How to Conduct Competitor Analysis for Laundromats

If you run a laundromat business, then you probably already know that there’s more to it than simply looking for a place, investing in equipment and commercial laundry parts from Laundry Replacement Parts, and leaving it to operate by staff.

Before you begin operating your laundromat, you will need to conduct competitor analysis regularly. But you’re probably wondering what this is and how to analyze what your competitors are doing. Read on to find out!

Evaluate the Competition

Being successful and a leader in the laundromat industry, or any other industry for that matter, will mean that you must keep track of the competition.

Remember, you are a local business with a limited number of potential customers in the community. Your customer base includes those who don’t have laundry equipment and require to visit a laundromat to clean their clothes. If you lose these customers to the competition or even have them stolen away by your competitors, expect it to negatively impact your revenue.

So, to maintain and grow your customer base, you must always be a step further from the competition. And how will you do that? Analyze what they are doing and improve your tactics based on your findings!

The more you know about your competitors, the better. You must identify their strengths while determining how to capitalize on weaknesses.

As you evaluate your competition, you must consider the following factors:

  • Their location and hours
  • Customer service
  • Quality of equipment and dexter laundry parts
  • Equipment quantity
  • Store layout
  • The facility’s overall ambiance and atmosphere
  • Facility’s cleanliness
  • Product and service offerings
  • Costs of products and services
  • Any additional amenities such as television, games, and WiFi
  • Payment process and methods
  • Number of employees
  • Sales, discounts, and promos
  • Marketing efforts such as their web presence, advertisements, signages, etc.
  • Customers’ perception of your competitors’ businesses

You can evaluate your competition and conduct a deep competitor analysis by visiting their locations. You can also do a load of laundry in your competitor’s business. If this isn’t possible, ask your family, friends, or other trusted individuals to visit the competitor at varied times to get more feedback.

Besides that, you can also check their websites, social media pages, and third-party review sites to analyze their web presence.

So, if ever a new laundromat will open in the area, you shouldn’t sit idly, waiting to see what happens. You must be proactive and take a look at your business and its current operations.

Will your equipment need some upgrading? Have you seen any negative reviews from previous customers on Yelp, Facebook, or Google? Do you believe your facilities will need an upgrade to have them look more welcoming? Do you need to extend your hours or boost your advertising budget?

These are just some of the things to look into, and you can gain more insight after conducting a competitor analysis!

Wrapping It Up

Hopefully, you learned more about what it takes to conduct competitor analysis for your laundromat from our quick tips!