Don't Sweat Your Competition

Posted on 21 Jun 2017

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Competition... What is it? Someone else that does what you do? Do they do it better? Or are they just another company in the same field or on the same street.

Don't sweat competition; I try to never sweat competition. There will always be competition and sometimes I admit I don't like it (I'm not perfect).

However, I worry more about what I'm doing for my clients and my company start to finish day in and day out. So many people get wrapped up in what everyone else is doing or saying that they forget about themselves and what they have on their own to-do lists.

There is a lot of business in the world; enough for everyone. We all know that. I personally share a mutual respect and friendship with many in the refining industry. Lots of good people I'm glad I know. Life is too short. We all want a bigger piece of the pie, that is a given but you have to work for it. You have to earn it. You have to continue to work for it.

Your stores and the business you conduct in them are an extension of who you are. Make sure they are organized and we'll layed out. Your shops should be a place that people feel good about coming in to and back to. Give people a reason to want to do business with you. Your customer service needs to be a priority. This alone will sometimes be the deciding factor in whether or not people will do business with you or continue to do business with you. Agree?!

Here's a little helpful idea

A few years ago I sent out an email to clients and prospective clients.... CHANGE THE COLORS OF YOUR WE BUY GOLD FLAGS OR SIGNS.

I wrote, "People get so used to seeing things that sometimes they no longer see them." Does that make sense?

What I mean is that a guy on his way to work may drive by XYZ Pawn Shop 10 times per week BUT hasn't seen the curbside flags stating, "We Buy Gold" for years. If you change them from yellow to let's say RED - the same man may say, "Wow, I never even knew that place was there!" Or "Wow, they buy gold - I wonder what else they have." Multiply that by 100's of cars every hour every day....

Also, look to change things around where you can in your shop. Maybe something that was toward the back and isn't selling is now near the front of the store or near the loan counter.

Change things up from time to time. Here's another helpful idea, walk into your shop as a customer one morning and see things from a different vantage. What do you see first? Where do you find yourself walking? What would you like to see that you'd likely buy or lead you to a purchase. Be the best you can be and don't worry about competitors.

Work hard, laugh often. Milton Berle once said, "If opportunity doesn't knock; build a door."

Peter B. Spector

Written by Peter B. Spector

I have a true passion for my work and for the clients I am grateful to have represented throughout the United States for almost 17 years in the Precious Metal Refining Industry. I am always in search of clients looking for the extraordinary customer service I provide on behalf of my company, GEIB Refining. My Best is what you'll get every day, every transaction. Always.

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