Competitive Positioning

Jay Jones

Jay Jones

Against people counters: While traditional people counters strive to identify the count of people who enter/exit a store, ReBiz is capable of counting the actual buyer traffic and then takes it much further to assigning the traffic to sales associates, calculating sales conversion rates, tracking sales performance, and monitoring store operations daily for a wholistic picture of performance.

Things to consider

Conducting a comprehensive competitor analysis is crucial for a business to understand its competitive landscape and make informed strategic decisions. Here’s a list of things a business should consider when performing a competitor analysis:

  1. Identify Competitors:
    • Clearly identify who the direct and indirect competitors are in the market.
    • Consider both traditional competitors and potential disruptors.
  2. Competitor Products and Services:
    • Understand the range of products and services offered by competitors.
    • Identify any unique features or value propositions that set them apart.
  3. Pricing Strategy:
    • Analyze the pricing structures of competitors.
    • Determine whether competitors position themselves as premium, value-oriented, or somewhere in between.
  4. Market Share:
    • Evaluate the market share held by each competitor.
    • Understand the dynamics of market concentration and potential shifts.
  5. Distribution Channels:
    • Examine the channels through which competitors distribute their products or services.
    • Assess the accessibility and reach of these channels.
  6. Target Customer Segments:
    • Identify the specific customer segments that competitors are targeting.
    • Assess whether there are underserved or overlooked segments.
  7. Strengths and Weaknesses:
    • Analyze the strengths and weaknesses of each competitor.
    • Consider factors such as brand reputation, financial stability, technological capabilities, and market presence.
  8. Differentiation Strategies:
    • Understand how competitors differentiate themselves in the market.
    • Identify unique selling points and value propositions.
  9. Marketing and Positioning:
    • Evaluate the marketing strategies and positioning of competitors.
    • Analyze messaging, branding, and the overall customer experience.
  10. Online Presence:
    • Assess the online presence of competitors, including their websites, social media, and digital marketing efforts.
    • Identify areas where competitors excel or lag behind in online engagement.
  11. Customer Reviews and Feedback:
    • Gather and analyze customer reviews and feedback for competitors.
    • Identify common customer concerns, complaints, and praises.
  12. Innovation and R&D:
    • Investigate the level of investment in research and development (R&D) and innovation.
    • Assess whether competitors are introducing new products or features.
  13. Supplier Relationships:
    • Consider the relationships competitors have with suppliers.
    • Assess the potential impact of these relationships on cost, quality, and product availability.
  14. Regulatory Compliance:
    • Evaluate how well competitors adhere to industry regulations.
    • Consider any legal or regulatory challenges competitors may be facing.
  15. Financial Performance:
    • Analyze the financial health of competitors.
    • Look at factors such as revenue growth, profitability, and financial stability.
  16. Geographic Presence:
    • Determine the geographic areas in which competitors operate.
    • Assess whether there are regional variations in strategy or customer preferences.
  17. SWOT Analysis:
    • Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for each competitor.
    • Use the analysis to understand the internal and external factors influencing competitors.
  18. Mergers and Acquisitions:
    • Investigate any recent mergers, acquisitions, or partnerships involving competitors.
    • Assess the potential impact on market dynamics and competitive positioning.
  19. Customer Loyalty Programs:
    • Examine whether competitors have customer loyalty programs or retention strategies.
    • Assess the effectiveness of these programs in retaining customers.
  20. Emerging Trends and Disruptions:
    • Stay informed about emerging trends and potential disruptions in the industry.
    • Assess how competitors are adapting to or capitalizing on these trends.

By considering these factors, a business can gain valuable insights into the competitive landscape, identify areas of opportunity or vulnerability, and make more informed decisions to strengthen its market position.

Jay Jones

COMMENTS

One response

  1. Anonymous

    Against people counters: While traditional people counters strive to identify the count of people who enter/exit a store, ReBiz is capable of counting the actual buyer traffic and then takes it much further to assigning the traffic to sales associates, calculating sales conversion rates, tracking sales performance, and monitoring store operations daily for a wholistic picture of performance.

    Against surveillance systems: many retailers have a video surveillance system for reviewing incidents in their stores, ReBiz takes visibility to the next level by leveraging those same cameras and pairing video footage, pos data, and advanced traffic counting data to turn old cameras into modern day sales and operations management tool.

    Against retail analytics providers: (PowerBI etc) While retail analytics providers strive to see the insights in the numbers, ReBiz goes further to seeing the insights in the stores and with individual sales reps. By leveraging daily video footage, sales data, and verified buyer traffic counts, Rebiz delivers more accurate analytics as well as the insight needed to improve them.

    Against video analytics providers (Envysion etc): While others leverage video and pos data to focus on reducing losses in retail stores, they miss much of the opportunity to improve profits. ReBiz is the sole provider and patent holder of tracking, monitoring and reporting on sales conversions at the individual rep level. And while the others require purchase of their equipment, ReBiz uses clients’ existing equipment to improve all aspects of profitability from sales performance to operations to scheduling to loss prevention.

    Against POS/reporting systems: While POS systems rely on data that is entered into the system, ReBiz tracks, monitors and reports on what happens prior to a sale where the opportunity for improvement actually lies. ReBiz takes sales improvement further and identifies the total number of sales opportunities each day, which rep handled them, and how well they were converted. ReBiz leverages additional data sources like video footage and advanced traffic counting to more fully answer the question of how retailers can make more money.

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