You’re a retailer. You’ve done well for the past decade. After being the sole provider of the service you offer in your area, a competitor sets up shop a few miles from you.
At first, you keep a cool attitude about the future of your business—after all, you’ve had extremely satisfied customers for years now. What could this competitor possibly do to disrupt such customer loyalty?
Several months after the competitive opening, earnings begin to slide. It appears you’re losing business to the new retailer.
Not knowing why the other guy is doing so well can be extremely frustrating. But there’s a creative way around this problem: mystery shopping companies can provide competitor research data directly from the floor of a bricks-and-mortar competitor, the way a customer experiences them.
Conducting competitor research is certainly nothing new to the business world, but the means by which a retailer can receive actionable competitor data are now much broader given how connected we all are.