INTERNALASSESSMENT -1

NAME-MADHAV RAJBANSHI (19MBAJ0228)

START UP COMPANY-KHALTI-DIGITAL WALLET
SUBJECT-STRATEGIC MANAGEMENT
MARKETING SEC-D

SUBMITTED TO
DR.SANJAY SINGHANIA
Q. What are at least 3 ways you can gather data about your competitors?

 Google Alerts – saves you the time of having to go back to the

site to run the same search. You can setup alerts and have
information about your competitors delivered directly to your
inbox. It’s free and you can create, edit or delete an alert
anytime.

 Mention – combines media and social monitoring, allowing

you to know what’s being said about you online. You can
create alerts for specific keywords to track your online
reputation across social networks like Twitter, Facebook, and
Instagram. In addition, you can monitor news sites, blogs and
loads more.

 Social Mention – provides real time search of brand mentions

on blogs, microblogs, images, videos, questions, and
bookmarking sites. A free web search tool that also provides
a broad-brush sentiment analysis.

 Feedly – is useful for aggregating blog content from customer

blogs, industry blogs, and competitor blogs. You can
integrate Feedly into your web browser, appearing as a
clickable icon that redirects you to your Feedly Page, where
all of the news feeds are found. I check my Feedly list over
coffee in the morning.

 Add the Sidekick or Rapportive to your browser – social

connectors for Gmail and Outlook, these tools allow you to
 see publicly available social media participation from anyone
that sends you an email.

Q. What are the two external factors which may affect your
competitors?
external factors cover how businesses who offer similar products
or services affect each other. This includes:

 imitators
 price wars
 product differentiation

 Imitators
When a successful product is introduced, rival organisations will
often respond by trying to undercut it by quickly producing
cheaper alternative versions.

 Price wars

Companies may start a price war in order to gain customers and

increase market.

A price war happens when companies compete for customers by

dropping their prices below the rate of their competitors. A price
war can be good for customers as they can get the goods and
services they want at lower prices.

In a price war, prices can drop so low that none of the competing
companies can make much of a profit on the goods.

Reducing prices can give a business a competitive advantage

The size of the competitor may also affect a business. A small
furniture shop may find itself in trouble if a new IKEA open up near
it. IKEA can buy their supplies and manufacture products in bulk,
which reduces costs. They can pass on these cheaper prices to
customers.

Supermarkets have a competitive advantage over smaller grocery

stores as they are able to offer loss leaders to attract customers.
This is when goods or services are advertised and sold at below
cost price. Its purpose is to attract customers into the supermarket
on the assumption that they will go on to buy other products at full
price. Large supermarkets are able to deal with these losses
because they are small amounts compared to the business’s
overall profits. A small grocery may struggle to balance additional
costs like this.

 Product differentiation

Businesses can become more competitive by making products that

stand out from the competition in terms of price, quality or service.
This is called product differentiation. Methods of creating product
differentiation include:

 Establishing a strong brand image (personality) for a good

or service.
 Making the unique selling point of a good or service clear.
For example, opening a chain of discount shops with the
tagline 'Quality items under a pound'.
 Other competitive factors, such as a product having a better
location, design, appearance or price than rivals.

Q. What are at least 5 benchmarks that you compare yourself verses your
industry competitors?

1. Quantitative benchmark

Brands need access to a robust benchmark portfolio that houses billions of

data points from hundreds of clients—spanning categories, regions, and
consumer demographics. This information will show how you rank on different
measures compared to the industry average and compared to others in your
category.

Make sure this data isn’t restricted to the brand level. It’s important to dig
deeper, filtering the data by things like visit type, department, day part, and
other attributes—zooming in on the data you need to answer your most
specific, pressing questions.

Knowing how you compare to your competitors on a national level is helpful,

but if you’re going to affect meaningful change, you need to know where to
focus your efforts. A benchmark should let you know how each individual
location is doing relative to its competitors, but also how locations are doing
compared to each other across the brand.

This is how one of our specialty retail clients was able to identify a specific
DMA that was lagging behind others and underperforming on service
standards. With a targeted focus on improving front-line execution at locations
in this bottom-performing DMA, the brand was able to improve those stores’
CX measures and increase comp sales (so much that they surpassed the
system-wide average).

Quantitative benchmarks also let you know how your brand is doing over time.
By drawing on data collected throughout the year, you can see how your
strengths and weaknesses vary by seasonality, allowing you to track and
address any emerging CX trends. And since year-over-year changes are some
of the most important indicators of financial success, you can highlight the
factors that play the biggest role in service execution and make sure you’re
improving over time.

2. Text benchmark

Text benchmarks provide perspective on the data behind customers’ open-

ended comments. You can use this data to gain a deeper understanding of the
customer experience and to see what customers are saying about your brand
versus the competition.
With text benchmarks, you can compare against other brands on:

 How often customers are talking about important measures in your

locations
 How often customers mention an employee’s name and how that affects
Overall Satisfaction
 The percentage of your customers talking negatively about your staff
 The categories (e.g., Staff Friendliness, Speed, Cleanliness) where
customers think you’re better—or worse—than the rest

By being able to see what customers are mentioning as well as the sentiment
behind their comments, you get some qualitative context about how they feel
to help you round out the numbers from the core survey benchmark.

3. Branded benchmark

With the core survey and text benchmarks, you know everything about how
your customers rate you compared to how customers rank the competition.
But which competitors are you comparing against? With a cutting-edge market
intelligence tool, you can answer that question by taking the blindfolds off the
benchmark.

A location-based mobile research app uses precise mapping technology to

detect when users visit you or your competitors and triggers a short survey to
their smartphones. All of that data goes into a branded benchmark, which
means you can see exactly where your brand falls on customer experience
metrics and where you’re winning visit share.

With just a few clicks, you can get insights on:

 Customer demographics
 Variance throughout specific regions
 Satisfaction by time of visit
 Customers’ trip motivation

When a restaurant brand wanted to measure ROI on a limited time offer (LTO)
to see if it was worth rolling the product out permanently, the client turned to
our branded benchmark for answers. Data revealed that though customers
ranked the client’s item above competitors, operational measures were
underperforming. After making some adjustments and retesting, they
determined keeping the item as an LTO would deliver the best ROI—and today
it remains one of their most profitable LTOs.

4. Ratings + reviews benchmark

An online reputation management solution is becoming an important piece of

a brand’s CEM platform.  Ratings + reviews are now an integral part of the
customer journey and have potential to make or break your business. With
access to location-level ratings + reviews benchmarks, you can uncover rich
customer insights that drive intelligent interactions. These benchmarks
provide:

 An overall rating compared to local competitors

 Drill-down functions + selection of specific competitors of interest
 Volume of reviews you have from the most important review sites
 Competitors’ performance across top platforms like Yelp, Facebook, and
Google (including response rates, review volume, and individual review
site volume)

Q. Identify competitors and design marketing strategies to create competitive

advantages?
Competitors of Khalti-Digital wallet are-
1.esewa
2.IME pay
3.Prabhupay
4.QPay Nepal
Marketing strategies to create competitive advantage as listed below:
1. Become seen as a leading authority

Can you (or your business) become the one that media and influencers ask for
quotes to include in their content? In many industries, this will result in awesome
visibility on an ongoing basis, as related articles about your market space will result
in many mentions and links.

I demonstrated this in our most recent study. Get enough links and you’ll have a
killer link profile, and that’s what makes this advantage a big deal for your digital
marketing strategy. Build enough of a gap in that link profile, and it can potentially
take a competitor years to catch up.

2. Create vastly superior content

There are many ways to do this, such as assembling a massive number of user
reviews (examples: Amazon and TripAdvisor). The number of available reviews,
and the quality of those reviews, is a clear differentiator for both these companies,
and it’s very hard for anyone else to replicate what they have.

Another idea is to invest a lot in unbelievably good content. For example, consider
the example of retail sites.

For a long time, SEOs have noted the challenge with having exactly the same
product descriptions as many other companies selling the same product. This led
many companies to invest in rewriting those product descriptions, but at the end of
it all, their rewritten content presented no new information. That’s NOT vastly
superior content; it’s just a new form of article spinning.

Consider instead getting expert opinions on how to use the product or service on
the page. Or getting users to contribute content on how they are using the product.
Neither of these are easy to do, but if you invest in it and your competition doesn’t,
you can gain a critical edge over the competition.

Another way to accomplish this is to invest in a sustained way in a high-end content

marketing strategy. With our investments in data-driven studies, this is obviously a
big focus for Stone Temple.

3. Rule a social media platform

It would, of course, probably be very difficult for you to decide to establish a

dominant presence on Facebook. Chances are, a lot of your competition is already
there, and you may already be active there as well — so it’s a little late to decide to
do it on Facebook.
But consider embracing a new and upcoming platform that others aren’t active on
yet. When social media platforms are new, and their level of adoption is uncertain,
it’s amazingly easy to build a killer presence there. The early adopters of a new
social media player readily flock to brands that embrace the new platform and its
unique characteristics. But as the social media site/app gets more established, this
is no longer quite as easy to replicate.

If you can jump in early, you can do quite well for yourself. A great example of this
is what Best Made has done with Instagram.

4. Build a vastly superior user experience

This is another area that companies typically under-invest in, and that’s what
makes it an opportunity. There are many ways to pursue this, including:

1. Conduct usability testing and implement refinements on an ongoing

basis. Users will remember if your site is far easier to use, and it can keep
them coming back.
2. Build a site that’s unbelievably fast. This is a specific way to build a superior
experience. One way to do this is to consider implementing Accelerated
Mobile Pages.
3. Make a fantastic mobile experience. Site speed is one way to do this, but the
other is to adopt a mobile-first mentality. Redesign your site and mock up
your mobile experience first; work on your desktop version only after your
design for the mobile site is complete.

5. Build a passionately loyal audience

This includes many elements that people sometimes refer to as “brand” or

“reputation.” The core underlying concept actually relates to the sense of
connection that your target audience has for your business, or the loyalty or
attachment they feel toward it.
Imagine a world where your industry reputation is so strong that people actively
seek you out to do business with you. In fact, that’s what we strive for at Stone
Temple. We don’t have a sales force. If you want to become a client, you have to
contact us and ask.

THANKYOU