An easy way to gather information about other businesses in your industry is to conduct competitor studies.
Auditing or mystery shopping a competitor can assist your organization with:
- Gathering market intelligence
- Benchmarking for product pricing points and promotions
- Training targets for your staff
- Real data to assure your customers that you provide pricing and services that are not available elsewhere
- Information to minimize risk for operational investments
You can track and trend how your competition stacks up against your company by using the same standards and reporting forms you use for your own shops.
Competitor studies can measure types of customer service offered on the phone and in person. Audits can provide you information about competitor pricing.
Mystery shops will assist you in learning more about competitor promotions or see what customers like or do not like about their facility design.
Competitor studies can be done by phone, web inquiries, in person visits and on social media sites.