We began conducting competitive intelligence for our clients over fifteen years ago. Back then, we primarily used Mystery Shopping as a way to gain valuable information for our clients on their top competitors. We have worked with start ups, established businesses as well as companies who need information for the acquisition process.
Types of Competitive Intelligence Gained:
- Website Impressions: Your website is your business. While it may look great to you, unless you research how it resonates with your customers, you may never know the truth. Same is true for a competitive mystery shop. Ease of use is very important as well as using very understandable language surrounding service offerings.
2. Contact us: Be sure to test this area through every channel possible and then gauge the amount of time it takes for a representative to get back to you. In an April blog post, we shared a case study where it took a representative 6 days to get in touch with our evaluator posing as a potential business customer.
3. Pricing: Asking for a quote after going through the sales process is usually the top determining factor for conducting the research in the first place. Additionally, we upload all marketing collateral right within the evaluation form.
4. Follow up: How well does the representative follow up? Depending on the scope of work, we usually allow 5 business days to measure this. Many times, there isn’t any follow up at all.
Social Media Competitor Analysis
According to Hootesuite, social media competitive analysis, includes the following:
- Identify who your competitors are on social media
- Know which social platforms they’re on
- Know how they’re using those platforms
- Understand how well their social strategy is working
- Benchmark your social results against the competition
- Identify social threats to your business
- Find gaps in your own social media strategy
When was the last time you took a closer look at your competition?