What do "they" say about your competitors?

Chances are there's another dance studio close to you. Maybe several. These days, light industrial areas nearby fast-growth suburbs are packed so heavily with dance studios they barely a street apart. Generally it's not a good idea to fixate too heavily on the competition. But there are a few things you should keep your eye on... 1. How much are they charging? It's good to know what your local competitor studios are charging. Just so that you can be aware where your pricing sits in the market. And I'm not saying that you should necessarily try and price-match, it's just that it's always good to know. If you're by far the cheapest, then you can either lift your prices or promote it and make it the main focus of your next advertising campaign. And if you're the most expensive in your area, and you don't want adapt your pricing strategy to the local market average, then now that you know you can at least understand that and lean into it by promoting the "prestige" nature of your unique studio.

2. What are they offering? Do they have different classes on offer? What's their specialty? Knowing this can help you decide what your point of difference is.

3. And here's the big one... THEIR REVIEWS. Read their reviews, and see what people are loving (and hating) about them. You can learn so much from reading the reviews of any competitor - even if they're not local to you. It's a fantastic insight into what the customers are wanting. Because when someone writes "Blah blah studio is wonderful because the teachers are nice, and the choreography is cool, and the costumes are appropriate for young children," then you know that THESE things are important to the parent. And when you see that someone has said "The receptionist wasn't helpful and the concert tickets were too expensive," then you know that these are sore points, and you can be aware of these for your own studio. Reading dance studio reviews is a quick and easy to do market research, and the best way to find out what customers want.

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