Tag: business intelligence

The holiday season brings out more examples of how competitive the retail landscape is in a sluggish economy.   For example, stores start well before the traditional start of the holiday season to advertise offers.  They hope that by starting earlier, they will entice customers to purchase from them, as opposed to the competition.  Another reason stores increase early efforts is the fear that customers will be more reluctant to spend as weeks go by.

Gathering competitive business intelligence is an important step in retaining and gaining new customers. To help businesses get the information they need, Confero often executes competitor studies on a large scale and over a considerable length of time. However, there are ways for individual stores to conduct competitive analysis locally and effectively. One way is to use your existing employees as mystery shoppers. Here are simple steps to put a competitor evaluation plan into action: