Does Competitive Pricing Make a Difference in Local Markets?
In order to remain competitive in a saturated market, it’s important for QSRs to monitor their competition closely. Traditional data collection methods such as mystery shopping, can provide important intelligence but usually after a considerable loss of profits.
The advancement of mobile crowdsourcing technology now provides businesses with actionable data collection in near real-time. Mobee’s new customizable platform provides businesses with intelligent answers to their questions and also offers advice on the best ways to leverage the information at hand.
Our Competitive Pricing Intelligence solution has proven to be an effective way for QSRs to see inside the establishments of their competition in near real-time. In our recently released report “Does Competitive Pricing Make a Difference in Local Markets?”, Wiser investigated the value of small, medium, and large french fries across seven national and regional QSRs including Arby’s, Bojangles, Burger King, Chick-fil-a, Church’s Chicken, Mcdonald’s, and Wendy’s in the Atlanta market.
At the national level, small fluctuations in prices between QSRs can easily be missed. However, those same fluctuations can create major impacts in sales loss for a particular chain. During our analysis, we discovered Church’s Chicken offered the greatest value for consumers to receive more ounces of french fries per dollar when upgrading from a small to large fry. On the other hand, Mcdonald’s offered the worst value in the Atlanta market which could potentially lead to a loss of customers due to poor value.
When using traditional methods, QSRs would never be able to collect this type of granular data in time to make a difference. But with mobile crowdsourcing technology, businesses can make educated decisions in near real-time to improve their sales.
Contributing Writer: Justin Bartlett
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.