What to Collect for Meaningful Competitive Intelligence
Do you know what your competition is up to right now? In order to make informed decisions dominate the market, you have to keep tabs on the competition. Are they offering new promotions or products to entice customers, or have a prices that are too good to turn down? Whatever your competition is doing, it’s your job to know. But, with a myriad of data points to collect, what’s the important stuff to collect? Mobile Crowdsourcing has become the solution to many business critical needs including competitive intelligence. Rather than sending employees out to gather information in small bursts, you can now dedicate thousands of mobile shoppers to understanding what is happening within the market space. Our national footprint means that you can look at regional trends and expand outward to view national campaigns. With so many options, having a clear plan is critical.
When choosing what parts of your competition’s business to collect intel, you have to look reflexively first. What are the struggling parts of your brand’s strategy and your strengths? Where you stand in the marketplace from a consumer point of view in comparison to your competition means a lot. There are four key factors you should look at first.
- Ads– Can your promotions stack up against the competition? What is the frequency in which your competition changes their ads? Are they compelling and attractive?
- In-store presence– When a customer visits the aisle with your products, which brand do they see first? Knowing how much physical space your products take up in comparison to your competition is crucial to understanding first moment of truth.
- Sentiment– How do consumers feel about your competition and why are they motivated to buy their products over yours?
- Customer Experience– We’ve spoken about customer journey mapping in a previous blog post and the importance of knowing all the touchpoints.
Contributing Writer: Gabrielle Winant
Need better data to inform your decisions? Whether in-store or online, Wiser has you covered from pricing to assortment to promotions. Schedule a meeting today to learn how to turn retail data into action.