Understanding who your competition is and exactly how you fare against them is an understanding that can simply but help any business proprietor.
And with my smart business tips, you will be able to achieve this information by bringing out your own inner phantom – phantom shopper that is!
Having worked with over 95 businesses, Australia wide, one of the initial steps that I always undertook, on our customer’s behalf, was a phantom shop. dji phantom alternative
Posing as a shopper, my staff and i also would visit competing retailers and service businesses and mark them on a variety of conditions including presentation, range, staff knowledge, staff service and price.
Using the Leichardt size, my team would rate our client’s competition away of 10 – providing them a real sense of the competition’s advantages and weaknesses.
But since I always said, the results need to be measurable.
There is no use sending in a staff member to get a phantom shop who then reports back in vague conditions about the competition and what exactly they are doing.
The phantom shop concept is basically used to develop a lttle bit of a matrix, where you can plot your own company and then your competition and see where you may integrate some real strengths, which you can then of course promote!
Who is my competition?
In case you are in retail then your competition would usually be within 10-15km radius of you. If however you are a specialist store such as Audio/visual equipment, then you would need to consider anyone in your city/town as a viable competition.
Inside the service sector, your competition obviously is in your area of specialty, but again is not restricted geographically. By times I competed for work not only on a state but countrywide level as well.
Nevertheless if you are smart you will quickly work out who your competition is!
Speak to industry associations and ask who provides similar services to yours, and get started to progress up a set of who these businesses are.
Then I suggest that you take those next step and Google these firms.
Once on their websites you can view who their clients are and what projects they can be undertaking. In the event these businesses seem to be to reflect a clientele list that matches yours (or the one which you want to secure) then this would be an organization that I actually would consider your competition.
At that time you then undertake a phantom shop of 4-5 go with business.
If you do not have an conditional staff member who can undertake these phantom outlets for your business then it is recommended that you hire an Unknown Shopping company.
These companies concentrate on this specific area and are a highly cost effective way of gaining an insight into your competition and your company too!
Listen up! If perhaps engaging a Mystery Client then your company must be included – and i also urge you not to pre-warn your staff!
You also need to comprehend how your business performs in comparison to your competition (warts and all) so that you have set up a baseline to get started on from!
The good news, as if you outperform your competition then you can certainly strive ahead – however if you are underperforming then you will need to address these matters before you increase your business with an advertising plan!
If the phantom shop demonstrates that your personnel offer superior knowledge or you have the best prices the town center – then this is information that can guide your future marketing strategies.
Alternatively if you possibly could charge more because you give you a superior product or service – they why wouldn’t you?
This kind of exercise gives you great data that can guide your business decisions and that is very smart!
But remember you want to plainly indicate these firms across a range of conditions – so be clear what exactly they are and then get started! Best of luck!
Once you know how you stand against your competition then you can learn to use that in your marketing! if you offer superior services you can charge more! In the event that you are unique then you can really rule the market! But you first have to take this step and phantom shop your competition.