Market research comes in many shapes and sizes. For example, imagine a scenario where you are the number nine player in your vertical, and you have just been charged with getting your B2C company into the top three. Where would you begin?
For many, this process would begin with a call to Measure CP, where the top eight companies would be identified, a shopping program would be implemented, and data would be collected that would help identify opportunities to exploit.
Here are three ways Measure CP helps B2C companies with market research:
In the scenario outlined above, you could have the eight companies ahead of you, as well as your own company, shopped. The survey would cover the critical success factors for a positive customer experience in your vertical. Reporting will give you the opportunity to examine each shop and stack rank them by question and by total score.
Once the data is collected, you can slice it and dice it, looking for patterns that tell a compelling opportunity story for your organization.
Look at the companies in the top three positions in your vertical. Where do they score high? Are there weaknesses that can be exploited? If the numbers don’t give a clear-cut indication, perhaps a video shop will paint that picture. If the number one player in your vertical has a reputation for excellent customer service, a video shop will capture that experience so you can deconstruct it, looking for opportunities to compete.
2. Process Mapping
If your vertical has a complex selling structure, knowing how the competition sells essentially the same product can tell you much about your opportunities for gaining market share.
As with the benchmarking example, video shops are a great way to discover the “secret sauce” of your competition’s success, so consider using video for those top three positions while conducting market research. This will allow you to see what they are doing better than the rest.
By having mystery shoppers report back on the process used to sell them on a product, you can chart each process and find the patterns that are the key performance indicators for success in your vertical.
In a commoditized selling environment, it is not enough to know what the competition is charging. Good market research lets you know what is included in the price, as well as how that pricing model is communicated.
Is the competition winning extra revenue through clever upsell strategies? Are there warranties or other value-adds that separate the competition from the rest of the field? By sending mystery shoppers into your competitors’ locations, you can see for yourself how they are structuring their deals – especially on a market-by-market basis.
Advantages of Mystery Shopping for Market Research
Using a mystery shopping provider like Measure CP to perform market research offers the following advantages:
- Speedy: Measure CP has hundreds of thousands of mystery shoppers located throughout North America and all over the world, which means we can deploy a campaign quickly and give you more time to crunch numbers and develop a killer strategy.
- Cost-effective: Because Measure CP has an extensive network of shoppers local to just about any market, we can provide services at a better cost than if you tried to create a campaign from scratch on your own.
- Standardized: First, Measure CP’s team of experts will help you develop a standardized survey instrument that captures all of the data you will need to collect. From there, our expert shoppers will perform the shops in such a way that they will not be distinguishable from actual shoppers. This will give you purity in the data that is collected, as the associates audited will have no idea they are being evaluated.
- State-of-the-art: If your data collection involves using audio or video, you can rest assured knowing the quality will be crystal clear. Measure CP’s equipment is defense-grade, meaning it’s the best on the market. You will have an objective sample of the customer experience that will give you the best possible picture of how you or the competition treat customers.
If you are looking to improve your market share and aren’t exactly sure where the opportunities are, why not contact Measure CP for a consultation? Moving up even one position in your vertical would likely cover the investment of the initial market research in terms of increased sales and market share.
Photo credit: Caio (Pexels, Creative Commons 0)