How to Use Market Intelligence for Your Small Business?


How To Use Mystery Shopping ​

In order to stay ahead of the curve, small-scale businesses must stay updated with industry trends. Nowadays, everything is data-driven and with the right framework, this data can be used to your advantage by proper analysis, structure, and assessment.

 That’s where market intelligence comes into play. Market intelligence is collecting and analyzing all the market-relevant data suitable for your business and driving valuable insights to drive more sales and improve business standards. Having a proper marketing intelligence system provides your business with a competitive edge over your competitors and provides a comprehensive understanding of the changing consumer landscape. 


What Is The Difference Between Market Intelligence, Business Intelligence, And Market Research?


Whenever any organization does sales-oriented campaigning, people often confuse these three terms and use them interchangeably. However, there is a minute difference between all three and it lies in their ultimate objective.  Market research focuses on the initiatives of a particular business and aids in the specific area of campaigns, but doesn’t take outside issues into consideration.  Business intelligence, on the other hand, collects data from various business operations in order to increase the productivity of the organization.

The aim of market intelligence is to collect information from multiple sources and provide a broader perspective on the company’s current market. It helps the company navigate its course of action, and evaluates its sales, customers, and product pricing. Moreover, it makes it convenient to spot competitors’ flaws. Market intelligence is a great way to understand emerging trends and incorporate them into a company’s strategy.

How to effectively use market intelligence for small businesses?

Make a Marketing Person: Creating a detailed fictional account of your potential customers will help you connect with them and their needs. It will allow your team to gain insights into potential customers and help them create directive strategies for different age groups. Building an emotional relationship with the buyer will help your company sustain itself in the longer run.

Establish a Sales Team: A skillful sales team for B2B and B2C audiences will keep regular tabs on customer behavior, market trends, and competitor progress. They will be able to provide a precise analysis of where your company is lacking and if there is room for improvement.

Invest in the right marketing analytics tool: Getting an appropriate marketing analytics tool would help the company in optimizing its campaigning, aid in focusing on the essential touch points, and gain helpful customer insight, cost acquisition, and current demographics. Using the right tools will make your company the center of attention.

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How to improve poor customer experience?


The Forgotten Side of Mystery Shopping

Every company that leverages the customer-centricity model to grow its brand must consider customer satisfaction to be of paramount importance. Poor service can negatively impact your brand’s identity, affect the customer retention rate, and push away potential buyers. It would also become an easy aid for your competitors to snatch your loyal customers.

What is Bad Customer Service?

When a customer feels that their expectations are not met and they cannot see any possible sign of redemption for the inconvenience, it is considered a poor customer experience. Long waiting hours, complicated automated systems instead of a human agent; rude behavior from the staff, inconvenient return policies, lack of discounts, and minimal to zero feedback response are a few examples of poor customer experience.

Consequences of bad customer experience:

When your customer service is below par, customers are not going to hang on to your brand. In today’s digital world, people are quick to voice their opinions on social media, and it is only going to take a few clicks to tarnish your brand image. It could impact your revenue generation for an indefinite period.

According to Ruby Newell-Legner’s “Understanding Customers”, it takes 12 positive customer experiences to make up for one negative experience. Almost 78% of customers back out of a purchase due to poor service, and 65% of customers change to a different brand soon after. All this data is a testament to how essential it is to cater to your customer’s needs and build brand loyalty. Failing to do so would only lead to poor revenue generation and losing even regular customers.

How can I improve bad customer service:

Regarding customer service, time is of the essence. Data suggests that a response within 10 minutes of their query is extremely important and drastically impacts sales figures.

  • Reduce the response time: In today’s fast-paced world, no one is waiting for no one; a furious customer surely would not wait either. As stated previously, a 10-minute response time is crucial to establishing trust and gaining loyalty from them. 

Devising a framework consisting of a proactive support team with quick responses would work far more efficiently than any sales funnel.

  • Empathize with your customers: Everyone wants to feel seen and heard. Adding a personal touch would greatly improve a customer’s perception of your brand and they would be quick to spread the news of good service through word-of-mouth publicity. Treat your customer how you would want to be treated.

Reviewing the customer’s background, understanding their query, and a sincere apology with good compensation would certainly improve the customer-brand relationship.

  • Declutter your communication channels: A complicated automated system with unclear instructions tends to frustrate customers. Additionally, a poor social media presence fails to connect with people. In a world where everyone is digitally connected, it is crucial to cater to the needs of every age group, especially in the retail industry.

Direct call support and chat support can make a huge difference regarding query resolution since some customers do not prefer automated systems.

  • Take good care of your support team: A poor work environment could be one of the reasons for poor customer support. If your staff is overworked and underpaid, why would they be concerned with fixing any issue? This would also pose a threat to your efficiency since there is a higher chance of your employees leaving the company for better pay.

A customer service team is your backbone and has a huge impact on almost every other aspect of the company. Taking good care of your customer service team means taking good care of your overall sales model.

Pay attention to what the team needs and try to find ways to improve it. Build a healthy work environment and reward employees for their hard work. A happy employee results in a happy customer.

  • Build evaluation models: Reviewing and evaluating your marketing strategies can help identify any weaknesses and resolve them in a timely manner. Many companies hire mystery shoppers to test out their business models and to understand customer perceptions.

Conducting routine audits helps analyze your marketing strategy, customer experience, analysis of any new framework, and helps improve sales. Apart from this, you can use the customer satisfaction score and NPS (Net Promoter Score) to assess the customer’s needs and make necessary changes.

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Observation Method of Data Collection for Mystery Audit- Advantages and Disadvantages

Everything You Need To Know About Market Research Questionnaire

Discover the Ultimate 70-Question Online Shopping Survey for E-Commerce Success

How Mystery Shopping can benefit your company?


How Mystery Shopping can benefit your company?

What is mystery shopping?

Mystery shopping is an immensely popular assessment tool used to perform consumer research. It helps in understanding the business of a particular product or service.

Earlier, mystery shopping was done to understand employee efficiency and integrity. But, in recent times, many companies are adopting it to understand their rival companies, gain business insights, understand their customer, and evaluate their staff. It also helps brands identify faulty internal protocols and how to rectify them. Mystery shopping has turned out to be an excellent market research tool to grow and understand a business.

How Mystery Shopping is done?

It is often done through a mystery shopper, who is a person hired by third-party mystery shopping companies. These secret shoppers or auditors are trained to go undercover to pose as customers and assess the brand on various aspects such as customer experience, employee service, how long it takes in the billing line, the variety of products/services, etc. Later, they are given a questionnaire or a survey to record their findings. The information thus extracted helps in analyzing the brand’s marketing strategies.

How does mystery shopping help businesses?

Employee feedback: It helps you determine your staff’s performance, who all adhered to the instructions? What strategies are they using to deal with customers? Whether they are hardworking or irresponsible. This helps in identifying the problems and improving customer experience.

Improving efficiency: Some brands inform their staff about mystery shoppers but do not disclose who that person is. As a result, employees tend to treat every customer nicely and help them with queries. With this, you can determine which employee is loyal and goes beyond expectations and who is slacking.

Assessment of procedures: It aids in gaining helpful insight into the internal procedures and identifying the underlying discrepancies. This way loopholes can be easily curbed and new SOPs can be designed for a seamless customer experience.

Competitor evaluation: For a successful business, it is necessary to always stay vigilant about your competitors’ strategies. New brands can benefit tremendously by mystery shopping in established brands to understand where they are lacking and improve the same in their own products/services.

Customer feedback: It is regular people; hence it helps understand the brand’s service from a customer’s perspective. Their feedback can be beneficial in improving the shopping experience for all customers.

Testing a new product/strategy: Based on the mystery shopper’s response, brands can determine which market strategy is working and which isn’t. This comes in handy while introducing new schemes and offers. Their feedback determines any improvement if needed.

Compliance across all stores: If a brand has multiple stores across various regions; mystery shopping helps determine which store’s staff is adhering to the protocol. This improves brand consistency. Mystery shopping helps to identify inconsistencies and take action.

Helps in customer retention: One might think that in order to increase sales they need new customers. When in fact, they should be focussing on building customer retention. All the little changes made after gaining insight add to raising the standards of the service provided. This in turn would make customers choose your brand over any other competition.

Best Mystery Shopping companies in India:

1. HS Brands Asia

2. Bare International

3. Floor Walk

4. Redquanta

5. Lecapri

6. Helion Research

7. Channel play

8. Albatross Global Solutions


Mystery shopping provides amazing actionable insights for all types of businesses. The response received can help in improving customer relations, acting on compliance strategies, getting feedback on staff integrity, implementing effective business strategies, and customer retention. If used wisely, mystery shopping can dramatically boost your sal

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Customer Experience Management and Why is it important?


Customer Experience Management and Why is it important?

Have you ever walked into a store and been impressed with the prompt service from the staff when they assisted you to get the product of your choice? And you get everything billed without hassle? Or at times when you were treated rudely, your queries were neglected and the billing line made you wait for hours?

That’s what customer experience (CX) is called. In layperson terms, customer experience is a person’s overall interaction with the brand’s product and/or services, encompassing various factors. It helps in building an emotional connection with the brand; in turn, encouraging customer retention and brand loyalty.

Often, most brands focus on getting a newer audience but fail to focus on a key aspect of their revenue generation – brand loyalty. Forming a strong customer base becomes a crucial aspect of customer experience management.

What is Customer Experience Management (CXM)?

CXM is often confused with CRM or Customer Relationship Management. The former is customer-oriented while the latter is sale-oriented. Both help in understanding the market for a brand’s business.

CXM oversees all the processes that take care of any interaction points between a customer and the brand’s product. It focuses on a product right from its purchase to its sale.

In experience management, the customer is the centre of attraction. The key focus lies on how they perceive the brand and how any fallacies in the entire framework can be rectified and avoided in the near future. Hence, management begins even before the customer has interacted with the product and/or service.

Benefits of Customer Experience Management:

Customer retention employing better strategies that satisfy the customer needs leads to generating a loyal customer base. This not only helps in customer retention but also raises profits. Studies suggest it is more economical to keep a customer than acquire a new one.

Lower marketing costs a loyal customer becomes the poster child of the brand. They tend to endorse the brand by sharing their positive experience with their peers resulting in a free word-of-mouth promotion. This drives sales and better conversions without spending much on marketing costs.

Helps understand competitor’s mindset customer feedback is immensely valuable. When sharing their experience, a customer tends to compare it with the contemporary brands that target the same clientele, which makes it easier to understand the areas of improvement in the brand and devise new strategies.

Better management- applying effective strategies avoids any last-minute setbacks and provides a seamless customer experience. This not only benefits the customer but the employees as well. Because, in the end, a good work environment is bound to encourage enthusiasm among the staff.

Improved standards better management aids in raising the brand’s standards and provides it an edge over its competitors. If a company understands their consumer needs, they generate more revenue at less cost.

How to make it better?

The brand’s primary goal should be to build customer retention. Below are a few strategies to do so:

Ideate a framework: along with the brand’s vision, it is crucial to understand the customer’s vision. What do they expect from the brand? How would they interact with the brand’s services? This helps in increasing customer loyalty.

Tap into customer’s emotions: it is imperative to deep dive into the customer’s psyche. What are their sentiments regarding the brand? How do they feel about the brand’s products/services? Building an emotional connection helps establish a long-term relationship with the customer.

Personalize the brand: personality evokes emotions. It makes the product feel less like a commodity and avoids alienation from the brand.

Reward their loyalty: offering referrals and bonuses help make customers feel special, in turn earning their trust. Interacting with them through various channels makes them feel valued. Loyal customers purchase repeatedly and spend more time with the brand, which encourages higher sales.

Take the feedback seriously: any input, be it positive or negative, inspires the brand to improve its product/services to meet the customer’s expectations and fulfil their needs with changing times.

It is crucial to track your customer needs at each step to drive more sales. Your goal as a brand is to get into every nook and cranny of the customer’s mind and come up with effective strategies to avoid any discrepancies and work on consistent improvement. CXM offers unique insights into increasing sales and strengthening the brand.

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