What is product competitive analysis and what to do?
This article asks what is product competitive analysis. Product competitive analysis evaluates and compares your offering with competitors’ products. Product competitive analysis identifies areas of strength and weakness in a product. And also find potential opportunities and threats in the market. Linked to this article: How to Find Your Competitor’s Edge Over You?
The first step in product competitive analysis is to identify your key competitors. This can be done by researching:
- Industry reports
- Market research data
- Customer feedback
The next step is to gather information on their products, including:
- Pricing
- Features
- Packaging
- Marketing strategies
The next step is to compare the product against your competitors. And identify areas of strength and weakness. This can be done using a SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats). SWOT provides a framework for identifying and analysing these factors.
Strengths and weaknesses are internal factors. Internal like the product’s unique features or its quality compared to competitors. Opportunities and threats are external factors. Include changes in the market or new entrants into the industry.
Once the analysis is complete, develop your strategy to improve your offerings. This may involve making changes to the product’s features or pricing. Developing new marketing strategies or improving customer service.
But remember, product competitive analysis is not a one-time event, and it has to be an ongoing process. The market is constantly changing, and new competitors may emerge at anytime. It’s important to stay proactive and vigilant in the analysis process. To continuously evaluate and adapt your product strategy to stay ahead.
What is product competitive analysis and what to do?
In conclusion, product competitive analysis is valuable for gaining a competitive advantage. By identifying areas of strength and weakness in the product. And by finding potential opportunities and threats in the market. Businesses can develop a strategy for improving outcomes and gaining a competitive edge. Thorough and ongoing analysis to position yourself for success in today’s competitive environment.
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