What do the battles of Bull Run, Tannenberg and Midway have in common? They were all won by gathering and analyzing the information about the rival. Being aware of your competitor’s location, its market reach, share, and potential give you the needed power for winning in the arduous competitive struggle.
You don't need the rank of general field marshal or fleet admiral to be empowered by CleverAnalytics's online competition analysis and tracking tool.
While focusing on your own business, customers, and their daily experience, there is not much energy left for continuous competition watching. Still, almost every business decision is influenced by it. Observing and comparing the business performance metrics of local competitors in the context of the demographic data give the needed insights for your next planned actions. It's much easier to grasp the overall situation with an online battlefield map in place answering the following essential questions.
“I expected an around 15% drop of revenue in my retail store after a new one was opened close by.” said Amy, Retail Area Sales Manager.
“But the reality shocked me,” she continued, “After a month of opening, we are 32% down on revenue, and I don’t know whether to attribute this solely to the new store, a decline in my market area, or an overall trend…”
CleverAnalytics provides Amy with a one-click data-driven solution for her uncertainty. The Store Competition report shows the actual territory overlap of each store–displayed for both the inner and outer competition. Any number of stores, and their combination, can be selected for the analysis of a shared revenue.
A related report of Area Competition shows the levels of competition for each area of the network, highlighting those most threatened by the highest grade of competition. This data can be further filtered by a number of points of sale within the area or their revenue or market share.
CleverAnalytics maps, analyze, and tracks your competition to cover its impact on the market you share, giving you the competitive advantage of knowing your battlefield better and in greater detail.
Competitor Insights is the third most wanted business intelligence feature on the map. The drugstore chain, and our valued customer, Solvent is using it for monitoring the inner and outer competition of its 700 stores.
When seeing the Store Competition report, the question that often arises is “Is my branch network optimally distributed?”. In other words–wouldn’t a better distribution of stores significantly increase revenues and lower the costs?
While CleverAnalytics won’t tell you where your competition is planning new openings, it certainly pinpoints where the best location for your new business is.