In the forever-changing business environment of today, it pays to keep an eye on what your competitors are up to. Competitor analysis is a great way to better understand the external environment that you’re always trying to stay one step ahead of. Using a secret shopper audit to analyze your business is an effective way to get details about not only your own business but how it matches up with the rest of your industry and most notably, your competition.
What to look for in your competitor analysis
You should see conducting a competitor analysis as a necessity for your business as it’s imperative to understand what they’re doing for a number of reasons. One of the biggest competitor traits you should understand is their customer service tactics. When you know the main touch points that result in customers choosing your competitors, you can adjust yours to better adapt to consumer demands, or build on your differentiation from your competitors.
Along with understanding the customer experience, here are a few other important traits you should take note of:
- What range of products (services) do they offer?
- How are the products priced?
- How are the products packaged?
- What style of marketing is used?
How to collect competitor information
There are many simple methods that you can use to collect information about your competitors. Desk research is a great method for collecting valuable intelligence regarding how the business is positioned. Customer feedback is another big piece of information you’ll find due to the fact that people don’t go easy when it comes to reviews on the internet.
Getting feedback from your customers about your business’ performance can open doors to collecting data regarding your competitors. Finding out why they chose you over them, along with their perception of your brand in the market can give you the data to better understand where you’re positioned in the market from an external point of view.
Using a secret shopper audit to put it all together
Mystery shopping is effective for helping collect the data you need for your competitor analysis. Having a secret shopper audit will help you better:
- Keep an eye on competitors’ customer experience strategy
- Generate market forecasts
- Understand the overall traffic flow
Mystery shopping programs provide the external evidence that can be used to formulate a plan for a more effective approach to customer service as opposed to an internal debate over what may work. You can reduce uncertainty by using a secret shopper audit to ensure your strategy doesn’t take the focus away from your target market and is in your businesses financial range.
Braymark is one of the best secret shopper companies in Ontario when it comes to providing a suite of services specifically designed to meet the needs of the quality hospitality market. Connect with us today to get started on creating a strategy for your business’ customer service success.