For many enterprise-level businesses, your biggest competition is other multi-location brands. While you can almost be sure that your main competitor will have locations near yours, that isn’t all you have to worry about. Local chains and growing startups can drive business away from your locations just as well as—or even better than—the usual suspects. This is why we’ve updated our Competitive Analysis product to allow you to dive deeper into scouting the competition.
Not all locations are created equal
While the key to a brand is consistency, that consistency may not work perfectly in every local market. Even titans like McDonalds have unique menu items and restaurant layouts depending on where you are in the world. It’s important to understand the market you’re in—and it’s even more important to know how that market is currently being served. With Local Sets, you can set the parameters to monitor competitors around specific locations. Sometimes the big brands are all that matter, but for other locations, you may need some extra insight as to where the optimisations lie.
Sometimes you may find a location is doing poorly despite there being little deviation from the brand identity or the standard quality of reviews. It’s times like these where it’s best to get granular. There is always a reason as to why a specific location is deviating from the norm and that reason more often than not is unique competition. Our updated Competitive Analysis tool allows for Local Sets to analyse these uncommon competitors. This means for those fringe cases where your main competition in one location is different from the rest of your locations, you can track these local competitors.
Competitive Analysis has received this Local Set update as a natural complement to our Online Reputation Management product. When analysing the reviews of one of your listings, seeing the name of a local competitor appear time and time again is a clear sign you must take them into account. When your customers are directly comparing your business to a local competitor in public reviews, you must ensure that you’re the one being boasted as the better of the two.
Competing on a micro scale
The Local Set extends the existing Competitive Analysis functionality to target the competitors of your choice not limited around specific locations but rather hand-selected by the locations themselves. By pulling in their KPIs, especially their review data, you can see just what those competitors are doing to get their edge. The usual Competitive Analysis and Reputation Management products will let you know what your business needs to compete on a macro scale—and now Local Sets will let you compete on a micro scale. For any multi-location brand, insights on competitors as a whole and on the hyper-local level are equally necessary to maintain your competitive advantage.
If you are a business already using Competitive Analysis, the added value of Local Sets will be a seamless upgrade. If you have yet to start using our Competitive Analysis or Reputation Management offerings, now is a great time to give them a try. The insights gained about both you and your competitor’s business will be invaluable. You may even be surprised to see what the reviews are saying. That surprise might just be the business intelligence you’ve been missing all this time.
Want to learn more about how Local Sets can help your enterprise-level business stay competitive in local markets? Contact DAC.