Here’s a good assignment for aspiring managers or any team member that wants to gain and share meaningful information about the competition. All retailers face competition, yet most retailers get bits and pieces of information from their customers about what’s happening down the road at the stores you battle with for market share.
You can use the Competitive Survey form that we offer as the basis for your research, or you can develop your own survey.
The key components that you need to figure out about your competition include:
· The quality of customer service
· The general state of the store
· What sales or promotions they are having
· The level of customer traffic compared to your store
· Staffing levels
· Their price/value position compared to your store
· Selection of merchandise
· Any new products that they are promoting
· Average Sale by observation
· Traffic Conversion rate
· Any miscellaneous observations such as a reconstruction, a new manager or the introduction of a loyalty program
If you send a handful of employees out to scope the competition, have them all use the same format and form for their competitive survey.
While they play “spy for a day”, you can get a rough idea what their traffic conversion factor is by getting them to count the number of customers entering the store and how many of them exit with purchases. If their conversion factor is higher than yours, the competition is offering something superior to your store. It may be a better buying experience, better selection, pricing or overall store ambiance.
All good store managers have a vision and plan to build business. Understanding what your competition is doing can help fine tune your operation and surpass them in delivering a superior customer experience.
You should survey the competition monthly to keep tabs on what measures you need to take to maintain a leadership position.
TAKE ACTION TODAY:
Use our form or design one by yourself to be completed by those assigned to conduct competitive surveys. Ask for volunteers to go out and complete the survey at the competition’s location(s). The survey with the traffic count should not take more than two hours. Schedule competitive surveys at least on a monthly basis. Share your data with your peers as well as the home office staff.
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