Competitor / Gap Analysis

It’s already been mentioned here at Red Pill: you’re not selling your wares to your customers in some lovely, warm and comfy bubble that’s made for just the two of you.

Your competitors are out there, fancying their chances of stealing your customers at any opportunity.

But how can you defend yourself from their carrot-dangling?

First things first. You need to know what position you’re currently in. That means knowing how your own customers rate yourselves in comparison with your rivals (remember the importance of this when considering share of wallet?).

Customer Competitor insight is invaluable. You can:-

  • Identify rivals that you didn’t know exist – or had previously thought weren’t a threat
  • Discover which aspects of your service / products are coming in second – or worse compared to rival offerings
  • Learn why you are better / worse than your rivals

On its own, this is invaluable enough. But it can be even more insightful when also asking customers to rate importance and satisfaction.

Why the big deal? Think about it. Let’s say you’ve been rated lower than your rivals on a couple of aspects of your products or services. BUT: what if the data shows that these aspects are also low in importance? Exactly. You can think yourself lucky for a moment. The damage may not be too bad. But what if they’re highly important to customers? You’ve got work to do.

With this kind of insight, you can evaluate whether they are a matter of concern or can be ignored. But that’s not all. Just think of the marcoms campaign potential: highlighting areas you score well in AND are deemed important by customers YET your rivals score poorly in. Isn’t that just pure marketing gold dust?!

How Big Is Yours? Competitor / Gap Analysis from Red Pill Insight + Marketing

Whetted your appetite?
Well, that’s hardly surprising is it? This is powerful stuff indeed.

But whether you’d love Red Pill to design and manage your customer research programme or you have other ideas, it’s vital you remember one thing in particular. Size matters.

It can be very tempting to bombard respondents with grids after grid of service or product attributes, asking not only how important they think they are and how satisfied they are with your efforts, but also how satisfied they are with your rivals’ efforts too.

Think again.

This is an immensely time-consuming and mentally tiring task for respondents. No way are they going to wade through a lengthy survey like this, no matter how committed they are to your products and your company as a whole.

Don’t ask for ratings for everything under the sun. A compromise needs to be found to avoid respondents leaving the survey prematurely.

The easy way of course is to let Red Pill handle this all for you. Get in touch today to discuss your project.

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