I’m well over half way through my 20 day internship with The Hub Marketing Communications and have so far loved every minute! I have been given many different responsibilities, and each day brings new tasks and exciting projects!
Just recently I was asked to construct a competitor analysis for a client who is looking at opening several food and beverage places in one location of the city. The client requested that we consult other food and beverage organisations operating within the CBD to see what they had to offer. This would then be the basis for the PR plan behind the unveiling of this new food and beverage destination.
I looked at restaurants, including Cocos, The Royal, The Red Herring and The Old Brewery, as well as eating/drinking/entertainment destinations such as The Hyatt Hotel, Crown Perth and Elizabeth Quay. I selected 13 attributes to analyse, including whether they were fine dining restaurants, whether they offered entertainment and whether or not they opened on Sunday’s and/or served breakfast.
The results indicated that only 6 of 23 restaurants did not offer that fine dining experience. 10 did not serve breakfast and nine did not open to the public on Sundays. The restaurants and drink destinations that provided entertainment were listed as ‘restaurant bars’ and included The Apple Daily, Print Hall and Crown Perth. All three of these destinations were offered the ‘complete experience’, rather than just a food and drinks menu. All results were fairly consistent with what I had assumed, and showed that each restaurant/bar had it’s own uniqueness and attribute that separated it from the rest.
This assignment was very rewarding in that I was well educated on what the new client was hoping to achieve. I also learnt about the importance of ‘getting to know your competitors’ in order to stay a step ahead of the game and provide equal or better offerings. My research would aid the client’s plan objectives, and contribute to the development of the project (e.g. give them more direction on what to offer).
I enjoyed this task as it was interesting researching into what Perth restaurants and eating locations have to offer. It gave me valuable knowledge that I would not have gained without conducting the specific research I did. I felt it was an area I excelled in as I am fairly tech-savvy and new exactly where to look for specific information. The task was also very ‘mouth-watering’ as I spent my day looking at the various menus on offer… It made me very hungry!
I will definitely be putting my hand up to conduct any more competitor analysis’ in the future and I would be interested to know if any of my unit peers conducted a similar analysis and what they thought of the assignment.