In any type of business, there is always going to be competition. Your competitors will try to take your customers and build a greater share in your market. If they succeed in this, you not only lose customers, but you also lose profits since you wind up with a smaller slice of the market pie. You can minimize your competition, however, as long as you give customers what they want and keep them coming back. So, how do you do that?
Improving upon your products and services may be an excellent idea, but even then, there will still be customers who are drawn to your competitors. How can you learn what you need to do to minimize this? Use mystery shopping! Mystery shopping will help you learn what your competitors do that makes them thrive, as well as what they do wrong.
You can hire a mystery shopper to mystery shop with your competitors, and through that, find out what makes them enticing to customers. This will give you an idea on what may be lacking in your company that the customers want. Learning what the competition is doing wrong is also important because if there are ways that you can beat them in the areas where they are weak, that will work to your overall advantage.
To get even more comprehensive results, also mystery shop your own company. Find out what your weak points are and improve them. You can also use this as an incentive to your employees to take pride in working with you and providing your customers with the best service possible by praising them for the things they do right.
Knowing both sides will allow you to work on new strategies in order to prevail in the challenging world of business. By knowing the weaknesses of both you and your competition, you can avoid those pitfalls and move your company forward.
President and CEO
Market Viewpoint, LLC
995 Fairview Road, Suite 202
Glenmoore, PA 19343