Facts and FAQs on B2B Mystery Shopping and           Competitor Research

Having gone through many introductory meetings over several years, I have decided to provide a quick summary of the typical questions I have been asked. The intention is to give the reader, hopefully a prospective client, a better understanding of the B2B market research process and the deliverables one can expect.

Who are you and what do you do?

• Customer Foresight Group was founded on March 15, 1999, to provide market research services (surveys and focus groups) to businesses in Canada and the United States.
• Over time, the focus of the company was directed towards B2B market research, including competitive intelligence, competitor research and analysis, and B2B mystery shopping.

The company was compelled to move in this direction because most research companies at the time neglected the B2B research arena, and it saw an opportunity to specialize in a unique niche in the marketplace.

What geographic areas do you cover? What industries have you covered in your work?

• Customer Foresight Group concentrates on North America (Canada and the United States), although we have done work in Western Europe and Asia-Pacific.
• As for industries, we have provided insights to the following sectors: banking, logistics, and business services. Over the past 10 years, we have worked mostly with SaaS platforms, covering business services from fleet management to multi-million dollar employee recognition and reward programs.

While the business sectors we’ve dealt with vary greatly, the research and insights we provide remain the same.

Methodology (Fieldwork)

• Our primary methodology is B2B mystery shopping. This is especially effective for SaaS platforms.
• The mystery shopper would contact a competitor and arrange a demo. Where necessary, depending on the jurisdiction and local laws regarding one-party or two-party consent, the shopper would ask permission to record the demo.
• Alternatively, the shopper may take screenshots of the demo or make an audio recording.
• The mystery shopper is usually given a list of questions to answer during the demo, including the product’s initial pricing and customer support offerings.

Recruiting and Vetting of Mystery Shopper(s)

• We recruit real-world professionals. For example, if the shop requires a CTO or VP Marketing, we would recruit a real-world CTO or VP Marketing with an updated LinkedIn profile.

Deliverables

The deliverables for the client include, but are not limited to, the following:

• Demo recording.
• Completed questionnaire.
• Redacted emails between the shopper and the sales rep.
• Chart comparing offers from various competitors.

Pricing and Timing

This all depends on the number of competitors to be researched and the type of persona required to be hired.

For example, hiring a couple of CTOs to shop six competitors may cost between $10,000 and $15,000 USD. The project would require a week to recruit and vet, two weeks of field work and less than a week to create a report.

Every project is unique with its unique set of variables. We at Customer Foresight Group work hard to ensure the clients get value for their money; on the other hand, we do not do charity work: we are experienced professionals, and we expect to be compensated accordingly.

What’s In It For You

You will be provided with a professional service from a company that has more than 25 years of experience, and that provides your company with the insights needed to prosper in a highly competitive environment. We are easy to access. Fill out the contact form, and we will get back to you within 24 hours.