The best consumer side businesses know about the value of understanding their competitors. Stay-tuned for an instant solution. Smart ones likely know a great deal about their direct, indirect, and replacement competition. Even savvier ones might be trying to identify those that haven’t even popped up yet.
We have also found many companies often use not one, but several platforms to deepen perception of their relative market position compared to their competitors. Strengths, weaknesses, and identifying where opportunities might be had all need to be included in that analysis. Understandably, differentiations
Though you may be lightyears ahead of your nearest competitor in one category, there may be others you don’t stack up quite so well in. Keep that notion of looking at your market ‘from a certain point of view’ in mind so you don’t miss an important detail about those in your orbit.
It isn’t uncommon to see multiple location retailers or restaurant owners using both Birdeye and Tattle while also using others for things like inventory and employee onboarding.
Today’s marketplace is filled with companies using many types of platforms to gather vital statistics on everything from performance and productivity, to accounting and experience, to food safety and pricing.
All of this tends to be costly and time consuming because silos are being run on different tracks rather than from one or two. The cross hairs just don’t come together well in this scenario.
Consider, if all that valuable insight isn’t being collated neatly and reported in a way that improves the way your business operates, it seems wise to find a solution that does.
Keeping a weather eye on who and how your competitors are collaborating with others can also provide useful growth opportunities.
Another way to add gainful momentum to your balance sheets is using that data to keep you nimble in response to an increasingly dynamic market.
How? Make sure those metrics truly reflect what’s actually happening in your competition matrix. There you’ll find room and direction for improvements.
While knowledge of competitors is a crucial factor in creating experiences that blow expectations out of the water, it’s also useful to analyze how those in the next lane promote brand reputation.
This can be a great way to cultivate relevant points of differentiation with your customers.
The point we’d like you to focus on as we wrap this up is: none of these action items should exist in a vacuum, be they internal checklists of some kind, reputation management related, or focused on employee or customer satisfaction.
Sure, you could just hire someone to scope the data and give you the skinny, but why not cut down the workload and cost?
We proudly stand on more than 20 years of experience working with business intelligence and the deployment of global mobile workforce solutions. Operationally speaking, it’s very likely some of the daily frustration you’re experiencing doesn’t have to be there.
That friction between you and your operational data needs to go bye-bye. If you’re serious about understanding your competitors like a boss, we should connect.
That’s why we’re here: to help you meet every one of your business objectives. No fuss, just tailored, customized solutions that will give your business options it might not have enjoyed before.
Reach out for a demo, at info@fenixverify.com. We’ll be exploring how to track, maintain, and grow a mobile workforce in our next post. See you there.
