Although there are many benefits to monitoring your national competition, national benchmarks do little for your individual locations. This is because your stores’ local competition may not be the same brands that you view as your national competition. For example, Pizza Hut may think Domino’s is their primary competitor. However, upon local competitor monitoring, they may discover that many of their stores are actually competing with a Papa John’s or more often, a local or regional pizza chain that comes up first in search results and has great reviews.
Monitoring your local competition allows you to see who is really stealing the traffic away from each of your stores. This is much more actionable than broader, national monitoring. For example, simply saying your top location has 250 reviews at an average rating of 3.5 stars doesn’t tell you anything valuable. However, comparing that location to a similar one down the street that has 400 reviews at an average rating of 4.2 stars tells you that you need a higher quantity of reviews and need to improve your ratings. Local competitor benchmarking creates actionable insights and drives urgency.
The chatmeter platform is the only solution that automatically populates 5 competitors for each of your stores. While other services also offer a competitive view, the user has to manually input their competitors, which is something that rarely gets done. Can you imagine doing that for 1,000 of your stores? The competitors that we pull are automatically chosen based on ranking algorithms. Therefore, each store is benchmarked against the best in its area to show you who your real competitors are.
Furthermore, we roll up all of this information to give you our twist on national competition based on proximity, telling you who your real national, regional, and local competitors are based on your local stores. To find out how your locations compare to local competition, click here!