As an NRHA Professional, competition is at the core of your business. But understanding your competition is also valuable outside the show pen in terms of your business.
By Jennifer Paulson
You potential and current customers have options, and they’re exposed to those options at every horse show, every day on social media, and in publications and media about your industry. A competitor analysis—identifying new and existing competitors in your market—can help you identify your path forward in what can be a crowded marketplace of options.
Step 1: Identify your competitors.
Your rivals can be categorized as people in your immediate area or those who share traits that make your business unique. These might include other women-owned training operations if you’re a woman or other businesses that focus on non pros or other categories.
Step 2: Set your criteria.
Make a list of parameters for comparing your business to the others. Consider things like pricing, services offered, location, and even the way you market your business.
Step 3: Make first and second tiers.
Identify your primary (direct) competitors—those who do what you do and are located near you—and secondary competitors—those who are near you but do different things (maybe focus on a different Western discipline).
Step 4: Do the research.
Look into what each of your competitors does that’s similar and different from you. Consider things like customer service, pricing, amenities offered, and other program-centric qualities. But also look at promotions and activities online and on social media.
Step 5: Analyze the data.
This is when you must be brutally honest with yourself. What are your competitors doing better than you are? Are their programs more enticing for obvious reasons that you can control? What are you doing that they don’t do that you could amplify or promote more? What are they doing to promote their businesses that’s different than what you do? Key learnings from this step will help you determine your path forward to be sure you put your best foot forward to gain and keep customers.
