Despite the high expenses and equipment costs, competition, and constant need to retain clients, more and more laundromats are opening up throughout the country.
Clients now have more choices than ever, and being “the best” or cheapest in town won’t be enough to attract and retain clients.
Check out these 9 tips that’ll help you outlast the competition:
- Deliver a better client experience. Make every client feel like a VIP. Sometimes a friendly greeting, clean store, and occasional thank you note are all it takes to provide a better client experience than competitors.
- Be intentional with your prices. Do your homework to understand your costs and know your market. If your ideal clients view price as a reflection of quality, being the cheapest probably isn’t the best idea. Make sure your prices align with client expectations, cover your costs, and are based on the value and experience you offer.
- Monitor your P&L. If you don’t know how much money you’re making (or losing), you’re playing with fire. Keep a close eye on your profit and loss statement so you can make informed decisions.
- Take care of your team. Your team is your biggest asset. Treat them right. Invest time and resources into ensuring they’re equipped to do their jobs.
Thinking about, the thinking of laundry:
Are you running a marathon or a sprint when it comes to your competitors?
- Invest in quality equipment. Quality equipment might cost more upfront, but it’ll save you a ton of money and headaches in the long run.
- Stay updated. New laundromats typically have new technology to match, and outdated technology in older laundromats just can’t compete. Update your POS system, add online booking features, purchase energy efficient machines, etc. to stay competitive.
- Be different. Different is better than better. Figure out what sets your business apart and keep doing it.
- Get creative. Shake things up by adding new services or trying new marketing tactics.
- Study your data. Your data will help you understand your clients so you can better serve them. Studying your data also allows you to identify trends, such as a consistent boost in sales around holidays, and make smarter business decisions.
It’s natural to get stagnant, especially if you’ve been in business for a while. Instead of being nervous about new competitors, use them as motivation to improve your business, which will ultimately benefit your clients and profit.
That's all I got for you today.
Waleed
✌️🏴☠️
p.s. do me a huge favor and let me know what you think, click here.
Echoing the wisdom of Simon Sinek
The infinite player isn't playing to be number one... They're playing to outlast the competition.
Thanks for reading this edition of Wash Weekly. I hope you enjoyed the topic this week.
