What Are Your Competitors Up To?
How do customers decide to do business with you versus your competitors? The answer is simple -- experience. They give both of you a try; then decide which business they’ll be loyal to in the future. In determining a favorite, customers balance a comparison of:
4. Customer Service
Fortunately (or unfortunately) for each brand, once a customer declares a personal favorite, they typically remain loyal to that retailer until one of the following happens:
1. The favorite stops doing what made them their favorite
2. The contender does something so extraordinary that it is able to attract an otherwise loyal customer away from the favorite
3. One company undercuts the other on price so much that the customer feels the perceived savings far outweigh their former loyalty and satisfaction
Some consumer sectors, like gas stations, restaurants and grocery stores, are highly fragmented without one single dominant leader. Others are dominated by two giants who slug it out every day in a perpetual market share of tug-of-war. Think Coke versus Pepsi, Home Depot vs. Lowe’s, Walmart versus Target, Costco versus Sam’s Club.
When thinking about your competitors, the question to ask is not “How do we compare to them?”. This is the question most traditional competitor mystery shop programs propose to answer. The question that really brings understanding and differentiation for you is, “How can we identify clearly, beyond a shadow of a doubt, what we do better than them, and what they do better than us?”
Compare & Contrast Mystery shopping by IntelliShop answers that question (and more). We shine the light on the critical differences between you and your competitors. Our unique program design, measurement and analytics tells you exactly where your differences are, and what to do about them. There are other very important variations to our “competitor shop” programs, which make them far more actionable and produce an ROI that traditional programs don’t; we would love to tell you what those are.