EXPANDING YOUR OWN MARKET POSITION WITH SYSTEMATIC COMPETITION MONITORING
In competitive intelligence, trained regional or local employees observe the activities of the competition in terms of advertising, customer-specific promotions, and the like. In addition, these employees are often real customers of the competition. The information obtained in competition monitoring provides a precise picture of the marketing strategy and the measures used by competitors and enables the company to fine-tune its own strategy.
Synonymously used terms are competition check, competition check, business intelligence, or competition monitoring. Competition monitoring is to be distinguished from competition tests. Here, trained testers carry out a classic mystery research procedure (mystery shopping, test purchase, test consultation, test call, or similar) and evaluate the quality of the experience.
Typical test elements are for example:
- Advertising used by the competition (TV, PRINT, radio, online)
- Marketing campaigns locally or personalized to customers
- Price behavior
- Advertising materials
Competitive intelligence is used in all industries, including automotive, banking, home improvement, consumer electronics, service, DIY, fitness, gastronomy, retail, hotel, cosmetics, food retail, furniture retail, motorcycle retail, perfumery, travel agency, telecommunications.
HAVE COMPETITION MONITORING CARRIED OUT
Anyone who wants to secure their own position on the market should, of course, also always keep an eye on the activities of the competition. After all, the customer has the flexibility to quickly decide in favor of the competitor's products or services in the event of a better offer. Accordingly, it makes sense for many reasons to address the high importance of monitoring the competition. The corresponding results then make it possible to make well-founded decisions for one's own company to improve its competitive position.
WHAT DOES COMPETITIVE INTELLIGENCE MEAN?
Competitor monitoring can relate to the most diverse areas of everyday business. Often, depending on the industry, a large number of companies need to be examined. Those who put their trust in concertare's expertise benefit not only from reliable results, but also from regular documentation, in the context of which not only an actual status is recorded, but also any developments can be traced.
Among other things, our trained employees monitor advertising activities and promotions, thus helping our customers to systematically improve their positioning in the market. This also includes the general possibility of being able to react to special price promotions by competitors at an early stage in order to prevent a loss of customers.
WHAT OPPORTUNITIES DOES COMPETITIVE INTELLIGENCE OFFER?
Even if you cannot directly influence the actions of your competitors, you have the opportunity - on the basis of reliable competitive monitoring - to make well-founded adjustments to internal company decisions. Is your competitor planning a special promotion and advertising low prices in advance? In this case, there is a high probability that your customers will also be interested in his products. So it's high time to counteract with an even more attractive offer, if necessary. If you haven't monitored the competition in advance, you run the risk of missing opportunities like this. Meticulous observation of the competition ensures that the risk of losing customers can be reduced. At the same time, it is possible to increase the attractiveness of one's own brand and retain customers even better.
WHAT EXACTLY ARE THE AREAS COVERED BY COMPETITION MONITORING?
Due to the fact that companies or brands can contact their customers in many different ways in today's world, comprehensive competitive intelligence can encompass a wide range of activities. Our trained employees usually focus on selected areas that have been agreed upon with the customer. In view of the fact that each company sets its own individual focus here, it is also possible to act flexibly at any time. This is to ensure that no relevant advertising measure or customer action is overlooked. The corresponding procedure has proven itself in the past - completely independent of the respective industry. In contrast to other test procedures, such as mystery shopping or mystery research, however, the aim here is not to evaluate a customer experience. Rather, competitive intelligence provides a helpful overview of the respective overall situation on the market.
COMPETITION MONITORING BY AN EXPERIENCED AGENCY - THESE ARE YOUR ADVANTAGES!
If you decide to have the competitive monitoring carried out by an experienced company like us, you will benefit, among other things, from well-founded and resilient results. Based on the control information obtained, you can adjust your marketing and communication measures accordingly and thus systematically create a better competitive position for yourself.
Do you still have questions? Then contact us now!