Competition
Currently, there are about six companies in my region that are in direct competition, but it seems that all of us have a specific area of expertise.
There are a limited amount of projects a small team can paint at a time, and it's not unheard of for one company to recommend one or two of the better companies to bid a project that they are unable to fit into a busy schedule (if a client can't wait).
My experience is that if I feel that another artist can tackle a subject that I am uncomfortable with, I will refer the client, with either a finder's fee required, or expressly stated return referrals expected back. Other artists may have projects they are not as adept at, which may fit into my area of expertise. All of which can engender goodwill and more work in a competitive market.
Swot (Strengths, Weaknesses, Opportunities, Threats) Analysis
Company Strengths
My education, technical skill, and over twenty years of experience include:
- Elegant line quality
- Complex composition
- Layered and energetic use of color
- Meticulous attention to detail
- Whimsical and unique children's subjects
- Wide range of expertise in creative techniques and historical references
- Strong graphic design background for promotional opportunities
I foster a good reputation for my professional attention in regards to:
- Punctuality and promptness in appointments and contact
- Clean and reliable job site maintenance
- Honesty and consistency in quotes and billing
- Dedication to delivering more than the client expects, facilitating excitement with their creative experience, resulting in enthusiastic referrals
- Due to my location, I have very low overhead, and do not foresee the need for an off-site studio in the future
Company Weaknesses/Barriers to Entry
- Lack of time to pursue new contacts
- Inexperienced in website maintenance resulting in lag time for updates
- Inexperienced at phone sales cold contact
Needs Analysis
Unmet/Incompletely Met Needs
- Marketing capital for magazine advertising
- Capital for staffing to accomplish mailings and phone contact
- Capital for exclusive use of a larger, reliable vehicle to transport equipment safely
- Capital for a DSL (a dedicated line for a modem) for e-transmission of larger scanned files in a more timely manner
- Capital for larger format full-color scanner and printer
Market Opportunities
- A national organization called the American Society of Interior Designers (ASID) that I have yet to approach, where I could join as a professional resource member. This would give me access to all licensed interior designers in my region, and possible advertising in their quarterly publications.
- I also have access to a regional retail furniture chain and a regional retail paint outlet chain that may allow me to hold painting demonstrations and workshops in return for distribution of my promotional materials and referrals to their customers.
- Very few artists' mural companies have the resources or interest to advertise, and if they have, the design and layout has been unimpressive, in my opinion. I have the motivation to be recognizable as a high quality resource in the regional media, budget permitting.
- I have yet to explore the market of home improvement due to property damage, in which insurance awards would pay for renovations.
Market Threats
- The economy has curtailed business and home improvement spending by 50 percent in my experience and observation over the last year. As a new business, I rely on a good economy for disposable income to support the luxury of home improvement.
- There is a small, slow upturn in the economy, but layoffs have affected about a third of my clients' ability to follow through with scheduled projects which have been delayed until the climate improves.
- The newly available resources of home improvement cable television and workshops at outlets such as Home Depot, have slightly altered my client base, as people are more emboldened to try faux finishes and stenciling patterns on their own. Lately I am more often approached to fix their attempts, and improve on them.
