered, such as craft beers, cocktails, and non-alcoholic options. |
Pricing Structure | How competitors set their prices for drinks and any food items, including happy hour specials and group discounts. |
Target Audience | Understanding the demographic and psychographic characteristics of the patrons who frequent competing pubs. |
Location and Convenience | The geographical placement of rival pubs, their accessibility by public transport, and the availability of parking. |
Promotional Activities | The strategies used by competitors to attract customers, such as events, loyalty programs, and online marketing efforts. |
Patron Reviews and Feedback | Public perception as seen through reviews on platforms like Yelp, Google, and social media comments. |
Atmosphere and Theme | The vibe of the pub, including its theme, music, lighting, and the overall experience it offers to customers. |
Entertainment and Events | What kind of entertainment is provided, such as live music, quiz nights, or sports viewing parties. |
Compliance and Safety | How well the pub adheres to legal regulations, including licensing laws, and the measures taken to ensure patron safety. |
By carefully analyzing these elements, you can gain valuable insights into what makes a pub successful in your area and identify opportunities to differentiate your establishment from the competition.
Examples of competition studies for a pub establishment
Below are three different (very concise) examples of competition studies tailored for a Craft Beer Pub, a Sports Bar, and an Irish Pub.
If you need something more developed, go check our business plan template for a pub.
Craft Beer Pub Competition Study
Competitive Factor | Description |
---|---|
Beer Selection | Range of craft beers on tap and bottled, including local and international brews. |
Price Range | Mid-range to premium, reflecting the specialty and quality of the craft beers. |
Location | Strategically placed in neighborhoods known for a vibrant nightlife or near cultural hotspots. |
Customer Service | Knowledgeable staff with expertise in craft beer, offering recommendations and tastings. |
Ambiance | Cozy and inviting, with a focus on creating a community atmosphere for beer enthusiasts. |
Unique Selling Proposition (USP) | Exclusive brews, beer pairing events, and collaborations with local breweries. |
Sports Bar Competition Study
Competitive Factor | Description |
---|---|
Entertainment Options | Multiple large-screen TVs broadcasting a variety of sports, live events, and interactive games. |
Price Range | Accessible pricing to attract a broad customer base, especially during major sporting events. |
Location | High-traffic areas with easy access on game days, often near stadiums or urban centers. |
Customer Service | Efficient service with an emphasis on quick turnaround during peak hours. |
Ambiance | Energetic and casual, decorated with sports memorabilia to enhance the fan experience. |
Unique Selling Proposition (USP) | Game-day specials, loyalty programs for regulars, and hosting of local fan club events. |
Irish Pub Competition Study
Competitive Factor | Description |
---|---|
Drink Selection | Authentic Irish beers, whiskeys, and a selection of classic pub drinks. |
Price Range | Generally affordable, with options for both budget-friendly and premium experiences. |
Location | Often found in historic or downtown areas, capitalizing on the charm of traditional architecture. |
Customer Service | Warm and hospitable staff, often with a touch of Irish friendliness and wit. |
Ambiance | Rustic and homey, featuring dark wood, cozy fireplaces, and Irish cultural decor. |
Unique Selling Proposition (USP) | Live Irish music nights, cultural events like St. Patrick's Day celebrations, and traditional Irish fare. |
You can also read our articles about:
- how to fill a Business Model Canvas for your pub establishment
- how to segment the customers of your pub establishment
- how to elaborate a marketing strategy for your pub establishment
- how to open a pub (guide)