Keep your eyes on your own window
There is no denying that the bridal industry is experiencing challenging times of late, isn’t it.
Many retailers are telling me they are booking fewer enquiries, longer decision making periods and increasingly cautious brides. Rising costs, changing buying habits and economic uncertainty are all contributing to a marketplace that feels very different to the one many of us knew even just a few years ago.
When business becomes difficult, something else often happens.
We start looking sideways.
What are other boutiques doing?
How many appointments do they have?
How many brides are they selling to?
What designers do they stock?
Why do they always seem so busy and we aren’t?
How can they afford that refurbishment, that advert or those social media campaigns?
Before long, valuable time and energy are being spent focusing on someone else’s business rather than your own.
And that rarely helps.
The comparison trap
Social media hasn’t made this any easier, has it?
Every day we see beautiful photographs, smiling brides, busy boutiques and seemingly endless success stories.
It can be very easy to assume that everyone else is thriving while we are facing challenges.
The reality though, is often very different. Many retailers are working harder than ever. Some are experiencing quieter periods. Others are adapting to changing customer behaviour. Very few businesses are entirely untouched by the pressures currently affecting the industry.
What we see publicly is often only part of the story.
Every Business Is Different
No two bridal boutiques are the same.
They are in different locations. They often have different customers. Some will sell at different price points. They’ll have different overheads and different business models.
What works brilliantly for one retailer may not work at all for another.
It can therefore be dangerous to copy or follow another business’s model simply because they appear successful.
The question should never be:
“What are they doing?”
Instead, ask:
“What is right for my business?”
Focus on what you can control
There are many things within our industry that we cannot control.
The economy.
Customer confidence.
Perceived competition.
Online influences.
Changing buying habits.
However, there are many things we can control:
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Our customer experience.
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Our follow up procedures.
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Staff training.
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Appointment management.
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Social media content.
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Communication.
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Product selection.
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Business processes.
Energy invested in improving these areas will almost always deliver a better return than worrying about a competitor.
Success leaves clues
This doesn’t mean we should ignore other businesses completely. There is nothing wrong with being inspired by others. Good ideas can come from anywhere. Successful businesses often leave clues about what is working. However, there is a difference between learning and comparing.
Learning helps us improve our business.
Comparing often makes us anxious.
One creates progress.
The other creates frustration.
Look through your own window
I often encourage retailers to spend less time looking through someone else’s window and more time looking through their own.
Ask yourself:
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How are our appointments performing?
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Are we following up brides effectively and efficiently?
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Are we making it easy for brides to buy from us?
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Are we communicating our expertise, and how are we doing it?
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What could we improve this month?
