Blog Page 4 of 6 - Market Alert Ltd.

Competitive Intelligence Tip: Creating Your Summary Table

June 12, 2019March 22, 2024David Lithwick

The challenge in competitive intelligence is dealing with lots and lots of fragmented data stemming from a myriad of sources. The best way to do this is by creating and filling a summary table. Sure this sounds like a simple, obvious solution. But the trick is setting up the table and determining what information should be entered. Goal of your Summary Table Ultimately the goal is to cover the key intelligence questions with enough detail, specificity and clarity that leads to meaningful insights about the competitor you’re researching. So how to go about it? 2 Tables Not 1. There are 2 tables to generate: The first plots your findings, where the… Read More

Formalize Your Competitive Intelligence Process

Need to Formalize Your Competitor Intelligence Process? Here are 10 Essential Steps to Follow.

May 28, 2019March 22, 2024David Lithwick

I have only known a few Canadian companies that set-up a Competitive Intelligence (CI) department with a full time Competitive Intelligence manager or analyst. Instead, what many companies do is formalize key elements of their competitive intelligence process. They take a hands on approach where team members are assigned to carry out specific tasks under the watchful eye of a market research or business intelligence manager So What Are These Steps? Identify those issues that are currently making the competitive intelligence process less effective. Get agreement from team members on: The role of competitive intelligence process. Topics to monitor. Key intelligence questions that need to be answered. What essential sources… Read More

Don’t Confuse a Competitor Mystery Shop for a Traditional Mystery Shop

July 24, 2018March 22, 2024David Lithwick

Comparing a competitor mystery shop to a traditional mystery shop is like comparing apples to oranges. Although they may seem similar at a glance, the two are actually vastly different. The approaches for a competitor mystery shop versus a traditional mystery shop differ significantly in goal, shopper selection, sample size and analysis. Goal Competitor mystery shop: The goal of a competitor mystery shop is to gather insights on competitor initiatives and best practices (e.g. telecom wants to see what other incentives competitors are offering smartphone buyers besides those listed on their websites). Traditional mystery shop: The goal for a traditional mystery shop is to assess staff service and compliance performance… Read More

Can Competitive Intelligence Be Used to Predict Election Outcomes?

June 14, 2018March 22, 2024David Lithwick

An interesting thought. One idea that comes to mind is to measure the density of party lawn signs in closely run areas. In other words, take a sample of 10 blocks and count the number of lawn signs per party. We used the upcoming Ontario elections as an example, and focused on Richmond Hill (suburb just north of Toronto). Before the election, the lawn sign count was: 29% PC – 52% Liberal – 19% NDP However, the outcome on the 2018 Election Day was: 52% PC – 28% Liberals – 17% NDP – 3% Greens So what does that tell you? Using their commanding lawn sign coverage as a predictor,… Read More

Cross-Selling – Up-selling — Oh My!!

May 21, 2018March 22, 2024David Lithwick

A lot of energy in mystery shopping is spent on assessing sales delivery, but for potential customers only. Often, only very basic questions are asked…“Did the rep probe your needs?” or “Did they ask for your business?” or “Did they ask to follow up?” Big mistake!! TIP – If you are going to mystery shop front line staff sales delivery, assess their efforts to up-sell and cross-sell your current customers as well. After 30 years of doing mystery shops, I can say with 100% certainty that companies are not spending enough time assessing how well their sales and contact centre staff encourage current customers to increase monthly spending. Take banking…Mortgage… Read More

Know Your Non-Traditional Competitors (and Don’t Get Blind-Sided)

April 12, 2018March 22, 2024David Lithwick

Here’s a statistic to think about: If you get blindsided, there is more than a 25% likelihood that it will be by a non-traditional competitor. So, what are the key differences between traditional and non-traditional competitors? Traditional – Been in business for a number of years, generate high market awareness with an infrastructure to support a dominant market share. Non-traditional – Cheaper products, technically innovative, and distribute through unconventional channels. Example SC Johnson’s new product failure (Tahiti Foam Bath) was based on a strategy that focused only on the market leaders, Noxzema and Vaseline. They should have assessed the level of competitor noise by other companies, such as those listed… Read More

Competitive Intelligence Tips They Don’t Teach You at scip

March 18, 2018March 22, 2024David Lithwick

Don’t be constrained by only collecting information that is in the public domain. Go below the radar screen. Why? There are plenty of ethical approaches to uncover critical CI that lie outside the public domain. Focus groups and B2B interviews are 2 examples. Don’t waste time coming up with the perfect definition for “Competitive Intelligence” . Why? There is none. “Competitive Intelligence” is often interchanged with “Business Intelligence” and “Market Intelligence”, making the concept even more ambiguous. For every hour you collect CI, spend no less than 5 hours analyzing your data. Why? It’s your analysis and interpretation of findings that will matter, not the complex approach you… Read More

Five Potential Mistakes in your Competitive Intelligence Study

February 16, 2018March 22, 2024David Lithwick

Assigning a Numerical Probability Example: You calculate there is only a 20% chance of a leading overseas competitor entering your market, and then base your marketing plan on this estimate. Your assumption turns out wrong. There is little budget left to offset this threat. Giving into Group Think Example: 9/10 respondents you speak to expect your competitor to launch within the next 4 months. The 10th (a rep) says it will be delayed for a year. You assume the majority are correct and initiate a counter plan (e.g. hiring more reps, updating sales messaging). However, that one rep is correct. Your increased spending is for naught. Pursuing CI as A Market… Read More

Use Competitive Intelligence Skills to Eliminate Over-Billing by your Vendor

January 24, 2018March 22, 2024David Lithwick

The same CI skills used to pinpoint a competitor threat can be applied to uncover over billing by your vendor. Meticulous investigation and forensic analysis, both required in CI, can help you red flag over billing by a vendor. Start with a copy of their terms of agreement and an invoice: TERMS OF AGREEMENT Examples: No mention of make goods for errors No details as to who would be managing your business (e.g. partner, director, account manager) Invoice Examples: Terms are hard to understand (small font, financial jargon, lengthy) Copies of bids by subcontractors are not attached Spending is based on estimate vs job Fees are rounded up Push Comes… Read More

Mystery Shopping: How to Avoid A Catastrophe

July 30, 2017March 22, 2024David Lithwick

Is your Mystery Shopping program keeping you up at night? Do you need to stave off a Mystery Shop Catastrophe? We’re not talking about fixable mistakes or miscalculations but a real foul-up in your study that cannot be undone. To get that perfect amount of sleep and wake up refreshed, below are 10 mystery shopping guidelines to follow; MYSTERY SHOPPING GUIDELINES 1. SCREEN THE POTENTIAL SUPPLIER RIGOROUSLY Give the same due diligence to hiring your mystery shopping supplier as you do for an accountant or financial planner. Reach out and speak to (not email) clients of the supplier to find out the nature of the shops the supplier provided,… Read More