Consumer Trends in the Retail Industry: The Power of the Disgruntled Consumer
By Alex JonesOct 17th
Published February 14th 2017
In the last 15 years, 52% of the Fortune 500 have disappeared.
The age of the consumer, democratization of information and speed of communication has allowed startups to move fast, disrupt markets and bring down colossal brands that ruled entire industries.
Simply put, competition is harsher than ever. Having a clear awareness of your competitor’s actions and how customers react is paramount to a company’s survival.
Almost every brand is interested in learning how competitors have performed and how its performance rates in comparison. Figures mean nothing in a vacuum, so benchmarking can be crucial to getting a true understanding of success.
For Tesla Motors, access to historical competitive insight became vital when they examined plans to expand into the Mexican market.
Tesla wanted to better understand the conversation surrounding gasoline-powered cars vs. hybrid cars vs. electric cars and how it changed over time.
Using historical data Tesla concluded that conversation about hybrid cars was minimal, while the conversation about electric cars had grown.
Competitors in the hybrid and gasoline industry weren’t generating the same buzz as the electric car industry. This suggested that Tesla’s products might fit the market. But the automotive manufacturer didn’t stop there.
With access to historical data, Tesla was able to listen to the unfiltered opinion of thousands of prospective clients and competitor’s clients over the past three years.
Historical data was used to create categories around key online topics. Broken down, this data revealed how conversation differed between Tesla and its competitors.
While audiences who discussed electric cars were mainly interested in the environmental impact, Tesla’s audience showed a clear interest in technology and price. This information was key when it came to positioning the brand in the new market.
It’s only a piece of the puzzle, but for Tesla, historical data was vital in assessing the competitive landscape.
At Brandwatch we’ve been using our new historical product – Unlimited Historical Data – to see how we compare to some other vendors in our market.
The fast feature quickly collected three years’ worth of data on six brands within minutes.
The mentions contain full metadata, meaning you can Filter all your data to find demographics, author information, page type, sentiment, key topics and more.
The feature allows us, and our clients, better understand what competitors are doing and how the market reacts.
Unlimited Historical Data adds extensive historical functionality to our world-leading platform.
If you’re a customer and want to see it for yourself, speak to your Brandwatch representative.
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