Welcome to the age of intelligence. In the 21st century business success is dependent on knowing how to cultivate intelligence and use it to your advantage. Intelligence is what businesses need to compete. Companies will need to become increasingly sophisticated at collecting and processing information in order to remain truly competitive.
The other side of Competitive Intelligence is the process our customers undertake daily, that is comparing one company to the next. They compare the five “P’s” – products, prices, practices, promises and most of all people. They leave your front line personnel with an impression that often leads directly to or away from a buying decision. Knowing how your five “P’s” compare to the competition is also an important function of your Competitive Intelligence initiative.
Common myths about Competitive Intelligence.
Before you read further, there are five common misunderstandings about CI that must be clarified:
Yet, while the need for competitive intelligence is apparent, often businesses grapple with the reality of inexperienced staff, lack of time and lack of resources to gather unbiased information. In order to carry out this crucial function, an outside vendor can help with the Competitive Intelligence function. One process they use to gather information is called “Mystery Shopping” and the best place to implement a mystery-shopping program is at trade shows and events.
A well thought-out “Mystery Shopping” program is a great tool.
There is no one solution that works for everyone. Much depends on the objectives of the marketing program, the allocation of resources and the seriousness of management. There are three major steps that need to be considered.
An agreement on the scope of the mystery shopping activities. Here the consultant and client will define which of the marketing elements are to be evaluated. This can include such things as personnel, signage, graphics, location and competitor activities. Once this is determined, a formal mystery-shopping plan will be created and approved by the client.
A report will be developed for each location which will summarize the findings. These will be presented to management within 7 days of the mystery shopping exercise to give the client time to implement the recommended changes.
A well-thought-out mystery-shopping program is an excellent tool to gather competitive intelligence. Consider adding it to your marketing plan.
© 2007 by Barry Siskind. Barry Siskind is author of Powerful Exhibit marketing. He is also President of International Training and Management Company who offers a number of services to exhibitors including the creation and implementation of a mystery-shopping program. Contact Barry at: barry@siskindtraining.com for more information.
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