Everything You Need to Know About the Value of Competition
So you're just starting out in the photo booth industry and after doing countless Google searches, you've found out that you're not the only photo booth around.
It's scary, right? It makes you second guess your decision to open a photo booth company. I mean, you want to be successful and competition can make it tough, right?
Today we're going to be going over the value of competition and why it could actually be a good thing for your business.
Don't Think of Them as Your Competition
Don't think of your competition as your competition. Think of them as your colleagues.
You're probably reading this and wondering if we've lost our minds, but hear us out.
When you build strong relationships with your competitors, it can actually be a really good thing. Let's face it, as a new photo booth company we would love to have 1,000 events in our first year, right? I mean, that would be incredible!
The reality, especially when you're first starting out, is that it's impossible. You're just one person, or maybe a small team, and at some point you're going to be completely booked. Or at least that's the goal.
That's where thinking of your competition as colleagues comes into play.
If you're completely booked, you can actually recommend a competitor to your clients. Are you taking the risk that they may not come back to you? Sure, but you're helping fulfill a client's needs and that won't be easily forgotten.
Additionally, you may be able to work directly with your competitors to create some sort of referral program so that you don't miss out on 100% of the lost revenue.
The more you do this, the more your competitor is going to take note, especially if you give them the heads-up that you're sending a client their way. Without a doubt, your competitor will be completely booked and likely do the same for you in the future. You'll be building a great business relationship that supports another local business as well as your own.
The Golden Rule
You all know the golden rule that our parents taught us as kids, "If you can't say something nice, don't say anything at all."
This rule applies to the photo booth industry as well.
At some point, you're going to receive a call or email from a potential client saying something along the lines of, "I spoke with Company A and they're willing to provide me with X, Y, and Z for $500. What are you able to do?"
Here's the part where the golden rule needs to apply. No matter the reputation of your competitor, no matter if they're not nearly as good as you, no matter if they don't provide half the service you provide, do not, ever, say bad things about them.
The best practice is to be honest and positive. Mention what you offer that your competitor doesn't, but do so without explicitly saying so. Make sure you share your value and why a customer should go with you because of the service that you provide.
Building up someone's brand will build up your own.
Dennie Hirsch from Mojo Photo
If you don't know what a competitor offers, again, be honest and say so! Something like, "I'm sorry, I'm not sure what services they offer. What I offer is X, Y, Z."
Know Your Competitors
We just touched briefly on why it's important to know your competitors. After all, how do you know if what you offer is better?
With that said, know your competitors! Check out their website, social media, the packages and offerings, all of that good stuff.
This will allow you to be able to speak on what you offer with potential clients, but in a way that showcases what makes you different than the competition. It'll also allow you to show your value if you're priced higher as well.
Stay in Communication With Your Clients
We've talked about the importance of following up and staying in touch with clients in previous articles and it's especially important here.
If you don't maintain regular communication with your clients, you're risking losing them to a competitor or to themselves. What we mean is that if you don't provide value with the experience you offer to your clients, there's no reason that your clients can't go and purchase their own booth or find a different company that does offer value.
Of course, this is more directed towards your long-term rental clients or event planners and venues that continue to use your booth. But, regardless, you should maintain and follow up with all clients in so way, shape, or form.
If you want to read more about scoring long-term, passive income with your photo booth, check out this article here!
And that's it! We hope that these tips help you see the value of competition and keep you standing out from the crowd!
Want to learn more tips and tricks on how to have a successful photo booth business?
Check out our other blog posts and our 26-Episode Video Series where you can hear from real PBSCO Photobooth owners on how they've led their businesses to success!
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