Another blind spot for a lot of business leaders is knowing their competition. Most have some sense of where they stack up on price and know what the competition offers, but few put any real data and analysis behind it. They make a lot of business decisions based on personal observations and historical knowledge. Very few mystery shop or put together a competitor landscape.
Per Wikipedia, competitiveness pertains to the ability and performance of a firm, sub-sector or country to sell and supply goods and services in a given market, in relation to the ability and performance of other firms, sub-sectors or countries in the same market. You take data points on the various aspects of products and services and you visualize them to see where you rank. Based on your ranking and the variances between competitors you can have a more focused business strategy and make more data-driven decisions.
Competitive data can be gathered off the internet, by phone and in person mystery shopping and surveying your own customers. Its a very powerful piece of information to know what your own customers are buying from your competition and why. When I was at Wells Fargo, I build a competitive landscape of all the primary money transfers business and monthly updated the management team with our rankings and trends. We would often use this information to adjust pricing and launch new marketing initiatives.
Do you know who your competitors are, where they are better than you and how you stack up in your own customers minds? DMAI offers a suite of business intelligence solutions to small and medium sized business including building and maintaining a competitor landscape for your business.
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