2. Keep a “war book” on your competition.
Souk’s time in the military has been vital as an entrepreneur, he says. As a unit supply specialist, he learned discipline and resource management and, perhaps most importantly, how to study the enemy.
That’s why he keeps what he calls a “war book,” which holds every piece of information about his competitors that he can find — whether it’s mailers, advertisements or daily-deal specials — from the past four years. “Every major competitor in the Charlotte market has their own file,” Souk says.
He studies patterns, pricing and advertising strategies.
Most people get a flier in the mail and throw it away, Souk says. “But I open every single one.”
3. Prize personalization over price.
Souk learned early on that he couldn’t win the price race to the bottom.
Souk charges $179 to clean five rooms, a hallway and a set of stairs. But he’s seen some companies offer specials for just $120 for the same cleaning.
“I can’t even afford to send someone out to do work for $120,” he says. “You don’t have to chase every low-ball person.”
Instead, he says, he offers the best deal he can while also giving strategic discounts. Veterans, police officers, firefighters — they all get special deals. During back-to-school season, teachers get a 10 percent discount.
Another reason not to join in the price roller-coaster, Souk says, is that it gives customers mixed messages. “If your price is up and down, up and down, customers don’t know who you’re trying to be,” Souk says. “Like if a BMW or luxury car was selling for dirt cheap. People would wonder, ‘Is business down? Is there something wrong with it?’ ”
4. Approach marketing as a long-term investment.
The startup costs for Souk were minimal. He had to pay a one-time fee of $19,000 to get his first protected territory of 110,000 homes, and spent about $50,000 getting his business off the ground, Souk says.
His biggest financial commitment since has been marketing: “branding, branding, branding,” Souk says. Trying to make Oxi Fresh a household name.
