How Competitive Intelligence Data Maximizes Revenue in the Retail Industry
May 26, 2020
According to a survey by EY, 45% of consumers believe that their shopping habits will change permanently as a result of the COVID-19 outbreak. Consumer behavior is changing, and retailers can use location intelligence to find new revenue streams.
Competitive intelligence data – analyzing data on competitors to drive business decisions – can transform businesses as retailers adapt to a post-COVID-19 world.
Examples of potential business use cases of competitive intelligence include:
- Creating detailed, comprehensive conquesting campaigns
- Strengthening product offerings
- Researching market trends and analyzing the competition
Create Conquesting Campaigns
Location data allows marketers to directly target the customers of a competitor and reach them in the right place, at the right time, with a message that will drive results. Location intelligence companies can work with retailers to identify consumer populations who visit their competition. They can create customized advertising audiences for the retailer, which allows them to target ads directly to their competitors’ customers and increase their market share.
Strengthen Product Offerings
By using competitive marketing intelligence, retailers can monitor the product features and pricing strategies of the competition. Predictive analytics can track store inventory levels, competitor prices, and collate data on current demand to determine what prices should look like at a given store. Being proactive in moving prices can help differentiate store analytics and give retailers better control over promotions while staying a step ahead of the industry. Companies that innovate with the times and harness analytics can optimize their efforts and garner better results thanks to proactive strategies emerging from real-time insights. By keeping watch on competitors’ product offerings, companies in the retail industry can offer and identify potential opportunities for improvement.
Research Market Trends
During this challenging time, in order to adapt and differentiate from the competition, retailers should stay up-to-date on the latest market trends impacting their industries, and analyze what their counterparts in the market are doing to stay relevant. By using competitive intelligence solutions to learn about other businesses, technologies, and market buzz, retailers can discover trends that have the potential to garner more customers and increase sales. Competitor research gives retail companies a chance to learn about how the marketplace runs and understand the spending culture of customers in a particular market.
Get Ahead of Your Competition with Location Intelligence
By using location intelligence, retailers can give a better understanding of their competition, discover emerging market trends, and improve their products. Competitive intelligence data is going to continue to be crucial for retailers who don’t want to fall behind in a post-COVID-19 world. Gravy Analytics offers competitive intelligence tools that can be personalized for different business goals, including revenue builders, the creation of conquesting campaigns, or identifying lookalike audiences. When you’re ready to begin using location intelligence to adapt to the changing economic landscape, talk to a Gravy expert and get acquainted with the benefits of location data.