Fotolia_1815485_s Warding off insects and other pests is essential to protecting a garden. Business pests include [1] lapses in your own customer service as well as competitor incursions onto your turf. Monitoring competitors for competitive intelligence [2] and asking your own customers for feedback are essential to maintaining and building your business.

Here are some examples of frequently used techniques:

  • Mystery shopping – Store-based retailers routinely hire mystery shoppers to investigate their competitors’ stores as well as to check on the quality of service in their own stores. A computer telemarketer used mystery shopping to assess competitors’ product pricing and availability; sales rep skill levels, compensation plans, and sales processes; and the general tone of the competitors’ businesses.
  • Customer service surveys – a limousine service sends customers email surveys requesting feedback on the day of transit. An auto dealer service department calls service customers the next day inquiring as to their service satisfaction.
  • Advisory partners – A large professional services firm assigns advisory partners to key accounts to ensure service continuity, manage service transitions and solicit feedback regarding clients’ satisfaction with the firm’s services.
  • Trade shows – Many companies routinely ask sales reps attending trade shows to visit and report on competitors’ booths and activities.

Competitive information is available everywhere – look for it, ask for it, and then use it to protect and grow your business.

[1] This is the sixth in a series of articles illustrating ways to multiply your equity.
[2] Data gathered and used by a company for the purpose of learning about its competition in a given market.


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