For your business to become a cut above the rest, you should know your competition well. Doing so will help you come up with strategies that will propel your business forward. Furthermore, it helps you understand your strengths and weaknesses.
Competitive analysis also helps you find opportunities for growth and territories that have not been touched by your rivals. But competitive checks go beyond simple checking of the competitors’ products and that it should not require you to resort to spying on the internal affairs of your business competitor.
Below are some of the tips to help you come up with a sound and insightful competitive check.
To understand why your competitor’s brand is loved, you need to view it from a customer’s perspective. And this brings you to shopping at their place. Take away all your biases and immerse yourself in the journey that your competitor’s customers will take.
Take note of how the staff handle your concerns and check the price. If you forget to check the price, you can always use a competitor price monitoring software app you can get from firms such as PriceManager.
Find first-hand insights
If you think that mystery shopping has still your biases, you can ask for insights from the customers themselves. You may hold a focus group discussion and ask about their experience with shopping at your competitor and with the products or services they offer.
You may also choose to conduct a quantitative study, which basically involves research and surveys.
Look at their marketing assets
Lastly, you should take a look at your competitor’s marketing efforts, both on-ground and digital. Study how they communicate their key marketing message. You may need the help of a reliable advertising agency to come up with a campaign that will go against your competitor’s efforts.
Knowing your competition is where your business stands. Keep these tips in mind and plan your next steps carefully.