What is product competitive analysis and what to do?

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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. It’s all about market positioning and product analysis.

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, it has to be an ongoing process. The market is constantly changing, and new competitors may emerge at any time. It’s important to stay proactive and vigilant in the analysis process. To continuously evaluate and adapt your product strategy to stay ahead.

Product Competition Breakdown

Understanding the Product Competition Breakdown is essential for any business aiming to stay ahead in the market. This involves dissecting a product’s performance, features, and attributes in relation to competitors. It’s more than just a comparison; it’s a deep dive into what makes a product stand out or fade into the background. This insight provides clarity on market position, potential improvements, and areas of innovation, paving the way for informed strategic decisions.

Elevating Market Positioning Through Product Analysis

Product competitive analysis is not just about understanding your competitors; it’s about strategically positioning your product in the market. By conducting a thorough product analysis, businesses can identify key differentiators and leverage them to elevate their market positioning.

Key Benefits of Market Positioning Through Product Analysis:

  1. Identifying Unique Selling Propositions (USPs): Understand what sets your product apart from the competition and how to capitalise on these unique features.
  2. Market Gap Analysis: Discover unmet needs in the market that your product can fulfil, positioning your brand as a solution provider.
  3. Strategic Product Development: Use insights from the analysis to inform product development, ensuring your offerings are always one step ahead of competitors.

Implementing this approach to product competitive analysis can significantly enhance a business’s market positioning, driving both growth and customer loyalty through informed strategic decisions.

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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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

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