New Market, New Data: Using Competitive Intelligence to Stay Relevant in Retail
August 19, 2020
It wouldn’t be a surprise to hear that many retailers don’t know what the market is going to look like in this new economy. So many are going back to their retail shops wondering if they’re going to still be around come December.
If you are a retailer, are you asking yourself these questions?
- How many customers should I expect, and when?
- What do customers want?
- What are my competitors doing right that I can apply to my own business?
If the answer is yes, then you need competitive intelligence. Competitive intelligence gives you the ability to not only to gather and analyze information about your competitors but also to understand the market as a whole– providing valuable insights that you can apply to your own business.
Predict Trends with Competitive Intelligence
Having the ability to accurately predict trends after lockdown and with an unknown economic future will fast become the cornerstone of a successful retailer. Imagine being able to know what a customer wants, what the next big thing will be before they do, and organizing your objectives with specific success strategies based on data.
What if you could improve the speed-to-market of new products and services, as well as predict the perfect time to release it? This will give you that leg up on your competition, which is sorely needed in this new market.
Utilizing data-driven decision making helps take the guesswork out of your marketing strategies and puts the power back in your hands.
Understand Customer Behavior
Sure, the economic changes that we are currently experiencing can be analyzed, and the findings can be applied to make better decisions for your business. However, if data-driven decisions are taken a little further and used on a molecular level, then you would be analyzing the behaviors of consumers.
Not just any consumers, but yours and your competitor’s customers.
Using a competitive intelligence tool will give you insight into customer behavior for a more strategic competitor analysis so that you can predict what to keep in stock, understand brand affinities, and have access to where your customers are shopping by using customer movement data. All of these insights will provide you with the data you need to measure the success of your retail marketing or new initiatives that you are testing.
Create Targeted Campaigns
Going to market with a strategy that you worked day and night on, opening your store after months in lockdown, and hoping that your new plan works over your competitor’s strategy is like betting on a horse with low odds at the Kentucky Derby. You allocate resources, spend your hard-earned money, and hope for the best without insight into what will engage the people you are looking to target.
According to a recent Harvard Business Review article on data in the wake of the pandemic, “The changes we’ve recently witnessed in customer behavior have left some companies feeling as though they’ve been dropped the middle of the woods without a compass. The classic ‘who is your customer?’ question has suddenly become harder than ever to answer.”
What if there was a way to get unprecedented insight into the interests and behaviors of your competitor’s customers and build accurate profiles based on that data?
You would be able to target custom audiences and reach out to your competitor’s customers by creating a conquesting campaign. All while saving you time and resources.
Predict and Plan with Competitive Intelligence
Minimize risk and uncertainty by adopting a data solution that will help you get more insight into your competition and acquire new customers.
Using a competitive intelligence solution that is built on cleansed, verified, and contextualized data is a strategy that will give you peace of mind while the world gets back on its feet.
Want to know more? Contact us for a free consultation with a location intelligence expert!